There are many types of financial advisors and finding the right one for you and your situation is instrumental in meeting your financial goals. This is especially true for executives seeking the proper financial planner to help manage their wealth. When it comes to how to find and select the right financial planner for your needs, you need to make sure that whoever you are working with can provide certain services:
- Retirement planning
- Estate planning
- Executive compensation management and advice
- Investment planning
Financial planning is a serious business and plans out decades into the future. As you earn more money, the need for sophisticated financial planning services becomes more prominent. In this article, we will outline how to find the right financial planner as an executive, and what executives should expect from their financial planner.
The Need for Sophisticated Financial Planning Services for Executives
As you advance in your career in both responsibility and the income that comes along with it, the need for proper investment management and financial planning becomes more prevalent. As your income grows, so does your need for the proper financial advice to make your dollar work for you and to help you meet your financial goals as smoothly and efficiently as possible.
Working with a robo advisor or even managing your own assets simply may not cut it as your compensation grows. Working with the right CERTIFIED FINANCIAL PLANNERTM for your financial situation can be an excellent choice for your portfolio. Advisors on the Brown | Miller team are held to a fiduciary standard and understand their clientele well. We understand that our executives bring a different financial situation to the table that requires a higher level of financial, estate, and tax planning along with it.
What Should Executives Expect From Their Financial Planner?
You need to set expectations for your financial planner, and the first one should be that they, first and foremost, have experience when it comes to advising and managing wealth for executive clients.
The advisor and client relationship between the two should be aimed at being a long-term relationship from the start. When you find a financial advisor you think can help you achieve your financial goals, you should have high expectations. As you bring more capital and assets to the table, this should be reciprocated with expert advice, advanced financial and tax planning strategies, and high-end concierge services.
As your compensation increases, your advisor should be well aware of how to manage your increase in income as well as how to plan accordingly for your management of assets. Executives are going to be in higher tax brackets, which will require your advisor to understand advanced tax planning strategies. As your wealth grows, so should your assets, which makes strong investment advice a key trait for a good financial advisor.
Though it may seem far off, retirement and estate planning are best done as soon as possible, and a knowledgeable advisor who understands your financial situation and needs intimately can help make both processes much more transparent, streamlined, and easy for you and your beneficiaries.
Work with a CERTIFIED FINANCIAL PLANNER™ in the D.C. area on the Brown | Miller team that provides a sophisticated level of understanding to your unique financial needs.
Choosing a Financial Advisor that Fits Your Needs
Choosing the right financial advisor will have substantial effects on your investment portfolio, financial standing, and retirement planning. For executives, finding the right financial planner is even more of a need.
The first thing you will need to consider when trying to find the right planner is what your most pressing concerns are. Perhaps you got into some debt and need a sound plan to start repaying and/or leveraging the debt. As an executive earning considerable income, maybe you are seeking pointers on more profitable investments and strategies. Different advisors will specialize in different areas, and some may be more suited to what you’re looking for.
You should also do research on how different advisors and planners are paid, as they will have different fee structures and compensation, which may be a considerable aspect of working with them.
Understanding fiduciary duty and how not all advisors are bound by it is also important. Different advisors will have different codes of ethics and standards. For example, CFP® professionals must comply to the CFP Board’s Code and Standards.
Sophisticated and High-End Wealth Management Firms Should Ensure all Their Clientele are Handled Strategically
The right financial firm for you will make sure that your needs are catered to, and your goals are met with strategic and diligent planning. Working with the right CERTIFIED FINANCIAL PLANNERTM who is an established and experienced fiduciary can help you to achieve your goals, regardless of what they are and where you are starting from.
We have a wealth of experience when it comes to working with executives to reach their financial goals.
Contact us to schedule an introductory call.