How to Know When a Financial Advisor Is “the One” for You

MarketsETF Trends

By Jeff Bernier via Iris.xyz

When you’re dating, choosing “the one”—that singular person who you’re not only attracted to, but who you want to spend the rest of your life with—is one of the most important decisions of your life. I know when I found Ashley, there was no question in my heart or my mind that she was the one person I wanted to have and to hold, to raise a family with, and to love and laugh with “until death do us part.”

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Choosing a financial advisor may not be as life-critical as choosing a spouse, but it can have a pretty dramatic impact on your well-being, and not only from a financial perspective. Why? For anyone new to working with an advisor, it might surprise you that the advisor-client relationship is unusually personal. Unlike a simple business relationship, you’ll want (and need) to share some of the most intimate aspects of your life with your advisor. If your advisor is a good one, you’ll spend as much of your time talking about the things you hold close in your heart as you do about money. Those discussions are revealing, which means that working with an advisor whom you can speak with freely and whom you can trust with your emotions and your money is critical.

So where do you begin? Here is a step-by-step guide to help find “the one” you’ve been looking for:

1. Understand how advisory fees work.

There are many types of advisors. What sets each one apart is what they offer and how, importantly, they are paid for their services:

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