Selecting Financial Advisors in Logan, UT
Managing finances can be challenging, which is why many people hire a financial advisor. An advisor’s guidance can be an excellent way to feel peace of mind that you are on track to achieve your goals. However, choosing a financial advisor is a crucial decision that should be made with utmost care. Here are some key points to consider when selecting financial advisors in Logan, UT.
What Do Financial Advisors Do?
Financial advisors can assist clients in managing their finances and creating a comprehensive financial plan to achieve their financial goals. They may provide guidance on a variety of financial matters, including investment management, estate planning, tax planning, and retirement planning.
They may evaluate your current financial situation and objectives and then provide a blueprint to help you reach your financial objectives. If you establish an ongoing relationship with an advisor, they may also help you implement the strategies in your financial plan.
Services Provided by Financial Advisors
Different advisors may offer different services, so it’s important you know what you’re looking for when you search for an advisor. For example, do you want just investment management, or would you like ongoing financial planning that the advisor helps you implement? Here are the planning areas our wealth management service generally covers:
Financial planning: Financial advisors help you create a comprehensive financial plan that addresses your current and future financial goals, including saving for retirement, a child’s education, and other significant life events.
Tax planning and preparation: Advisors can help you create a tax-efficient investment strategy, minimizing tax liability. Some advisors may offer tax planning and preparation; others may collaborate with your CPA on your behalf.
Cash flow planning and management: Your advisor may create a budget and track your income and expenses to help you stay on track for your financial goals.
Retirement, tax, and estate planning strategies: Financial advisors can help you select strategies to minimize tax liability, maximize retirement income, and pass on your estate according to your wishes.
Disciplined portfolio management: A financial planner can help you create and manage a diversified investment portfolio based on your investment objectives, risk tolerance, and time horizon.
Asset allocation model construction: An advisor may use their expertise to create asset allocation models tailored to your specific financial situation.
Retirement plan rollover guidance: Your advisor may provide guidance on 401(k) and IRA rollovers, helping you navigate the complex process.
Advice about stock options: Financial advisors can assist you in making informed decisions about your stock options, including when to exercise them and understanding the tax implications.
Qualities to Consider in a Financial Advisor
When choosing a financial advisor, it is important to look for a professional with the qualifications, expertise, and ethics that make you feel comfortable entrusting your money to them. If you seek objective advice that puts you first, you might want to consider firms with the following qualities:
Fee-only structure: A fee-only financial advisor is compensated solely through fees paid by the client. The advisor doesn’t receive commissions or other third-party compensation, helping to reduce conflicts of interest.
Fiduciary responsibility: A fiduciary financial advisor, such as our Registered Investment Advisor (RIA) firm, is legally obligated to act in their client’s best interest, avoiding conflicts of interest.
Independence: An independent financial advisor is not affiliated with any financial institution like a bank or insurance company, increasing their ability to offer unbiased advice.
How to Find Financial Advisors Meeting These Qualifications in Logan, UT
It is important to take the time to do your research and choose the right professional for you. Here are some tips to help you find a financial advisor meeting your qualifications in Logan, UT:
Ask for recommendations: Ask friends, family members, or colleagues for recommendations of financial advisors they have worked with and trust.
Check professional associations: Look for financial advisors who are members of professional associations such as the National Association of Personal Financial Advisors (NAPFA). NAPFA members operate as fee-only fiduciaries, and the organization’s Find an Advisor service allows you to look for local advisors. You might also try FeeOnlyNetwork.com, which lists independent, fee-only, fiduciary firms.
Research credentials: Check for highly regarded credentials such as the CERTIFIED FINANCIAL PLANNER™ designation. CFP® professionals offer goals-based financial planning and must serve as fiduciaries.
Review the advisor’s background: Research the financial advisor’s background to ensure they have not been subject to any disciplinary action. You can use the Investment Adviser Public Disclosure website by the U.S. Securities and Exchange Commission.
Schedule a consultation: When you have identified a few potential financial advisors, schedule a consultation with them. You can share your financial goals and concerns, learn how the advisor may help you, and assess whether there’s a mutual fit.
In conclusion, finding the right financial advisor in Logan, UT, requires some due diligence. Still, you may find the results—an organized financial life, a plan to help you reach your goals, and an advisor looking out for your best interests—worth the research.
You might consider a fee-only, fiduciary, and independent advisor to help ensure you receive objective advice that puts you first.
By following these tips, you can put yourself in a position to find a financial advisor that meets your qualifications and can help you achieve your financial goals.
Schedule a complimentary, 15-minute call with a fee-only, fiduciary financial advisor today to discuss your personal situation.
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.