5 Steps to Finding a Financial Advisor When Moving to a New City
Moving can be an exciting time in your life: new opportunities, new faces, new activities.
But, it can also be a time filled with new challenges.
You’re adjusting to financial changes—buying or renting a house, a different cost of living, new employer benefits—all at a time when your life already feels unsteady, and you’re outside of your comfort zone.
In your old city, you knew the people and businesses you could trust with the important things in your life. And now, you’re faced with finding new go-tos.
So, how do you find a trustworthy financial advisor who can help you tackle new challenges and make you feel at home?
We can help. Here are five steps to take when searching for your next advisor, even when you haven’t settled in quite yet.
1. Ask for recommendations.
While you’re learning the lay of the land in a new place, you spend time asking around for recommendations. It’s an easy question to ask when it’s something as simple as “I love your hair. Where do you get it done?” or “My car’s making a weird noise. Know a good mechanic?”
But, who do you ask about a new financial advisor?
Look to professionals you meet throughout the moving process. For example, you can ask your realtor or a new colleague. They likely use an advisor themselves or will have someone they trust in their network.
2. Speak with more than one advisor.
Finding a financial advisor is a higher-stakes process than, say, a hairdresser. Your hair will grow back, even if your worst-case scenario happens. Your finances are a much different story.
Do as much research as possible when finding an advisor, but don’t stop after you’ve found a few good contenders. Most will offer a free consultation call or visit. Take advantage of that opportunity to get to know the person.
How they make you feel and how they respond to your questions will say a lot about how much you can trust them, and whether or not they fit your expectations.
3. Know what questions to ask.
Finding someone you can trust sometimes comes down to your intuition. Ask potential advisors plenty of questions to get a good feel for who you would be trusting with your financial future.
Here are a few questions to get you started:
- How are you compensated?
- Do you follow fiduciary standards?
- How would you describe your investment approach?
- How do you keep my financial goals in mind?
- How (and how often) do you communicate with your clients?
- Do you have recommendations or client successes you can share?
4. Choose the advisor who makes you feel most at home.
It’s a new city, but that doesn’t mean it can’t be comfortable. You have a brand new opportunity to build a network of professionals whom you know and trust. Soon, you’ll be the well-seasoned local who recommends the “city’s best financial advisor.” You won’t always be the new kid in town, so why not start feeling at home right away?
The Nail Wealth Team is helping your neighbors right here in Franklin. Reach out to our local office to set up a consultation appointment. We can talk you through how we help our clients meet their dream financial goals. You’re sure to feel like part of our family.
For a hometown touch, contact us today to learn more.
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