Broker Check

Five Steps to Finding the Right Financial Advisor

STEP 1: SUITABILITY VS FIDUCIARY

Finding a financial professional that meets your needs is just as important as planning for retirement. Since there are a variety of financial professionals to choose from, the first and most important thing to consider is whether you want to work with a professional who follows the suitability standard or the fiduciary standard.

If you can recognize the difference between the fiduciary and suitability standards, you will be one step further to finding yourself a dedicated advisor.

The Suitability Standard

Financial professionals who operate under the suitability standard offer you products specifically carried by the company he or she represents. By law, the advice or products they sell you must be suitable to your needs, but they may not be in your best interest. For example, if you were extremely hungry and someone offered you a big, juicy cheeseburger with a side of french fries, most likely, your hunger needs will have been met. However, nutritionally, this meal was probably not in your best interest. This represents the suitability standard of practice.

The Fiduciary Standard

A financial professional operating under the fiduciary standard has an obligation to present the best advice he or she can give by taking into consideration the needs, wants, and objectives of each individual client. Advisors are NOT restricted to specific products and have access to a variety of carriers. The fiduciary standard would represent a meal that is not only suitable for your hunger, but good for your health, as well.

At DTY Wealth Planning Solutions, our advisors are fiduciaries, and our objective is to provide clients with effective strategies and products that are unique to each individual and specifically chosen in their best interest.

STEP 2: PRESERVATION & PROTECTION

Preserving and protecting your assets should be first and foremost.  We recommenced choosing a financial professional that is just as concerned about the preservation of your principle as you are.

Putting your hard earned assets at risk in hopes to achieve higher returns is not always sustainable.   At DTY Wealth Planning Solutions, we aim to preserve your purchasing power, enabling you to keep up with inflation. Your goal is to not outlive your assets, and our goal is to implement a plan that ensures this will happen.

STEP 3: GLOBAL & INTERNATIONAL PERSPECTIVE

Today we live in a global and international economy, in which everything is intrinsically connected. It is important to find a financial professional whose knowledge of the market surpasses common domestic practices.

As the industry continues to evolve, the financial world is becoming more intertwined. Now heavily linked to the global economy and with money flow crossing borders, it is even more critical to have a retirement plan that takes into consideration the effects of an international environment.

Working with a financial professional that has an international and global perspective can help to diversify your portfolio and maximize your assets. At DTY Wealth Planning Solutions, this unique perspective is one of the many characteristics that sets us apart from other financial professionals.

STEP 4: DIVERSIFICATION

Diversification is a fundamental tool of risk management. Most financial professionals only offer traditional investments and resources, thus limiting their clients’ financial portfolio.

Working with a professional that has access to both traditional and alternative investments will provide you with the best opportunity to diversify. When allocated properly, diversification strategies can significantly help reduce your portfolio’s volatility and aid in maximizing accumulation.

STEP 5: TRANSPARENCY

Unfortunately, there are far too many stories about retirees who have made poor decisions because they were sold into buying a “great opportunity” without being properly informed. There are thousands of different financial products with various features and contingencies that come along with them. It’s important to do your due diligence and choose a financial professional that is transparent and trustworthy.

A good financial professional should advise you whether or not an investment is in-line with your specific needs and financial objectives, while providing the prospectus and all other important information pertaining to your scenario. Transparency and trust is key to building a lasting relationship.

At DTY Wealth Planning Solutions, we believe in educating our clients along the way while cultivating trusted relationships with them through communication, honesty, and proven results.