CNBC’s FA 100 Rewards Consulting Firms That Help Clients With Their Financial Lives
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Let’s be honest: Making personal financial decisions can be difficult.
There are a variety of investment options, all of which carry some form of risk. And, of course, there are many types of pension plans to choose from, each with their own tax consequences.
The seemingly endless amount of choice can make it overwhelming for many investors.
The bottom line is that there is an overload of investment opportunities. And, for many, planning and managing these options can be complicated.
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For some, the do-it-yourself investment has a strong appeal. Many of these investors are perfectly capable of managing their portfolios on their own. However, other investors feel that they should hire a financial expert to create a game plan to achieve their specific financial goals.
Certainly, there has been a growing demand for financial advisory services in the wake of the pandemic. At this point, a 2020 College for Financial Planning survey concluded that demand for financial advice has increased since the Covid-19 outbreak, with 71% of financial advisers surveyed saying they have more clients now than before the pandemic.
Indeed, the pandemic has caused consumers to turn to financial professionals for advice, according to a Nationwide Financial survey of more than 2,000 adults, conducted in the first week of April 2020. L The survey concluded: “With so much uncertainty, many people have sought help in identifying ways to better control their finances.”
The survey found that 24% of those polled said they had contacted a financial professional for the first time in the wake of the pandemic. The survey also found that 80% of those polled felt they had lost control over their ability to manage their investments and finances since the emergence of the pandemic.
Times of uncertainty are usually a trigger for people seeking advice, experts say.
Of course, finding the right financial advisor for you comes with its own set of challenges. And since an advisor can play a key role in helping you grow and protect your wealth, it’s important to find one you trust and who will help you achieve your personal financial goals.
There are so many things to consider before choosing the right advisor.
The services provided by financial advisors will vary depending on the type of advisor, but overall, a financial advisor will assess your current financial situation, including your assets, debts, and expenses, and identify areas for improvement.
A good financial advisor will ask you questions about your goals and create a plan to help you reach them. This could mean discussing your budget, planning for your retirement, estate planning, insurance needs, or tax strategies. Financial advisers also help you invest your money, either by recommending specific investments or by providing comprehensive investment management. Again, this varies from advisor to advisor.
And contrary to popular belief, financial advice isn’t just for the rich. In fact, the right advice early in anyone’s financial life can have the biggest impact on long-term financial success.
Find the financial advisor for you
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This is why it is so important to find a financial advisor you trust. It’s like engaging in research and homework, interviewing multiple advisors, and asking the right questions. Here are some questions you should ask a potential advisor:
- How long have you been a financial advisor?
- Are you a fiduciary?
- Do you hold any professional certifications or designations?
- What services do you offer?
- What is your investment strategy or style?
- How are you paid? And how much will I be charged for your services?
- When, how and how often do you talk to clients?
- Can you provide customer referrals?
For the third year in a row, CNBC unveils its ranking of the best financial advisers.
The CNBC FA 100 recognizes the consulting firms that best help clients navigate their financial lives. If you are looking for financial help, we hope this list of the best financial consulting companies can help you in your search. This can help you better understand the options available and how to select a trusted advisor.
The CNBC FA 100 ranking takes into account factors that go beyond just assets under management. The ranking is based on a proprietary methodology developed by CNBC in partnership with data provider AccuPoint Solutions. (See methodology here.) It was based on data extracted from SEC records from a list of 38,302 registered investment advisory firms.
Tune in to CNBC Half-time report at 12 p.m. ET today to see Chief Investment Officer Joe Veranth of Dana Investment Advisors, Inc., who won first place on the CNBC FA 100 list.