How to Find a Financial Advisor

By Brad Harvey on June 3, 2024

Many people are unsure how to find a financial advisor, let alone the right one. Since money isn’t something that most people are comfortable talking about, it may be hard to ask your friends or co-workers if they are working with an advisor. Sometimes, people may use the advisor their company works with on their 401(k) plan. Others have tried working with the advisor their parents use, 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. Are you looking for someone to help manage and grow your money, provide advice on tax strategies, help 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 for your future. If you own a small business, you may be looking for an advisor to handle retirement accounts for your employees, or you may be interested in setting up employee benefit programs. If, on the other hand, you are retired, you may be interested in different strategies for managing and protecting your wealth so that you can pass it along to your children or grandchildren. Alternatively, if you have been investing on your own for many years, you may decide that you would prefer to work with a financial professional so that you have more time for other important things in life.

You can start the research process after you have outlined your specific financial needs. Did you know that before you even meet with an advisor or financial practice, you can do a preliminary online screening using free resources? For example, the non-profit Financial Industry Regularity Authority (FINRA) offers “broker check”. If you look up Brad Harvey, you will see that I have served as an investment advisor for 29 years, passed seven exams, and hold three state 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 (Form ADV). Investment advisors must file this form to register with the SEC and state securities authorities. There are two parts to 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. Here are several questions you should ask:

What are your credentials?
Are you a true fiduciary?
Do you offer the services I need?
Do you receive any money directly or indirectly from the investment or product providers you use?
How will we work together?
How do you approach investing for people like me?
Where will my assets be held?

You, the investor, have numerous ways of researching and finding out about prospective financial advisors. My team wants to empower you to make the most informed decisions about your financial life. For further information about advisors and financial services, read our blog posts “When to Hire A Financial Advisor” and “Who Has Custody of Your Assets?” and watch our “Working with a Fiduciary” video.

About Harvey Investment Management, Inc.

We aim to empower and support investors no matter where they are on their financial journey. Like us on Facebook, follow us on LinkedIn and X, and watch our informative videos on our YouTube channel. In addition, 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

Harvey Investment Management, Inc. is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC (member FINRA and SIPC). Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC.

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