As a single mom, it can be overwhelming to think about your financial future and choosing a financial advisor. You may have questions like, “How do I make the right decisions? What should I do with the money I have available?” The answer is to find a financial advisor who will not only provide sound advice but also respects your values and goals.
It’s important to make purchases based on your values, goals and financial situation.
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♡Renee
“If you believe you will succeed, you will!”
Dale Carnegie
Find a Financial Advisor
The first step in finding the right financial advisor is to check that he or she is a fiduciary. This means that the advisor has taken an oath to put your interests first. They must adhere to this oath at all times when providing advice or recommendations. Once you’ve identified several potential advisors, the next step is to interview each one and ask questions that are important to you. In addition, make sure you are comfortable with them. This is so important. Here are some questions to consider asking:
Questions to ask an Advisor
• How do you get paid? Is there an upfront charge for your services? Are you paid through commissions on investments? You want an advisor who is not incentivized by selling certain products, but instead works in your best interests at all times.
• Does this financial advisor have any specialties or areas of expertise that make them well suited for you? Make sure they understand your needs and goals.
• Are there any additional services or resources available from this financial advisor beyond what I am looking for now? It’s always nice to know what other options or resources may be available down the road if I need them.
• What level of communication can I expect from this financial advisor? Will they contact me regularly with updates and progress reports? Do they offer virtual meetings or phone calls if needed? Having open communication channels with your financial advisor is key to ensure you stay on track with your goals.
One last thing…
As a single mom, finding the right financial advisor can be daunting, but it doesn’t have to be! By following these steps—making sure they are a fiduciary and interviewing 5 potential advisors—you can ensure that you choose someone who understands your values and goals. You can also check out an Advisor by using the US Securities and Exchange Commission. With these tips in hand, you’re ready to find a financial advisor! Good luck!
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I hope you found this information helpful!💕
Hello, my name is Renee, I am a wife, mom and AFC (Accredited financial Counselor). I specialize in helping busy, single moms learn how to be financially independent so they can eliminate the stress and build confidence around money, so they can buy and do the things most important them.💕 If you want to learn more about why I am passionate about helping single moms, learn more about me and my story.
