Financial Advisor: How To Choose One For Your Family


Determining your short and long-term financial goals is important. Financial planning can help you with this. It also creates a balanced plan to meet those goals. A financial advisor provides financial advice for families according to their specific needs. There are so many reasons why financial planning will get you where you want to be. That is, with the help of an expert financial advisor. So, how do you choose the ideal financial advisor for your family?

You should start interviewing prospective candidates. Keep in mind the following criteria as you go through the interview. The candidate should have the first four criteria. Drop the person who does not meet any of those. The last three criteria are also important but not as essential as the first four.

Technical expertise

You should ask several questions to determine technical expertise. What degrees has he or she earned? What type of training has he or she had relative to your particular situation? Has anyone sued him or her? If so, let the advisor tell you the circumstances. You can also check online for websites that offer information. Such as complaints or proceedings against a particular advisor. Also, ask him or her if anyone has ever used him or her as an expert witness in a legal proceeding.

Experience with a similar situation

You can ask the advisor if he or she had clients who have a situation like yours. You should also ask the facts involved. And of course the results in those situations. Asking the advisor about previous positions he or she held can also help.

Wisdom and judgment

This is a bit difficult to discern. Ask him or her whom he or she relies on for advice. This will help you determine if he or she feels self-sufficient. Or if he or she understands that gathering wisdom is a continuous process. Asking the advisor about his or her family is also helpful. There are those who spend a lot of time working and less time with their family. These people cut themselves off from important opportunities to gain wisdom.

Worldview and like-mindedness

How you approach handling your money is usually shaped by your worldview. Your values and convictions should mesh with your advisor’s. That is very important. You can ask him or her about biblical teaching on the issues you are discussing. You can also ask him or her about personal goals. Or why he or she chose this field of work. Your goal here is to match the advisor’s philosophies with your needs.


Unrealistic expectations on fees often hinder a satisfactory working relationship with an advisor. A professional advisor with integrity will always be open to discuss fees. Balance is the guiding principle here. Charges should fit the service given and received.


How an advisor will work with you is very important, too. You can ask the advisor how soon can you expect him or her to answer your calls or emails. Asking him or her what the turnaround time on this project is also going to be a lot of help. You can also ask him or her how he or she chooses the staff assigned to your case. This will let you determine his or her sincerity to your case.


The location of your advisor is important although not too essential. Frequent face-to-face meetings will be easier if your advisor is nearby. Even an out-of-town advisor can provide you with good service. That is if you can conduct most of your business over the phone or with email.

Check the references of those advisors you like after the interview process. Ask them to send you an engagement letter. It should include how he or she will service your account, the fees agreed upon, and the length of the engagement. The term should be no longer than one year.

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