How to select the right financial adviser

By Kellie Kiemle

Figuring out what to look for in (and where to look for) a financial adviser can feel overwhelming, whether you are looking for the first time or interested in changing who you work with.

When evaluating the top factors to consider, people commonly point to someone who gets good investment returns or who has a lot of credentials or experience.

These are indeed important aspects, but your search should go beyond that if you want to end up with a great long-term relationship.

Not all advisers are created equal. Though I’m not an adviser myself, I have nearly 20 years’ experience in the wealth management industry, and I work very closely with our firm’s advisers.

I recognize how important it is to find the right fit, especially because choosing an adviser is a very personal decision and critical to your long-term financial success.

Do you need an adviser?

An important first step to finding the right adviser for you is understanding why you need one in the first place. Did something happen in your life that made it obvious you need help, such as an unexpected inheritance or a divorce? Are you planning for a big event, such as retirement, and want to see if you are financially ready to make this transition? Or maybe you’re a careful planner yourself and simply want to ensure you’ll be able to reach your long-term goals.

The list is endless: There are lots of reasons to seek out an adviser’s help, and un- derstanding why you personally need one will help tailor your search. Some firms are better than others at providing different solutions.

Wealth management firms offer a variety of services, from detailed savings plans over decades, to personal advice on buying a home, or various ways to invest a recently inherited large sum of money.

Evaluate key skills, characteristics

When evaluating advisers, a top criterion should be: Do they listen to me? This might surprise you, but it’s actually the most critical component of a successful relationship.

Here are some questions to ask yourself when evaluating your conversation with an adviser:

—Did you feel like your questions were answered? If not, then maybe they were not listening well enough and might miss things in the future.

—If you are part of a relationship, did both individuals feel heard and did they both contribute to the conversation? If not, then maybe it’s time to evaluate other advisers.

—Did the adviser uncover detailed things about how you think, your passions, your family and those things most important to you? If they stayed surface level with age, income and assets, then I might reconsider how in depth they will go with their planning.

You should also feel comfortable enough asking questions, so meeting in person or speaking on the phone is important to see how well you “jibe” with someone.