If you’re a Tulsa resident, having a financial advisor by your side can help you achieve your financial goals. However, not all financial advisors are created equal. Some have more experience than others, while others specialize in a particular in a particular type of service. Here, we discuss some of the things you should consider when choosing your financial advisor in Tulsa.
Define your financial goals
Before you sit down with a financial advisor, it’s a good idea to evaluate what your financial goals actually are. Are you wanting to save for retirement? Pay down debt? Invest in estate planning? There are different types of financial advisors (see below), so you’ll want to choose one based on which part of your financial life you need help with.
Understand the different types of financial advisors
Not all financial advisors offer the same services. Some may focus only on financial planning, while another may focus on investments and retirement. In order to find the right financial advisor, you need to make sure that they offer the services you need. Here are the three main types of services:
- Financial Planning: This will focus on all aspects of your financial life
- Investment Advisory Services: This focuses on investment management, such as with stocks and bonds
- Retirement Income Planning: This service focuses on retirement, including management of Social Security, taxes, investments, and more
Check their credentials
Unlike with lawyers or doctors, there is no federal law regulating who can call themselves a financial advisor. So, an individual can call themselves a financial advisor with no real training or credentials. When you’re researching advisors, then, be sure to check their education, history, and credentials. Check to see who they’ve worked for and for how long, and then check any online reviews to see how they have helped other customers. Additionally, keep a lookout to see if they have CFP (Certified Financial Planner) or PFS (Personal Financial Specialist) designations, or a CFA (Chartered Financial Analyst) certificate.
Interview potential financial advisors
One you’ve narrowed down on a few options, it’s time to meet your financial advisor in person or on the phone. Take this opportunity as a chance to get to know your advisor and their strategies. Have a list of questions ready so you can get the answers you’re looking for.
First State Investment Advisors are one of the most reputable financial advisors in Tulsa. To learn more about our services, contact us today.