Financial planning is a high-level process that involves defining your life goals like purchasing a home, saving for your child’s education, planning for your retirement, and more. With proper financial planning, you can better manage your finances so you can achieve your goals and neutralize the effects of different financial challenges or uncertainties that you may have to deal with at each stage of your life. But, you must get important financial information from a legitimate source. This is the reason you must hire the right financial advisor.
Financial advisors can be fiduciary or non-fiduciary and there are many reasons to work with a fiduciary financial advisor in syracuse ny. Financial advisors who follow a fiduciary standard put your interest first before their own financial interest or the sales goals of their firm. They offer advice based only on what is best for you. Because of their “duty to care,” fiduciaries continually monitor yourinvestments and financial situation as well asadhere to best practices of conduct for as long as you choose to hire their services. The following are the reasons to partner with a fiduciary financial advisor:
They Do Extensive Research
Fiduciary financial advisors do their research to ensure they offer recommendations based on accurate and complete information. Thus, they spend time thoroughly analyzing your accounts, goals, and situations before they recommend to purchase an investment or use a certain savings vehicle. They monitor their recommendation to ensure it stays appropriate for you today and for the years to come.
They are Transparent
Picking a Syracuse fiduciary financial advisor can offer you peace of mind. You will know that they make decisions in your best interest. Generally, the have fewer conflicts of interest and they are required to disclose any possible conflicts of interest they have. They should seek the best investment prices and terms for you. Therefore, working with them ensures you will end up with a product or recommendation that is truly right for you.
Moreover, fiduciaries should discuss their decisions with you, offering you all relevant information and related facts. Plus, they need to be upfront about the fees they charge and commissions they get. Such transparency is vital as fees, commissions, and expenses can be significant detractors from the long-term performance of your portfolio. Even the smallest fee can cost you tens of thousands of dollars in lost investment growth over a long period. Thankfully, fiduciaries are not supposed to provide you with investment recommendations that cause you to pay higher fees and commissions.