LANSING Mich. (WLNS) – Hiring a financial planner is an important step in managing your portfolio, but it can be confusing. 6 News is here for you with financial advisor Stephen Schiestel to break it all down.
“When hiring a financial advisor, most of us will first turn to the advisor’s website to get an understanding of what it is that they could provide for us, like many industries. This industry also has its unique terms and, um, features that we want to be clear up so that we know who best to hire on our behalf,” said Schiestel.
“The first would be how would the advisor get paid? When you talk to an advisor, you may hear terms like fee-only fee-based commission, but what does all this mean? So first would be a fee-only. So when we look at the fee section, if they describe themselves as being fee-only, that means that they are going to be receiving a fee from you in return for the advice that they’re going to provide, the second would be through traditional committee.”
Then find out if they focus on only portfolios or are a comprehensive financial planner.
It’s also important to check out a financial planner’s website before making any commitment, Schiestel said.