Broker Check
Hiring a Financial Advisor in Albuquerque

Hiring a Financial Advisor in Albuquerque

September 08, 2020

What to consider when hiring a financial advisor in Albuquerque

Albuquerque isn’t like anywhere else – living here has its own rhythms. But hiring a financial advisor isn’t different here; there are a set of principles that work for everyone, everywhere. Essentially you need to hire someone whose values match yours. Someone you feel comfortable talking to about some of the most personal aspects of your life. And someone that will listen to you and has a perspective that can look ahead to help position you to get over any bumps in the road.

You Set the Timeline

There should never be pressure. From your initial contact to getting invested, it may take you time to get to know them and feel comfortable with their style. You both need to understand that your styles match and that you want to work together. Trust is the foundation of this relationship, and that can take more than one conversation to build. 

The Focus Isn’t on Product

A good advisor will of course present you with investment options that will get you to your goals while being sensitive to your risk tolerances. But that’s just one piece of the puzzle. You want someone who looks across your whole picture – someone who understands what the financial stresses and strains are on you. The more they understand how you make your money and what you want to do with it, the more they can help you protect your assets. You want someone that has a specialized niche, that has taken the time to think through the challenges their clients face. A financial advisor who doesn’t have a point of view about your situation isn’t going to be able to help you as much as someone who has actively worked to solve the problems that relate to your profession or business. 

It’s a Long-Term Relationship

Your life is going to change over time – job changes, family changes, health changes. A financial advisor should be able to bring their experience in working through the financial impact of these changes – before they hit. Someone that stays in touch with you, that wants to know what is going on in your life and can relate that to your financial picture is critical. The relationship shouldn’t just consist of an annual review of what worked or didn’t in your portfolio.

Think About the Two E’s – Expertise and Engagement

You’re probably going to google them and have a look at their website. But don’t stop there. Especially now, when the pandemic has forced all of us to get more digital, you want to see how they manage their online life. Connect with them on LinkedIn and follow their activity. Same with Facebook and Twitter. Do they engage with people? Do they post things with an intent to be helpful? Do they talk about things outside of business?  This is a great way to get a feel for someone before you ever reach out to have that first conversation. 

Why Are They in This Business?

People do a lot of different things to make a living, and it’s a choice we all have to make at some point. But because this is such an important relationship, you should have a feel for why they do what they do. Insider secret: There’s only one right answer. They should do this because they genuinely enjoy helping people. The technical aspects of the job, the financial expertise, the puzzle-solving nature of the work, those are all enjoyable – but they are in service of helping people navigate their lives and having good outcomes.

There are of course other considerations when hiring a financial advisor, such as investment style and fees, but to my thinking those come second to identifying an individual you can trust and work together with.  If you have any questions, please reach out. Here's a link to my calendar if you would like to schedule a call:  Thanks for reading.  KB