Valentine’s Day is approaching, and compatibility is on everyone’s minds. As you think about your future with the one you love, also consider your match with a financial adviser. It’s important to make sure that the financial adviser you select is compatible with your long-term financial goals. Before you commit to entrusting a financial adviser with your hard-earned money, use the criteria below to determine whether your match is right for you.

1.    Look at your prospective adviser’s credentials. This information should be readily accessible on their website. Is your adviser a CFP (Certified Financial Planner®)? Do they hold an AAMS (Accredited Asset Management Specialist SM) certification? These certifications can tell you about the qualifications and expertise of your adviser. The CFP®, for example, requires a rigorous certification process involving education, examination, experience, and ethical requirements.

2.    Understand their fee schedule. This information should also be available on a public website; if it is not, advisers should be easily able to disclose it to you. Is your prospective adviser fee-only, fee-based, or commission-based? Fee-only advisers only earn money through fees paid by clients, while fee-based and commission-based advisers can earn money through client fees and commission or brokerage fees.

3.    Review their proposed financial plan. A prospective financial adviser should be willing to walk you through a financial plan based on your personal, individualized financial goals. Ask your prospective adviser to go over the plan with you, and double check to see if it addresses your goals, timeline, and risk tolerance. If revisions or clarifications are needed, don’t hesitate to ask.

4.    Meet with multiple advisers. Before settling on one specific adviser or one particular company, meet with a few different advisers. This can help you determine who is going to be the best fit for you, not only in terms of professional qualifications but also in communication, attitude, and values.

5.    Stayin touch. Even after you select the adviser that is best suited to you and your needs, be sure to stay in touch. Your financial plan will need regular reviews, and you may need to address any changes in your goals, life circumstances, or investment plans. A good financial adviser will always be happy to meet with you and address your questions or concerns.

Here at GDS Wealth Management, we are committed to full transparency with our clients and prospective clients. If you have any questions about the criteria discussed above, please feel free to reach out to our office. We would be happy to talk with you. If you are a prospective client, we offer complimentary financial plans that are customized to your specific needs and goals. You can reach us at(469)212-8072 or  

Glen D. Smith, CFP®, CRPC®
Chief Executive Officer | Chief Investment Officer | Founder

This blog does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for informational purposes only and on the understanding that the recipient has sufficient knowledge and experience to be able to understand and make their own evaluation of the proposals and services described herein, any risks associated therewith, and any related legal, tax, accounting, or other material considerations. To the extent that the reader has any questions regarding the applicability of any specific issue discussed above to their specific portfolio or situation, prospective investors are encouraged to contact GDS Wealth Management at (469)212-8072 or or consult with the professional adviser of their choosing.

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