How to Find the Best Financial Advisor in Scottsdale
Arizona has a lot to offer. It’s always been a destination for retirees and “snowbirds” looking for a warm place to spend the winter, but it’s also become a popular hot spot for younger generations. Because of this, as more and more young people make the move to this desert state, many investors are looking for a financial advisor in Scottsdale for the first time. And this decision shouldn’t be taken lightly!
Hiring the right financial advisor to oversee your money is one of the most important decisions you will make, as he or she will influence how you can live your life, when you can retire, where you can retire and what you’re able to leave behind when you’re gone, if anything. With that in mind, it’s crucial that you ask the right questions when screening financial advisors.
Here are 10 questions to ask:
- What securities and/or insurance licenses do you hold?
- What are your credentials?
- Are you a fiduciary? (Get this answer in writing!)
- How long have you been in the business?
- How long have you been working in Scottsdale?
- How do you charge for your services? Flat fee, hourly fee, asset-based fee or commissions?
- How often can we meet?
- How many clients do you actively meet with on a regular basis?
- What services do you provide?
- Do you have a team that supports you with other needs, such as taxes or legal questions?
Of course, in addition to knowing what to ask, it’s also crucial to know what a good answer is. What responses will benefit you? And what are bad answers; responses that can damage your financial plan?
Make sure to get all answers in writing, so you have a record of what was communicated to you. As we turn more to technology to communicate, this is important to remember. Answers about fees, fiduciary status and experience/credentials should especially be received in writing and not via text or in a phone conversation.
When it comes to interviewing a financial advisor, it’s also important to consider your first impression.
While hiring a financial advisor should not be based on personality alone, you should take note of how an advisor made you feel. For example, did you feel the advisor was pushing a particular product or service on you? Did you feel comfortable with the advisor, and did you feel like he or she was upfront and transparent about any possible conflicts of interest? Can you see yourself working with this person for many years?
Not all advisors are the same. And who you hire as your financial advisor may be one of the most important decisions you make for your future.
Is It Time for a Change?
Continuing to work with an advisor who is not the right fit for you can also be a costly mistake. Sure, it can be uncomfortable to terminate an advisor and/or stressful to start the research process over to find a new advisor. But it is your money and your future at stake. A little bit of discomfort now can benefit you in huge ways in the long run.
How do you know if it’s time for a change? At ARQ Wealth Advisors, we offer a complimentary, online, user-friendly Q form that can help you decide. Through a series of questions, this form allows you to see where you’re at and if you’re actually on the right path to reach your retirement goals.
- Are your annual saving/spending goals clear and achievable?
- Does your financial plan incorporate appropriate levels of mortgage and debt?
- Do you understand – and agree with – the investments chosen to reach your long-term goals?
- Are you comfortable with the amount of risk that your advisor is suggesting?
- Is your advisor maximizing any tax opportunities?
- Have you discussed estate planning?
- Do you feel you have the proper insurances in place?
- Does your plan – and your advisor – take into consideration the goals that you want to accomplish, as opposed to general milestones that may not relate to you?
If your answer to several of these questions is, “No,” or “I don’t know,” then it may be time for a change.
An Advisor for the Younger Generation
Arizona, and Scottsdale in particular, has become a top destination for people of all ages. The desert offers warm weather year-round – and therefore, many outdoor activities, like world-renown golf courses and of course, Spring Training activities – as well as a vibrant downtown and entrepreneurial opportunities as the population grows. Scottsdale has become a luxury vacation spot and a family-friendly place to live.
As more of the younger generation establishes roots in Scottsdale, the need for a financial advisory firm that understands their needs and goals has also increased. It’s never too soon to start planning for a better future, and ARQ Wealth Advisors wants to help these young investors get on the right path to establishing wealth. We offer two programs specifically designed with these investors in mind: The ARQ Wealth Millionaire’s Club and The ARQ Wealth Apex.
In our experience, we’ve seen that many young people want help working toward financial success, but a lot of advisors don’t want to hear from them until they have more assets. We don’t agree. In fact, at ARQ Wealth, we believe that the younger a client is when he or she wants help saving and growing a nest egg, the better! Everyone deserves to have financial freedom, and our goal is to help create a new wave of millionaires.
Working with a financial advisor early is crucial to setting yourself up to reach millionaire status quicker.
If you’re looking for a financial advisor in Scottsdale, Arizona, contact us and get a free, no-obligation financial review to see if you’re on the right track to reaching your retirement goals.