Mistakes People Make When Choosing a Financial Advisor

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Any bookkeeping, business or tax article contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor can it be used to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

Choosing the person that will help you with your business finances is a major life decision that can determine your path for the future. You definitely have to be thorough in your search and meticulous as you study every option that you will have.

Of course, your choice still depends on your needs, but here are some common errors people make when choosing a financial advisor you need to look out for:


  • Hiring the First Advisor You Meet

Tips on Choosing a Financial Advisor

Options. Options. Options. Always give yourself options. Even if the first person you meet might seem the best advisor in the world, it won’t hurt to look at others before fully engaging with one. Take the time to interview at least a few advisors before picking the best match for you.


  • Hiring an Advisor with the Wrong Specialty

Tips on Choosing a Financial Advisor

There are some advisors that specialize in retirement planning, estate planning, investment planning and many more. Ensure that you are engaging with one that best fits your needs. Make yourself aware of these different specializations so you can ask the right questions when interviewing them.


  • Not Asking about Credentials

Tips on Choosing a Financial Advisor

Never forget about asking their licenses, and credentials to double-check their profession. Of course, you would want to engage with a licensed professional and you can check this by asking for their certifications.


  • Having a Misunderstanding on How They are Paid

Tips on Choosing a Financial Advisor

Make sure to come to a final agreement as to how the payment policy will work. Some advisors are “fee only” and charge you a flat rate no matter what and others might charge a percentage of assets. Don’t be shy to ask questions and negotiate if possible. Remember, there should be no conflict of interest in any shape or form within the agreement so ensure that the payment policy is clear for you and them.


Surely, there are many highly qualified advisors around your area, but keep in mind that highly-qualified is not the end-all be-all. You need to find the right one that best fits your needs. Be proactive, ask questions, and double check everything before hiring one. Remember, whoever you hire will be a big part of your business so choose wisely.

If you need any bookkeeping or tax help, FAS is here to help you! Contact us at admin@fas-accountingsolutions.com or at 713-855-8035.

Tips on Choosing a Financial Advisor

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