Finding a Financial Advisor to Meet Your Needs

By Harvey Investment Management on March 2, 2022

Many people are unsure how to find a financial advisor, let alone the right one. Since money isn’t something most people are comfortable talking about, it may be hard to ask your friends or co-workers for a referral if they are working with an advisor. Sometimes, people may use the advisor their company works with on their 401(k) account. Others have tried working with their parents’ advisor, only to find they are not the right fit for them.

It might seem obvious, but it’s essential first to know your financial goals before you start finding an advisor. Do you want someone to help manage and grow your money, advise tax strategies, get you started with retirement savings, or perhaps all the above?

For example, if you haven’t yet begun investing, you may want to find an advisor who will take the time to help educate you about financial planning. If you own a small business, you may want an advisor to handle retirement accounts for your employees, or you may be interested in setting up employee benefit programs. On the other hand, if you are retired, you may want to learn about different strategies for managing and protecting your wealth. Finally, if you’ve been investing for several years, you may decide that you would prefer to work with a financial professional, so you have more time for the other important things in life.

After you have outlined your specific financial needs, you can start researching advisors. Did you know that you can do a preliminary online screening using free resources before you even meet with an advisor or financial practice? For example, the non-profit Financial Industry Regularity Authority (FINRA) offers a “broker check.” For instance, if you look up Brad Harvey, you will see that I have served as an investment advisor for 27 years, passed five exams, and hold four licenses. The Securities and Exchange Commission (SEC) also posts information about advisors and their practices on their website.

Another good source of information about advisors and their practices can be found in their reporting form (known as a Form ADV). Investment advisors must file this form to register with the SEC and state securities authorities. There are two parts of the form: Part 1 is available for the public to view on www.adviserinfo.sec.gov, and Part 2 contains information such as the type of advisory services offered, the adviser’s fee schedule, disciplinary information, and conflicts of interest.

After you’ve completed your preliminary research, you may want to think about the questions you want to ask a prospective advisor. One of our asset custodians, Charles Schwab Institutional, put together a brochure that highlights several questions to may want to ask, including:

1. What are their credentials;
2. Do they offer the services I need;
3. How are they compensated;
4. How will we work together;
5. How do they approach investing for people like me; and
6. Where will my assets be held?

You, as the investor, have numerous ways of researching and finding out about prospective financial advisors. We want to help empower you to make the most informed decisions about your financial life.

About Harvey Investment Management, Inc.

Harvey Investment Management, Inc. provides information designed to help our clients achieve their financial goals. We aim to empower and support investors no matter where they are in their financial journey. Reading this blog may be the first step of many you take, and we encourage you to ask questions along the way. We invite you to learn more about our team and how we can help you reach your financial goals by emailing or calling us at 719.960.0969.

Brad Harvey, President, and CEO of Harvey Investment Management, Inc.