What is a Financial Advisor?

August 3, 2022 Adam Leavitt, CFP®, Wealth Partner

Financial Adviser

I’ve been a financial advisor my entire professional career. I don’t have a clue how to answer this question, but I do know that financial advice is easy to get.

  1. Talk to a banker, broker, money manager, attorney, insurance agent, or accountant and they will eagerly assist … but not for free.  

  2. Discuss with family or friends and they might be a free resource.   Are they qualified? Will they will keep you accountable? Will you both be comfortable with the relational complexity?

  3. Read the news feeds; every article or social media post seems to be written by an expert. Then ask yourself “How does the author benefit from your viewership?”

  4. Research which one of the thousands of “cryptocurrencies” will transform global financial systems. Then plunk down your home country’s actual currency to buy your immediate needs.  

Remember in 2019 when Facebook (currently Meta) led the charge to introduce the Libra cryptocurrency, claiming it will help the entire globe with a better currency system? It went away in 2022 as a self-servient flop. Big Tech is seething to get more access to people’s financial data. When and if they are allowed, I suspect they’ll use the term “financial advisor” too, or maybe they’ll come up with a futuristic term that’s more marketable to the masses.

Either way, this still leaves us all in the same place. If someone wants or needs financial advice, where should they go to get it?

It depends.

If you want or need financial advice, you need to find someone who is uniquely suited for you as you are for them. KNOW YOUR ADVISOR. Know their target client. Know their relationships and reputation. Know how they are compensated. Know their professional succession plan. Ask them personal questions about their background, passion for the work, etc.

Likewise, your advisor must KNOW YOU: your family relationships, your professional relationships, your goals, your fears, and of course all your financial specifics no matter if the advisor is managing some, none, or all your investment assets. And your advisor should continue to know you as things change in your life and in your financial situation.

HoganTaylor Wealth

HoganTaylor Wealth provides an integrated approach to investment and financial planning and is a registered investment advisor and subsidiary of HoganTaylor LLP. HoganTaylor Wealth takes its fiduciary responsibility seriously. Without commission, referral or soft-dollar arrangements, they operate on a fee-only basis to ensure everyone’s interests are aligned with those of the client.

INFORMATIONAL PURPOSE ONLY. This content is for informational purposes only. This content does not constitute professional advice and should not be relied upon by you or any third party, including to operate or promote your business, secure financing or capital in any form, obtain any regulatory or governmental approvals, or otherwise be used in connection with procuring services or other benefits from any entity. Before making any decision or taking any action, you should consult with professional advisors.

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