Many people seek financial advisory services to deal with changes in their lives, such as marriage, divorce or retirement. However, money advisors work with clients at any stage of life.
Financial advisors use their expertise in asset management to assist you with investments, taxes and saving. Money advisors also save you time, so you can spend more time doing activities you enjoy instead of balancing your accounts.
Many retirement and financial planners in Tucson work with clients that have any amount of assets, while some only advise clients with a high net worth and an arbitrary minimum investment.
There are many types of financial advisors in Tucson to help you manage your money. Two major distinctions separate these advisors and the first of which is between robo-advisors and human advisors.
The second distinction that separates all financial advisors depends on the standard the advisor maintains.
The cost of a financial advisor in Tucson varies both in the amount you pay and how you pay it. Fee-only advisors, for example, average $150 to $300 per hour, whereas commission-based advisors receive 3 - 6 percent of the client’s investment transactions. Other advisors might charge a flat fee for one-off services or charge a fee of 1 - 2 percent of your account for long-term asset management.
Financial advisors refer to themselves as fee-only if they make their profits exclusively from client fees and fee-based if they accept both fees and commission. There’s a risk that advisors making any amount of commission will make unnecessary trades and purchases to pad their bottom line. This conflict of interest is why many people prefer fee-only advisors for asset management.
Before you settle on an advisor, determine what their compensation structure is and ask about any transaction fees you should be aware of so you know what to expect when you receive your bill.
There are four qualifications that your Tucson financial advisors should have:
Typically, these qualifications are available on their firm’s website, but it’s worth verifying your advisor’s credentials through the Securities and Exchange Commission or the Financial Industry Regulatory Authority’s BrokerCheck.
After you have checked their credentials, ask a few questions to decide if you are hiring the right financial advisor in Tucson:
It’s essential that you do your due diligence and research your financial advisor to make sure they’re legitimate. Be wary of exaggerated asset management claims or reports of market-beating performance. The SEC has online resources if you suspect that a fake advisor is targeting you.
Facet Wealth offers a wide range of fiduciary financial advisory services, such as retirement and income tax planning. Customers work with a dedicated CFP who creates a tailored financial plan to help them achieve their financial goals. The company is fee-only, so customers only pay for the services they use.