As the co-managing partner at Hauser Private Equity, Mark Hauser has spent a significant amount of his time working to better the financial outcomes of clients throughout the nation. Experienced with decades of work in the field, Hauser believes that a guiding hand and the right education can lead to success in many areas of life — including finances.
Taking time to outline what he looks for in a financial advisor, Mark Hauser described how potential clients could make positive money moves by putting the right hands on the table.
Let’s take a closer look at how financial advisor works and what Mark Hauser believes they should be able to offer.
Full Range of Services
As financial advisors are not bound by any legal definition, the majority of them offer expertise in a number of fields. Many advisors will provide clients with expertise from a number of core financial services. Financial advisors work with their clients to improve financial outcomes pertaining to a range of different subjects.
- Strategic Investments – Formulating an investment strategy while adhering to a client’s risk tolerance can be a difficult task. Strategic investments are integral to the growth of a long-term portfolio.
- Education Planning – Clients can save for their children’s college education, but they will need a strategy first.
- Retirement Planning – Aspiring retirees will benefit from a guiding hand when it comes time to fund their strategy for retirement.
- Debt Management – Clients who are overwhelmed by debt can find support through a financial advisor as they navigate different repayment structures. Debt management can include student loans, car loans, mortgages, credit cards, and other debts.
- Tax Planning – A financial advisor can offer insight and advice to clients to help them decrease their overall tax burden. Mark Hauser still believes it is essential to consult with a Certified Public Accountant or Credentialed Tax Advisor.
The expertise of a particular financial advisor may vary, thus leading to different skill sets and services offered. Take time to assess a financial advisor and to understand what they offer.
Financial advisors help potential clients in return for either a flat rate, an hourly fee, or a commission. Financial advisors who are paid a fee or a percentage point operate as fiduciary entities, individuals legally bound to act in the best interest of their clients. Advisors who are paid a commission are not bound by the interests of a fiduciary entity.
To find the right financial advisor, it is important to understand how that advisor is compensated for their time and efforts. This should be one of the first questions asked or facts addressed before entering into a partnership.
Alternative Options Are Available
For individuals who cannot afford to hire a financial advisor, there are other options available to them. Individuals without financial support can find help through the National Association of Personal Financial Advisors (NAPFA). The NAPFA director offers fee-only services to their clients while adhering to strict competency standards.
Other price-averse clients can look to Robo-Advisor Platforms to lean on digital algorithms and online platforms. Robo-Advisors are more affordable than conventional financial advisors though they have their limits. Robo-Advisors typically offer a la carte financial planning services so that clients can pick and choose what works best for them.