Working together with a financial advisor can streamline the process of clarifying one’s financial goals and developing a plan for reaching them. However, what makes a reliable financial advisor like Scott Tominaga? Those who have never worked closely with a financial planner or advisor earlier might not be aware of what attributes to look into the professional while choosing one. Following are some of the vital traits to consider when opting for a financial advisor to work with.

Experience and knowledge: The foremost reason that people consider working with a financial advisor is to redeem their expertise and knowledge to enable them to create a custom plan for managing their money. An advisor who has decades of experience and knowledge in the field must be in a much better position to develop a strategy matching individual needs and objectives. Asking an advisor about the certifications they possess and their length of services in the industry can give individuals a good understanding of the background level.

Transparency: Transparency and honesty are essential attributes for a financial advisor that people should expect in them. Knowing about their fee structure or how an advisor is paid is an important parameter for people when choosing a financial advisor. Always work with advisors who work on fee-only compensation structures with no hidden charges since it communicates their honesty instead of some who receive a commission for promoting certain financial products. A financial advisor practicing fee-only compensation is more dependable as they are legally liable to operate by prioritizing the client’s best interest. However, it is not applicable for advisors who are paid commission as there is always a conflict of interest about pushing products that help them get higher interest.

Analytical thinking: Analytical thinking is a must-have attribute for financial advisers as the ability helps them amend strategies and devise solutions to changing circumstances and issues of their clients. A specialized financial advisor is one who analyzes the financial status of a client alongside their financial goals and accordingly formulates plans that can work for them the best and offer positive results without wasting funds. Before suggesting any new financial products launched newly in the market, an advisor should apply analytical thinking to decide whether investing in such products will be beneficial for the particular client.

Good communication: When vetting advisors, before choosing one, it’s important for people to inquire how often they can expect the professional to be in touch, their preferred mode of communication. The advisor should be responsive to such questions since all professionals prioritize communication as the key to money management. If there is any ambiguity of the client while making any decision on investing, the advisor should be available to revert with their opinions on return communications and within a realistic time frame. If a client needs to wait for weeks to get a reply by email or phone, it makes sense to look for some other professional.

Professionalism: Professionalism is a must-have attribute of a financial advisor to consider working with. Hallmarks of a specialized financial advisor like Scott Tominaga include a professional but courteous demeanor, empathy, respect for every client irrespective of their financial standing, and making return calls or emails on time.

To conclude, apart from researching a financial advisor, people need to ensure that the professional has the above attributes, to get the best financial advice suiting to their financial goals and capability.