It’s easy to feel like financial advice is a black box. You want to invest your money, but you don’t know where or how. You need advice, but who can you trust? In this article, I’m going to walk through the five things that you should consider when looking for a financial advisor: what they do, what they don’t do, and how many different types of advisors at AG Morgan Financial Advisors are in order to help you find the one that is right for you.
Your Goals
Your goals are the most important thing to take into consideration when you’re looking for financial advice. It’s important that you know what your goals are, and how they align with the advice given by the financial planner.
If your goal is to buy a house, then you should make sure that they have experience with mortgages and lenders in the area where you want to buy a house. If they don’t have this experience, then they may not be able to help as much as someone who does!
Your Risk Tolerance
Your risk tolerance is the amount of risk you’re willing to take on in your investments. It’s not the same as your investment goals, but it does play a role in what kind of stocks and funds you should be investing in.
If your risk tolerance is low, then it means that you don’t want to invest in high-risk stocks because they might go down–or worse yet–crash completely and wipe out all of your money (if this sounds like something that would keep you up at night, then yes). If your risk tolerance is high, then investing in higher-risk investments may make sense because they have the potential for greater returns than lower-risk ones.
Your Income And Expenses
Once you have your financial statements, it’s time to look at the numbers. This is where things get interesting!
- Your income and expenses: The first thing you’ll want to do is see how much money you make. How much does it cost for you and your family? If there are any large expenses coming up (like a wedding or honeymoon), make sure they’re accounted for in the budget. Also check if there are ways of saving money here–perhaps by cutting back on cable TV or eating out less often–and see if they will help reduce some of those larger expenses over time.
- Debt: It’s also important to take stock of any debt that might be weighing down on your finances so that it doesn’t hold them back from growing further into the future.
The Type Of Advice You Want
The first thing to consider when looking for financial advice is what type of advice you want. This may seem like an obvious question, but the options can be overwhelming. You might want to do a little research before deciding which type of advisor would be best for your situation. Here at AG Morgan Financial Advisors you’ll get the right blend of financial and investment advice to help you make smarter decisions with your money.
- Do I want someone who will just provide me with facts and figures? Or do I need help understanding those numbers?
- How much time am I willing to spend researching my options or talking about them with others?
- What kind of relationship do I prefer with an advisor: one-on-one meetings, phone calls or email exchanges?
