Financial advisers worth the investment | Finance

Investing can be a little intimidating and even scary as consumers think about how to best plan for their future. People work hard to earn their income, so they want to feel confident they are making all the right moves. There are some best practices to follow when determining how to invest and with whom.

The first step is to find a financial adviser that you feel comfortable doing business with, according to Boris Rogulja, senior vice president, wealth manager at BNY Wealth in Beachwood.

“It’s all about the relationship,” he said. “Who would you want to work with for the next 20 years and who would you want to take care of your family?”

Find a financial adviser who is interested in your goals and your risk tolerance, someone who understands your family situation and where you are in your life right now, according to Rosemarie Wilkins, senior wealth strategist at Huntington Bank.

As a financial adviser with Edward Jones in Beachwood, Dale Braun said he bases financial planning on the needs, wants and wishes of each individual client. For example, in addition to basic needs, perhaps a client wants to travel, remodel their home or put their children through college, he said. That impacts how he will invest their money.

Timing is also important.

Braun said planning should be based on the client’s tolerance for taking risks as well as when they need to tap into their money. Generally, if a client needs to access their money in the near future, the financial plan will likely be more conservative, versus if the portfolio can continue to grow for 20, 30 or 40 years, he said.

It is important for a client to know their cash flow and take a long-term view, Rogulja said.

“You don’t want to invest the money you know you will need in the short term,” he said. “The market can surprise you.”

As such, it is imperative to find a knowledgeable fiduciary, someone who is regulated to have the client’s best interest in mind, Wilkins said. Also look for a financial adviser who can take a holistic approach to financial planning because all facets of planning are interconnected. For example, a financial plan could include planning for retirement, taxes, charitable giving and creating a business succession plan, she said.

There are some red flags to watch for when it comes to investing.

All financial advisers should be transparent, informing the client of their charges, fees and costs before someone decides to do business with them, Braun said.

The financial adviser could work on commission or fees or receive a percentage of the assets in exchange for ongoing guidance, Wilkins added. One fee structure is not better than the other, but it should match the needs of the client, she said.

Finding the right financial adviser is often done the old-fashioned way – through referrals from friends, family, accountants and attorneys.

“Meet with multiple advisers and interview them and see who you’re comfortable with,” Braun said. “It’s that overall comfortable feeling. Are they treating you with respect? Do they have similar values?”

Shannon Mortland is a freelance journalist.