{"id":1115,"date":"2023-12-15T20:02:14","date_gmt":"2023-12-15T20:02:14","guid":{"rendered":"https:\/\/scottmarsh.com\/?p=1115"},"modified":"2023-12-15T20:02:16","modified_gmt":"2023-12-15T20:02:16","slug":"how-to-select-the-right-salt-lake-city-financial-planner-for-2024","status":"publish","type":"post","link":"https:\/\/scottmarsh.com\/financial-planning\/how-to-select-the-right-salt-lake-city-financial-planner-for-2024\/","title":{"rendered":"How to Select the Right Salt Lake City Financial Planner for 2024"},"content":{"rendered":"\n
Choosing the right Salt Lake City financial planner is one of the most critical decisions you will make for your family\u2019s financial future. Select the right financial advisor, and you could have more assets for your future use. Select the wrong financial advisor, and you may have fewer assets for your future use.<\/p>\n\n\n\n
As we approach 2024, there are many financial unknowns that we\u2019ll have to consider and deal with. For instance, concerns about a 2024 recession are being discussed by financial industry influencers in the media. In addition, there are concerns about continuing inflation, rising interest rates, and volatility in the securities markets. <\/p>\n\n\n\n
Finding a financial planner isn\u2019t just about selecting the professional closest to your home or office. It’s about forming a partnership with a financial advisor who understands your circumstances, concerns, and goals.<\/p>\n\n\n\n
The question posed in this article is: how do you find the right financial planner who works with clients like you? <\/p>\n\n\n\n
In the article, we\u2019ll touch on five steps you can use today to assist you in selecting the right Utah Chartered Financial Consultant\u00ae (ChFC\u00ae)<\/strong><\/a> who can help you pursue financial independence.\u00a0<\/p>\n\n\n\n Whether you’re seeking to hire a financial advisor for the first time or looking to replace a current advisor who did not meet expectations, the decision requires a disciplined vetting process that helps you make the right decision.<\/p>\n\n\n\n Before you search for the right retirement planner, take some time to assess what you hope to accomplish through this partnership. Financial advisors offer various services, so starting with an understanding of your specific requirements is important. <\/p>\n\n\n\n Some advisors specialize in specific aspects of finance, like financial planning or investment management, while others provide comprehensive assistance, covering everything from budgets and savings goals to retirement and estate planning.<\/p>\n\n\n\n To pinpoint your financial needs, consider the following questions:<\/p>\n\n\n\n Your answers to these questions will guide you in finding the most suitable financial advisor for your situation. <\/p>\n\n\n\n The term “financial advisor” encompasses many professionals, including investment advisors, brokers, financial planners, financial coaches, portfolio managers, and even financial therapists. That\u2019s because just about anyone can claim to be a financial advisor. Plus, many titles in financial services do not require specific credentials – the minimum age is only 18. So, ensuring you select the right financial advisor requires due diligence. <\/p>\n\n\n\n One way to ensure your advisor has your best interests at heart is to seek a fiduciary financial advisor. These advisors are legally obligated to act in your best interest rather than their own. Ideally, you should look for a fiduciary advisor who receives compensation directly from you and does not earn commissions for selling you third-party products.<\/p>\n\n\n\n Utah fi<\/strong><\/a>nancial advisors<\/strong><\/a> with a Chartered Financial Consultant\u00ae (ChFC\u00ae) possess the specialized expertise to provide various financial planning services. Their areas of proficiency include planning for retirement, managing estates, strategizing for taxes, and developing investment plans. Moreover, they are equipped to help manage risk and provide advice on employee benefits and various insurance products.<\/p>\n\n\n\n An old saying says, \u201cThere\u2019s no such thing as a free lunch.\u201d Nothing could be more true when it comes to your assets. Advisors may market a product as free because they are being paid to sell you a product by a third party (mutual fund family, insurance company).<\/p>\n\n\n\nStep 1. Define Your Financial Needs<\/strong><\/h2>\n\n\n\n
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Step 2. Understand the Various Types of Financial Advisors<\/strong><\/h2>\n\n\n\n
Step 3. Understanding How Financial Planners Are Compensated<\/strong><\/h2>\n\n\n\n