How to Expand Your Financial Portfolio with an Advisor

Financial advisors can help you maximize your current profits and identify opportunities for the future—their role is to plan and help you execute with your best interests in mind. If you’re ready to feel more financially secure or increase your investments but aren’t sure where to start, you may want to consider bringing in extra help. Here’s a quick overview to help you decide if a financial advisor is right for you:

Thinking About Wealth in Stages

We don’t always have an exact number in mind when discussing money. Instead, we talk about what that money will allow us to do. That can sound like paying off debt at a faster rate or purchasing additional rental properties.

No matter your goal, a financial professional’s role is to help expand your perspective. The team at Concorde Investment Services sees it this way: “Concorde’s financial professionals think about your wealth in stages—accumulation, management and, when the time is right, distribution in the best way possible.” So, while you have your end goal in mind, the advisor can provide a broad strategic perspective to get you there.

The Role of a Financial Advisor

You may engage with several financial professionals throughout your life. In some cases, financial advisors are easily confused with stockbrokers. A stockbroker’s role is to execute in the client’s best interest on the market. However, a financial advisor is a broad term for someone that can manage your assets and portfolio construction in a fiduciary capacity (i.e., acting within your best interest). They provide advice that can help guide your decisions and become a strategic partner in your financial planning.

How to Find a Financial Advisor

Some financial advisors work as independent agents, while others operate under a prominent firm. How you choose your advisor is up to you, but we recommend setting some parameters for your search:

  • Payment approach: Do you prefer to pay your advisor on a fee-based or commission-based cadence?
  • Qualifications: What specific qualifications might this financial advisor need to help you manage your wealth? Do you work in a complex industry that may require additional help?
  • Services: What services can the advisor provide? Do you need help with retirement planning, estate support, or wealth distribution? Are there other services you may require in the future?

In most cases, if a financial advisor cannot meet the requirements you have, they can refer you to an individual or firm that may be a good match. Don’t be afraid to use your network to start your search—colleagues, friends, and family members may already have connections worth exploring.

What to Do Next

Okay, so now you’re ready to start your search and find a financial advisor. Here are three steps to take to help you feel more confident:

  1. Learn the financial literacy basics: Though an advisor will help guide you through the complexities of wealth management, basic financial knowledge will help you become an active participant in the money conversation. Use any number of free online resources to build your foundational understanding, and don’t be afraid to ask questions along the way.
  2. Think about your goals: Take some time to write out your life goals. Who do you want to be in the next 10, 15, or 20 years? What do you want to accomplish? Formalize your thoughts and bring them to your appointments to guide the discussion.
  3. Gather your assets: Start forming a picture of your finances. Create a brief overview of what you currently have, both in wealth and debt. Use this picture to identify a good starting point for your wealth management.

Remember, wealth management is an opportunity to create the life you want to live—and a financial advisor can help you get there. Good luck!

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