Mark Hauser’s Advice On Choosing Financial Advisors

Meeting short or long-term financial goals takes a well-planned and executed strategy. That involves financial discipline and advice from a professional financial advisor.

Mark Hauser, an accomplished career person, and Hauser Private Equity co-managing partner, advises people to research before choosing a financial advisor.

What Do Financial Advisors Do?

A financial advisor can provide limited or wide-ranging services, but below are the main ones.

• Debt management program- People dealing with huge debts may struggle to achieve a realistic repayment structure. Financial advisors can help develop a strategy to pay off auto loans, mortgages, student loans, credit card bills, and other debts.
• Insurance advice- A financial advisor will analyze a client’s current insurance policy and identify coverage gaps that might result in future liability. They will also suggest target policies like disability insurance depending on their clients’ needs.
• Strategic investments- Financial advisors help clients formulate and implement investment strategies depending on their goals and risk tolerance. They also re-evaluate the investments and clients’ needs over time to suggest better investments.
• College funding- Financial advisors help clients formulate a college plan that meets their children’s educational needs.
• Retirement plan structure- Clients get help designing strategies to finance their retirement lives so that they live comfortably.
• Tax planning- Clients receive legal techniques to reduce their tax burden. Mark Hauser advises people to choose credentialed tax advisors or Certified Public Accountants because some financial advisors might not be tax experts.
• Estate plan execution- Financial advisors structure wealth transfers according to clients’ requirements for their families and charitable causes while adhering to financial and legal requirements.

Types Of Financial Advisors

According to Mark Hauser, the most essential thing clients should pay attention to is whether their financial advisor is fee-only or commission based. Fee-only advisors get paid only by clients and can charge a percentage of the managed assets, a flat or hourly rate.

On the other hand, commission-based advisors receive a commission from selling third-party products or services. Therefore, they might not have the client’s best interests at heart.

Clients can also choose registered investment advisors, firms that hire several fiduciary-bound investment advisor representatives. Some investment advisor representatives take additional training, making them certified financial planners.

Factors To Consider Before Hiring A Financial Advisor

• Credentials
• Compensation method
• Personality and reliability
• Respect and clarity
• Skill improvement

Meeting short or long-term financial goals takes a well-planned and executed strategy. That involves financial discipline and advice from a professional financial advisor. Mark Hauser, an accomplished career person, and Hauser Private Equity co-managing partner, advises people to research before choosing a financial advisor. What Do Financial Advisors Do? A financial advisor can provide limited…