Monheit Frisch Group is right by your side to help you stay up to date. Please visit our COVID-19 Resources Page for Legislative and Regulatory updates.

Check us out on FINRA’s BrokerCheck

How to Choose a Financial Planner

Choosing A Financial Planner - Monheit Frisch Group PLCA financial planner advises individuals and businesses on the best ways to invest and manage finances. If you choose the wrong financial planner, you risk your financial future.  Therefore, you should apply the right criteria to identify a reliable financial advisor. This article highlights tips to help you choose a reputable financial planner.

Know the Types of Financial Planners

You are likely to find many registered financial planners in your locality, but not all of them are right for you. You should be well informed about the different types of financial planners and the services they offer. Then, pick an advisor who focuses on the area that you need assistance in.

For example, if you want to prepare for retirement, you should choose a planner who is an expert in retirement planning. Similarly, you should pick a financial expert with relevant experience when you need help with taxes, assets, or investments. When you understand the professional help you need, you’ll quickly pick the ideal financial planner.

Choose a Service Type

You can outsource financial planning services from local companies or online platforms. The service type and the option you choose should depend on your schedule. If you are too busy to leave the office, you can opt for online services where you consult a virtual planner via digital devices. The virtual financial experts are similar to the conventional ones; the only difference is that you are not in the same location.

Another service type that you can choose is the robo-advisor service. Robo-advisors are non-human advisors that help you based on your objectives. All you need is to answer a few questions online, and the computer algorithm will use your details to give you relevant advice on how to manage your finances. This is the most affordable service type.

You can also use the traditional service type where you meet physically with a planner for sessions. This service option is slightly costly as compared to the others, but it is by far the best option if you have complex financial issues that require in-depth explanations.

Understand the Payment Structures

Financial planners charge different rates and have diverse payment options. Strive to identify the one whose payment plan works for you. Commission-based planners charge commissions on products that they advise their clients to buy, sell, or invest in. They mostly specialize in hedge funds, insurance, and mutual funds.

Fee-based planners charge a fee for every service they offer. However, they also receive commissions on any product they sell.

Fee-only planners receive flat fees, and they do not charge percentage-based commissions. Typically, they charge a quarterly fee, which is usually a fixed percentage of the assets they control.

Fee-only financial advisors have a fiduciary duty to fulfill your interests. Therefore, they are best when you want long-term services. Most advisors who offer this payment option are specialists in taxes, investment, real estate, insurance, and retirement planning. 

Determine the Degree of Help You Need

Another aspect that you should consider is the extent of the help that you need. If you are excellent with your finances and have a particular problem, such as how to pick a home to buy, you only need an hourly consultation session. This means that you don’t necessarily have to hire a long term planner; a commission-based one can come in handy in such a situation.

If you are in search of a financial management firm to manage your assets, you should consider a fee-only planner who offers long-term services. This tip can significantly help you get the most out of the long-term relationship with the company.

Financial consultation is a great step towards sound financial decisions and a stable future. If you want to work with a reliable financial planner, look no further. We have various financial planning products and services that seek to protect your current and future economic interests. Contact us today for quality services.

Leave a comment

We have two locations for your convenience:


Want to stay informed? Sign up for our newsletter:


Surprise Regional Chamber of Commerce LogoCPA PFS Logo

Avantax affiliated advisors may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.

Securities offered through Avantax Investment Services SM, Member FINRA, SIPC. *Investment advisory services offered through Avantax Advisory Services SM ** Insurance services offered through an Avantax affiliated insurance agency

The Avantax family of companies exclusively provide investment products and services through its representatives. Although Avantax Wealth Management SM does not provide tax or legal advice, or supervise tax, accounting or legal services, Avantax representatives may offer these services through their independent outside business. This information is not intended as specific tax or legal advice. Please consult our firm and your legal professional for specific information regarding your individual situation.

Content, links, and some material within this website may have been created by a third party for use by an Avantax affiliated representative. This content is for educational and informational purposes only and does not represent the views and opinions of Avantax Wealth Management SM or its subsidiaries. Avantax Wealth Management SM is not responsible for and does not control, adopt, or endorse any content contained on any third-party website.