If you are seeking out sound financial advice and someone to keep your assets safe for generations to come, then choosing wisely is key. However, this decision can often be overwhelming, leading many to make a hasty decision with long-term ramifications. As you choose who to trust with your money, avoid these 4 common mistakes when choosing a financial advisor:
Mistake #1: Not Paying Attention to Someone’s Specialty
At Metroplex Wealth in Southlake, Texas, we offer a variety of specialized financial services including retirement planning, proactive tax planning, asset protection, social security management, and more. Depending on your goals, it would be unwise to choose someone who isn’t aligned with your needs. If you’re a small business owner just starting out, your needs likely vary from someone who is looking for ways to capitalize on growth as they near retirement. Likewise, strategies vary and you need to feel comfortable with the type of strategy your financial advisor feels is best for your money.
Mistake #2: Hasty Decision-making
Just because your close friend or colleague uses a certain financial advisor, does not mean that person is right for you. Before making a decision on wealth management, get to know the advisor. Call his or her references. When it comes to your money, do not make a decision lightly.
Mistake #3: Choosing Based on Brand
Many wealth management and financial advisors are affiliated with big name companies, but that doesn’t necessarily mean they are the right fit or the most well-educated on your specific needs. Choose the person who is right – not the company.
Mistake #4: Ignoring the Fee Structure
Before trusting someone to manage your wealth, be sure to understand the fee structure. Is there a flat fee? Are they commission based? Do they get a percentage based on assets under management? All of these questions are important to understand before signing on the dotted line.
At Metroplex Wealth in Southlake, Texas, we are more than a financial advisor. We are a full-service wealth management firm, excited to help you do the most with your money. Give us a call today to set up a consultation.