William Huyler’s Guide to Finding the Right Financial Advisor for Your Needs
There comes a time when you feel that your money isn’t growing at the pace you have hoped for at this stage in your life. You’re earning good money, but your savings don’t reflect that. That’s when you know that you need a financial advisor to help you save, invest, and grow your money. As the economy is expected to rebound in 2021, the services of financial advisors will be in more demand than ever.
William Huyler is a personal financial advisor based out of West Chester, Pennsylvania. He provides sound financial advice to numerous clients throughout Pennsylvania. He has an extensive background in assessing market trends and helping his clients create a financial plan that makes the most sense for their financial situation and future goals.
When you Need a Financial Advisor
Before you start looking for a financial advisor, you have to ask yourself whether you actually need one. When you’re able to save at least 20% of your income, that’s the right time to find a financial advisor, says William Huyler.
When you have a steady income and revenue that exceeds your expenditure, the financial planner steps in and points you in the right direction, finance-wise.
The Services You Require
According to William Huyler, once you’ve decided that you need a financial advisor, you need to choose the services that you want. Financial advisors have specialties just like medical professionals. For example, a retirement planning specialist will get your retirement plans in order while those with a high net worth will benefit from the services of a wealth planner.
Keep in mind that a wealth planner accepts clients who have at least one million dollars in assets. And if you’re going through a life transition, a certified financial transitionist will help you handle the difficult changes and stay financially solvent. Moreover, considering how divorces can be costly, certified divorce financial analysts can be quite helpful both during and after the divorce.
What Type of Financial Advisor Do You Need?
Besides the different services they provide, financial advisors fall under two standards. William Huyler explains that you have the fiduciary standard and the suitability standard. They are very different in the way they operate and how much they charge.
A fiduciary advisor is obligated by law to put your interests first. That means any advice they offer or financial recommendation they make has to be in your best interests. For that, you’ll pay them a fee that’s a percentage of the assets they manage.
Other advisors who follow the suitability standard are only required to recommend an investment that is suitable for the client. Whether that investment is the best option you have or not is a different matter. And since they work on a commission basis, sometimes they end up making more money out of the investment you make than you do.
Not only do financial advisors vary in services, specialties, and standards, they also charge different fees. Naturally, you seek the help and expertise of a financial planner because you want to grow your money or put your finances in order. But if the financial advisor you chose is going to charge you more than you make out of their services, then you need to look for someone else that you can afford.
Fiduciary financial planners charge quarterly fees while non-fiduciary advisors work on a commission basis. There are also those who charge a flat hourly rate the same way a lawyer does. It’s up to you to choose the right financial advisor that not only works within your budget but also has your best financial interests at heart, notes William Huyler.