Finding financial support is important and the sooner it is done, the better. Mark Hauser is a veteran of the financial services industry as well as a co-managing partner at Hauser Private Equity. In his role, Hauser has helped to implement policies and standards that have grown his firm into the established practice that it is today.
Understanding the importance of complex financial services, Hauser decided to share some sharp insights into how readers can find their own financial advisor.
Financial Advisors: What Are They?
A financial advisor is an expert or professional who helps clients to achieve finance-related goals. These goals could relate to retirement, marriage, estate planning, or even simple debt management programs.
- Strategic Investing
- Retirement Planning
- Education Funding
- Insurance Advice
- Debt Management
- Tax Planning
As far as how financial advisors operate, Mark Hauser points out that their role is defined in part by how they are compensated. Hauser elucidated the topic by outlining the four primary forms of financial advisors.
- Fee-Only Advisors – These advisors offer services to their clients for an hourly fee, flat rate, or percentage of assets under management.
- Commission-Based Advisors – These advisors are only paid when they sell third-party services or products to their clients.
- Registered Investment Advisors (RIA) – Registered Investment Advisors offer fiduciary financial services to their clients and may also utilize a fee-only compensation structure.
- Certified Financial Planner (CFP) – A Certified Financial Planner is an expert who has passed industry exams on topics such as insurance planning, real estate, and investing.
Which Advisor Is Right For Me?
To find the right financial advisor, Mark Hauser believes that people need to be willing to put in some legwork to confirm their choice. His first point of action in advising potential clients is to always verify the credentials of their advisor. Contacting the CFP Board is a great way to learn about a CFP’s credentials.
In addition to verifying a professional’s credentials, Mark Hauser believes it is important to create a beneficial and effective working relationship where empathy and respect are foundational to the process. Managing money can be a delicate task, so a respectful environment is required.
Finally, Mark Hauser suggests that clients research how their advisor is going to be compensated for their work. Clients will want to seek out financial advisors who operate as fiduciaries as they are legally bound to work in the best interest of their clients. Potential clients need to understand the makeup of their options before signing on with anyone.