What Financial Advisors in Lehi, UT (and Elsewhere) Do
A financial advisor can be a valuable resource if you’re looking for help managing your finances in Lehi, Utah. This article covers what financial advisors do and how to find financial advisors in Lehi, UT, who can meet your needs.
What Financial Advisors Do
A financial advisor is a professional who provides guidance on your financial areas, such as investments, retirement, estate planning, taxes, and philanthropy. As financial advisors in Lehi, one of our primary goals is to help clients achieve their financial objectives by providing recommendations and strategies tailored to their circumstances.
The role of financial advisors is to help you make informed decisions about your finances. They generally begin by assessing your financial situation, taking into account factors such as income, expenses, assets, and liabilities. Based on this information, they can develop a financial plan that outlines your goals and the strategies to help achieve them.
Financial advisors can help you manage investments, including selecting appropriate investment vehicles and monitoring performance over time. They can guide you on diversification strategies, asset allocation, and risk management to help make sure your portfolio is optimized for your goals.
Another critical area in which financial advisors often help is retirement planning. They can advise you on the various retirement savings options available, such as 401(k)s and IRAs, and help you determine how much you need to save to achieve your retirement goals. When you retire, they should help you select a distribution strategy for your retirement accounts to minimize taxes and optimize sustainability.
In addition to investment and retirement planning, financial advisors can provide guidance on tax strategies to minimize liabilities and maximize after-tax returns. They can also help with estate planning, provide insurance recommendations, advise you on stock options and other company benefits, set up an education plan for children and grandchildren, and create tax-beneficial philanthropic strategies.
How to Select Financial Advisors in Lehi, Utah
When choosing a financial advisor, you want to feel that your advisor is trustworthy, competent, and compatible with your needs and values. You’re entrusting them with your financial well-being, so doing your due diligence is essential.
Here are our tips for selecting unbiased financial advisors in Lehi, Utah:
Consider a fee-only advisor: A fee-only advisor is compensated only by the fees they charge clients for their services. They do not earn commissions or other incentives for selling financial products.
Look for a fiduciary advisor: A fiduciary advisor is legally required to act in your best interest at all times. Fiduciary advisors must disclose potential conflicts of interest and avoid actions that could harm your financial situation. As a Registered Investment Advisor (RIA), our wealth management firm must serve as a fiduciary to clients.
Seek an independent advisor: An independent advisor is not affiliated with any financial institution or product provider, which can help reduce any bias or pressure to recommend certain products. Consider searching FeeOnlyNetwork.com for advisors in your area. The advisors must be independent, fee-only, and fiduciaries to be listed on this website.
Check their credentials and experience: Look for advisors with highly regarded certifications and licenses, such as the CERTIFIED FINANCIAL PLANNER™ (CFP®) designation. This certification can indicate that the advisor has the experience and education to provide comprehensive financial planning. They must also serve as fiduciaries.
Do a background check: You can research an advisor’s background, including disciplinary history, through the U.S. Securities and Exchange Commission’s (SEC) Investment Adviser Public Disclosure website or the Financial Industry Regulatory Authority’s (FINRA) BrokerCheck tool.
Once you know what you want in a financial advisor, you can start your search. Here are some ways to find financial advisors in Lehi, Utah:
Ask for referrals or recommendations: You can ask friends, family, or colleagues if they have worked with a financial advisor they would recommend. You can also talk to professionals such as your CPA. Word-of-mouth referrals can be a valuable source of information and help you find an advisor with a record of success with people you know.
Research online: You can search for financial advisors in Lehi, Utah. You can use search engines like Google, although be aware that not all advisors listed will be fee-only or fiduciary. You’ll need to do your research. You can also check FeeOnlyNetwork.com or other reputable websites, such as the National Association of Personal Financial Advisors (NAPFA) or the Financial Planning Association (FPA). These organizations typically have directories of fee-only or fiduciary advisors in your area.
Schedule a consultation: Once you’ve identified a few potential advisors, you can schedule a call to get to know them better. This meeting can be an opportunity to ask questions, discuss your financial goals and concerns, and assess whether the advisor fits your needs and values.
Finding the right financial advisor for you requires some research and due diligence. If you want to feel assured the advice you receive is unbiased, you might consider advisors who are fee-only, fiduciary, and independent. Ask for referrals, research online, and schedule a consultation to assess their compatibility and competence. By taking the time at the outset to find a financial advisor you feel comfortable with, you can gain peace of mind you are working with a professional who can provide comprehensive guidance to help you achieve your goals.
Our fiduciary, fee-only financial firm offers a 15-minute call to discuss your concerns and situation. Schedule a call today.
This material was generated using artificial intelligence 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.