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6 things not to do when choosing a financial advisor

Avoid these six mistakes when choosing a financial advisor. | Photo by SmartAsset

Working with a financial advisor can be a crucial part of healthy financial planning. But choosing the wrong one could wreak havoc on your retirement.

According to a 2022 Northwestern Mutual study, 62% of US adults think their financial planning skills need improvement — and yet, only 35% of them work with a financial advisor.¹

Why? With thousands of options available, it can seem daunting to choose one. Plus, it can potentially determine your financial trajectory for years to come. While advisors are prohibited from promising returns, research suggests that people work with a financial advisor:

feel more at ease about their finances, and
could end up with 15% more money to spend in retirement.²

Okay... but how do I find one?

SmartAsset’s no-cost quiz helps to simplify the time consuming process of finding an advisor. A short questionnaire matches you with up to three vetted financial advisors serving your area, each legally bound to work in your best interest. In many cases, you can be connected instantly to compare and decide on the best fit for you.

Ready to know the common blunders to avoid? Check out SmartAsset’s list of six things not to do when choosing an advisor, so you can work towards a comfortable retirement.

See the list

Asked

Planning to retire someday?

Answer a few questions to match with up to three financial advisors who can help you explore your financial potential.

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Sources:

1. “Planning and Progress”, Northwestern Mutual (2022)

2. “Journal of Retirement Study Winter” (2020). The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of your future results. Please follow the link to see the methodologies employed in the Journal of Retirement study.

This is not an offer to buy or sell any security or interest. All investing involves risk, including loss of principal. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest.

SmartAsset Advisors, LLC (“SmartAsset”), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. SmartAsset’s services are limited to referring users to third party advisers registered or chartered as fiduciaries (“Adviser(s)”) with a regulatory body in the United States that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. SmartAsset receives compensation from Advisers for our services. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any user’s account by an Adviser or provide advice regarding specific investments.

We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors.

SmartAsset.com is not intended to provide legal advice, tax advice, accounting advice or financial advice (Other than referring users to third party advisers registered or chartered as fiduciaries (“Adviser(s)”) with a regulatory body in the United States). SmartAsset is not a financial planner, broker or tax adviser. The Service is intended only to assist you in your understanding of financial organization and decision-making and is broad in scope. Your personal financial situation is unique, and any information and investing strategies obtained through SmartAsset.com may not be appropriate for your situation. Accordingly, before making any final decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your accountant or other financial advisers who are fully aware of your individual circumstances.

Other than application and licensing fees, SmartAsset did not provide compensation for the aforementioned awards.

† Disclaimers and Legal | * Advertising Policy

The company may also generate commission from affiliate links in the newsletter.

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