Choosing a Financial Advisor – part 1 – the connection

The choosing of a Financial Advisor (F.A.) is an important life decision. Just as we prefer to work with a Doctor or an Accountant that we can trust and with whom we feel comfortable, if you are serious about building wealth, retiring well, protecting your family and being able to more easily navigate all of life’s unexpected twists and turns, you need to partner with someone who can effectively accomplish this for you.

Choosing your Doctor, Accountant etc. may have been incidental, just selecting the first person who was easily available, but chances are if you were not happy with the service they provided, or more importantly, felt comfortable dealing with them in terms of personal issues, you would not have stuck with them for long and moved on until you found a good fit.

Exactly the same applies to the connection between you and your Financial Advisor so even if you feel you have found the right one for you, perhaps it will be useful to know how to advise someone else who is at the point of still making this important choice. It begins with the connection, and then the important assessment of the F.A.’s credentials and skills. We have split this into a 2-part article.

The referral

Most Financial Advisors are introduced through a word-of-mouth referral, usually the best recommendation, but not necessarily the right one. It is important to ascertain if this is a trustworthy referral from someone who is actively creating wealth and achieving the results they set out to.

A family member who has a friend who’s a F.A may not be as good a referral as someone you know in business who is financially stable, has demonstrated a good knowledge of creating wealth and attributes this to what he has learned from his F.A.

The personal connection

The relationship between you and your Financial Advisor is personal and requires an understanding on the F.A.’s part of your specific life situation, financial position and aspirations for wealth creation. Some people place more emphasis on the protection of themselves, their assets and their families than on future aspirations, and some think primarily long term.

Important considerations

A good Financial Advisor will find a balance between the two in a well-structured comprehensive wealth creation strategy which protects and projects to ensure a stable life path and a comfortable retirement.

He/she will have your and your family’s interests at heart and immediately suggest you set up a Will with a good Attorney and ensure that your children’s guardians are financially stable and able to effectively take care of them. Life insurance is the first insurance cover that will be suggested, ensuring that your family is protected even if you never get a chance to create real wealth.

Many other things come into play, but these now lean more toward the F.A.’s skills and credentials and we will look at that in part 2. The main thing to consider is if you feel comfortable with this person, can willingly learn from them and feel comfortable placing your financial matters in their hands. If the answer is yes, you have found a good fit.

Experience and a team you can trust

Hereford Group is a tried and trusted entity that has created a team of expert Financial Advisors who understand, first and foremost, that people are unique and have different needs and aspirations.

Over the last 30 years, we have demonstrated the efficacy of this through the loyal client base we have built which continues to grow. Watch this space for part 2 on choosing a Financial Advisor based on his/her credentials and skills, and in the interim contact us to see if we can find the Financial Advisor that perfectly connects with you.


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