How to Choose a Financial Advisor in 2023

Matt Stevenson and Peter Lott of Allied Wealth discuss the different types of financial advisors that individuals can work with, and how to choose a financial advisor.

Many advisors work in what is called a retail capacity, where they offer products and services for a transaction cost or commission. Other advisors are advice or fee-based, where they will partner with their clients to earn an annual management fee for their services. It is important to understand which advisors are available, and potential pros and cons of each type to find the best fit for an individuals retirement planning needs.

Also discussed are investment management styles that an advisor may recommend to a client when building a retirement plan.

Some investment strategies may utilize tools outside of the stock market that allow for potential growth, protection of assets, and little to no annual cost.

Other investment strategies may be passive in nature, more commonly called a Buy and Hold approach, where the investor seeks as much market gain as possible, but leaves open the potential for market losses as well.Some investors may utilize a Tactical approach to investing, where the goal is to seek market growth while attempting to mitigate potential market losses.

An individual planning for, or in retirement should understand each of these potential strategies in order to make an assessment on which may be the best fit for their own unique retirement planning goals.

As we approach 2023, the world of finance is rapidly changing, and it can be difficult to navigate the numerous options available for financial advisors. Choosing the right financial advisor is crucial to achieving your financial goals, and it is essential to do your due diligence before making a decision. In the video it is being discussed how to choose a financial advisor. Here are some key points:

  1. Credentials and Experience

The first and most important factor to consider about how to choose a financial advisor is their credentials and experience. Look for advisors who hold certifications such as the Certified Financial Planner (CFP) designation, which requires rigorous training, testing, and ongoing education. You can also check their professional background and any disciplinary history on the Financial Industry Regulatory Authority (FINRA) website.

  1. Services Offered

The next factor to consider is the services offered by the financial advisor. Determine whether they provide comprehensive financial planning or specialize in specific areas such as retirement planning, tax planning, or investment management. Consider your financial needs and goals and choose an advisor who can provide the services that align with your objectives.

  1. Fee Structure

Another crucial factor to think when considering how to choose a financial advisor is their fee structure. Some advisors charge a commission on investments they recommend, while others charge a flat fee or an hourly rate. It is essential to understand how the advisor is compensated and the total cost of their services.

  1. Communication and Availability

Communication and availability are critical when working with a financial advisor. Look for an advisor who communicates clearly and regularly and is available to answer your questions and concerns. Choose an advisor who uses technology to enhance communication and offers online account access.

  1. Trust and Rapport

Finally, trust and rapport are essential when selecting a financial advisor. You will be sharing personal and financial information with your advisor, so it is essential to choose someone you feel comfortable with and trust. Look for an advisor who is transparent, honest, and acts in your best interest.

In conclusion, selecting a financial advisor in 2023 requires careful consideration of credentials, services offered, fee structure, communication, and trust.

Also read: The 4 Different Types Of Annuities: Which Is Right For You?


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Topics we will be covering are Retirement and Financial Planning, Investment Selection, Retirement Income Planning, Taxes and Taxation during Retirement, Healthcare, Long Term Care, Legacy and Estate Planning, in addition to important Market and Economic changes impacting Retirement.

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