North Vancouver Financial Advisor and Financial Planner Adam Wang


Do you have trouble organizing your finances? For many individuals, the management of their own money is mission impossible, given the multitude of factors that play a part in making investments or saving for retirement.

Financial advisors are the right professionals to contact when being unable to reach your financial goals. These planners are experts in providing budgeting guidance as well as investment management, thus helping clients stay on top of their finances and maximize their savings. People can choose between traditional and online advisors, depending on the minimum balance requirements.

The following tips will make sure you choose the right professional to plan your finances.

Determine whether you need such a professional

The inceptive thing you need to determine is whether hiring a financial advisor is genuinely necessary for planning your finances. If you handle your savings and investment goals successfully, there’s no reason to hire the services of such a professional. Keep in mind that financial advisors aren’t interested in collaborating with clients that have either no savings or save a low amount of money on a monthly basis, which isn’t sufficient to pay for their fees. Go to this URL to learn whether you really need the services of a financial advisor.

Moreover, these professionals are mainly willing to work with clients whose monthly income is steady and high enough to save a minimum of twenty percent of the overall sum. Anyhow, you can also hire an advisor when planning to make an investment or being interested in devising a retirement savings plan. Such consultants provide assistance in managing and maximizing one’s savings, particularly after inheriting or earing a large sum of money.

Choose the right type

After deciding to hire a professional to assist you in handling your finances, the following step should be choosing the right type of consultant. In the financial industry, these professionals are required to follow either the fiduciary or the suitability standard. In the former case, the planners are legally obliged to protect the interests of their clients, charging no commission on the investment they recommend one to make.

In contrast, the latter are required to find an appropriate investment for their clients but not necessarily the most suitable one. Since they charge a commission, it’s not surprising if the investment they encourage you to make is more beneficial for their own pockets.

Furthermore, traditional financial advisors refer to certified financial planners, investment advisors, wealth managers, and stockbrokers. Most of these professionals are equipped with more than one title, striving to gain more certifications over the years. Traditional financial planners, such as Financial Advisor: Adam Wang, help clients achieve their investment goals by developing specific strategies. These consultants are the right alternative for individuals who need specialized services and whose economic situation is fairly complex.

Additionally, these professionals tend to charge the highest fees for their services while requesting the highest minimum balance. Consequently, they aren’t a suitable choice for individuals whose assets are worth less than $200,000.

Robo-advisors are undoubtedly the cheapest variant of investment management in the form of digital services. Instead of attending in-person meetings, you’ll need to fill out an online questionnaire that determines your risk tolerance and long-term goals, hence enabling the computer algorithms to devise an investment portfolio.

In addition, these digital services require either low or no minimum balance, charging   0, 25 % of one’s account balance. Consequently, Robo-advisors are the ideal alternative for individuals interested in small investments.

Online financial advisors refer to a team of human planners that clients can consult over the internet. Unlike Robo-advisors, these services provide people with an opportunity to collaborate with investment planners online, without being obliged to attend in-person meetings. They are the best option for people looking for mid-priced services. The following link,, will help you learn whether a Robo-advisor is the right choice to make.

Compile a list of candidates

After opting for the most suitable type, you are advised to look for candidates that match your requirements. A list of candidates can be easily compiled from various sources, such as asking for personal recommendations, checking the most prominent industry associations, or conducting online research in the form of going through online reviews.

Moreover, make sure you start by asking your most trusted friends and family members for referrals, as the largest part of people is believed to use such services. Additionally, you are strongly encouraged to check the National Association of Personal Financial Advisors, which encompasses all reputable professionals in your local area. The CFP Board search tool is also considered to be useful when searching for this type of consultant.

Check credentials and experience

Prior to scheduling interviews with the most promising candidates, you are expected to run a background check on each candidate. There is a myriad of online free tools that enable potential clients to check the credentials, experience, and potential regulatory issues of the planners on their shortlist.

In case you come across a candidate with a disclosure event, make sure you investigate the situation in detail. Perhaps this professional has resolved the complaint successfully without allowing it to affect his/her reputation. Read more details about the financial advisor disclosure, which is essential for a better interpretation of these complaints.

Schedule interviews

The ultimate step of your journey is scheduling interviews with the most prospective candidates on your shortlist. In-person interviews allow potential clients to ask the right questions, which provide useful information about the experience and education of these consultants.

Make sure the professional you hire is comfortable to work with, as you’ll be sharing sensitive information regarding your finances. Also, it’s vital to learn more about the type of fees these professionals charge to clients in order to choose an affordable solution. Some planners charge flat annual fees, while others charge either hourly of per-plan fees.

Final word

Instead of making bad investments or splurging your savings, hire a financial advisor to take control of your finances!


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