✪ How do you choose the right financial advisor?
I had a conversation recently with a woman I will call Lisa*. Lisa is a single woman thinking about her future as she approaches retirement in five years. She was referred to me by a friend.
Lisa: I’ve been thinking about working with a financial advisor, but honestly, I’m not even sure where to start. You were referred to me by my good friend Charlotte*. From what she said, you sound like a great fit for her but how do I know who’s the right fit for me?
Rick: That’s a great question, Lisa. A lot of people assume working with an advisor just means picking investments—but that’s just one part of the puzzle.
Lisa: That’s kind of what I thought too. Like, isn’t it just about someone managing my 401(k) or choosing some investments?
Rick: It can be, if that’s all you’re looking for. But a good advisor can do much more. Think of it like this: your financial life is like a house. Investments are just one room. But there are so many others—retirement planning, insurance, taxes, estate planning, even decisions like when to claim Social Security or how to choose the right Medicare plan.
Lisa: Wait—you help with things like Medicare and Social Security? Are there other areas you help clients with besides the ones you mention?
Rick: Absolutely. In addition to Medicare where we help clients weigh the pros and cons of different plans based on their health, doctors, prescriptions, and budget, we also help figure out when best to start Social Security. I’ve also helped clients decide whether to lease or buy their next car, figure out if they can afford to retire early, whether they should refinance their home, what to do when they get an unexpected inheritance, help pay for college, and even the best ways to make charitable contributions if one is so inclined.
Lisa: I know you worked with Charlotte on how to pay for college, but I didn’t realize a financial advisor could help with so many different things. Besides planning for retirement, I would like to help pay for my nephew’s education if it is possible.
Rick: A comprehensive advisor helps in all of these areas and working with a seasoned Certified Financial Planner™ practitioner helps ensure they are well versed on a multitude of topics. Not just investments.
Now, some people want someone who just handles their portfolio and that’s okay. I have had calls from some wanting the hottest stock tip, but we don’t do that here. We are financial planners first and foremost and our goal is to help ensure your goals are met without hoping a particular investment doubling overnight. Others, like my clients, want a long-term partner who can walk with them through life’s big and small decisions—someone who’s objective, experienced, puts their needs first, and doesn’t have any products to sell.
Lisa: That’s really appealing. I sometimes feel like I have to make every decision on my own, and it can get overwhelming.
Rick: Exactly. It’s not just about the numbers. It’s about helping you feel prepared and confident—whether you’re facing a big transition, navigating a health scare, or just trying to make sure you’re on track for the future.
Lisa: So how do I know if an advisor is truly comprehensive and right for me?
Rick: Ask them what their process looks like. Do they offer advice beyond investments? Do they get to know your life and goals before offering solutions? Are they a fiduciary, meaning they’re legally obligated to act in your best interest? And how do they get paid? Transparency matters.
And what I personally recommend is going with your gut. Assuming they check all the boxes as far as experience, being a fiduciary etc, ask yourself if you feel comfortable with them. If it doesn’t feel right, keep looking until it does. Also, don’t be afraid to ask a lot of questions. If you feel pressured or they don’t clarify things, that is a red flag.
Lisa: This makes so much sense. I don’t just want someone to grow my money. I want someone who helps me make smarter decisions, so I don’t make costly mistakes.
Rick: That’s exactly it. The right advisor is someone who listens well, explains things clearly, and helps you prepare—not just for the expected, but for the surprises, too.
Final Thought from Rick: Choosing a financial advisor is personal. Some people want a portfolio manager. Others want a partner to help them on their financial journey. Think about what you need. If you’re looking for someone who’s there when life throws a curveball—and who can help you avoid costly missteps—that’s when an experienced comprehensive Certified Financial Planner™ practitioner really shines.
Ready to find the right fit? If you’d like to see what it’s like to work with a comprehensive advisor, feel free to schedule a complimentary call with me. No pressure—just a conversation to see if we’re a good match.
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About the author: Rick Fingerman, CFP, CDFA, CCPS
Rick Fingerman, CFP®, CDFA®, CCPS®, is a founding and managing partner at Financial Planning Solutions, LLC. He has been helping individuals and families make sound financial decisions for over 30 years. Rick has been featured in The Wall Street Journal, Retirement Daily, Investment News, The Boston Globe, Investopedia, Financial Advisor Magazine, Financial Experts Network, and the Chicago Tribune.
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All the best.
Rick Fingerman, CFP®, CDFA™, CCPS®
617-630-4978
Rick@PlanWithFPS.com
Financial Planning Solutions, LLC (FPS) is a Registered Investment Advisor. Financial Planning Solutions, LLC (FPS) provides this blog for informational and educational purposes only. Nothing in this blog should be considered investment, tax, or legal advice. FPS only renders personalized advice to each client. Information herein includes opinions and source information that is believed to be reliable. However, such information may not be independently verified by FPS. Please see important disclosures link at the bottom of this page. Although this “conversation” above was not an actual word for word call, it does depict a recent conversation I had with someone seeking an advisor. *Names have been changed.