How to Work with a Financial Advisor in Lehi, UT
Financial advisors can help you manage your finances and achieve your goals. The right advisor can help simplify a complicated financial picture so you can make informed decisions. Their experience and education could help anticipate financial opportunities and pitfalls you might not have known about on your own. This article covers how a financial advisor might benefit you, what to look for in an advisor, and how to find a financial advisor in Lehi, UT.
Start with Your Goals
What are you hoping to accomplish? It’s likely you can find a financial advisor to help. For example, you may want ongoing management of your investment portfolio. Or perhaps you need one-time advice on your company benefits. Or you may want ongoing planning that includes all your financial areas, not just your investments. With some research, you are likely to find a financial advisor who aligns with your needs.
Assuming you want comprehensive planning, your advisor can provide customized strategies for various areas, including retirement, investments, taxes, and estate. Your plan should align with your long-term goals. It may include such strategies as creating a cash flow plan, determining how much to save to create your desired retirement lifestyle, and creating an investment strategy to help achieve your objectives.
Tax planning is an important aspect of financial planning, and your advisor may advise you on minimizing your long-term tax liability. Your advisor may also help you establish a charitable giving strategy or coordinate with your estate attorney to create and implement an estate plan.
When it comes to insurance planning, an advisor may assist you in determining the insurance you need to protect your assets and family. Many advisors, like our firm, don’t sell insurance because it would create a conflict of interest. However, we can provide referrals and coordinate with your insurance professional as needed.
What to Look for in a Financial Advisor
Some financial professionals have conflicts of interest. They may earn a commission for the products they sell you. If you want someone to complete trades at your behest, that type of professional may serve you. But if you want objective, unbiased advice, you may seek out certain financial advisors, such as:
Fee-only advisors: A fee-only financial advisor does not receive commissions. They charge clients a fee for their services.
Fiduciary advisors: A fiduciary is legally obligated to act in your best interests. For example, Registered Investment Advisors (RIAs), such as our firm, are required to act as fiduciaries by the Securities and Exchange Commission.
CERTIFIED FINANCIAL PLANNER™ (CFP®) professionals: This designation is awarded to advisors who have completed the CFP Board’s extensive education and experience requirements to provide comprehensive planning to help meet your goals. They also must serve as your fiduciary.
How to Find a Financial Advisor in Lehi, Utah
If you are looking for a financial advisor in Lehi, you have several avenues. First, you can ask for recommendations from friends and family. Professionals like your CPA might also offer referrals. This avenue can be a good way to find an advisor who has a good track record with people you trust.
Another option is to do a search for "financial advisor Lehi UT" on Google. This will provide a list of advisors in the area and their websites, which can give you a good idea of their services and qualifications.
Finally, you can use FeeOnlyNetwork.com, which is a directory of independent, fee-only, fiduciary financial advisors. This can be a helpful resource for finding an advisor who is committed to providing unbiased advice.
Once you have a few potential financial advisors in mind, you can schedule a call with them. During this brief meeting, you can share your financial goals and concerns and how the advisor might help you. This initial consultation is also a good opportunity to ask any questions you have about the advisor's qualifications, experience, services, and process for moving forward. You want to make sure your advisor is a good fit, and this initial consultation offers a starting point.
Final Thoughts
A financial advisor can play a critical role in helping you manage your finances and achieve your financial goals. Depending on your needs, they may provide comprehensive wealth management services that include investment management, retirement planning, tax planning, and other strategies to help meet your goals.
If you seek an unbiased financial advisor, you might research advisors who are fee-only fiduciaries. An advisor with the CFP® mark has attained education and experience centered on comprehensive planning to meet your goals.
Our fee-only, fiduciary advisory firm offers a 15-minute call to discuss your concerns and situation. Schedule a call today.
This material was generated using artificial intelligence (ChatGPT) and edited by Kaleido Inc. from information derived from sources believed to be accurate. This information should not be construed as investment, tax, or legal advice.
Parkshore Wealth Management is a family-owned, independent, fee-only Registered Investment Advisor with offices in Roseville and Folsom, CA, and Lehi and Logan, UT. We partner with financially responsible individuals and families who are eager to take positive steps that will allow them to use their money to build the life they desire. The firm is led by Harold Anderson, CFP®, and Daniel Andersen, CFP®, both members of NAPFA, the country’s leading professional association of fee-only financial advisors.