LANSING Michigan (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 explain everything.
“When hiring a financial advisor, most of us will first look to the advisor’s website to understand what it could offer us, like many industries. This industry also has its unique conditions and, uh, characteristics that we want to clarify so that we know who best to hire on our behalf, ”said Schiestel.
“The first would be how the advisor would be paid? When you talk to an advisor, you might hear terms like fee-based commission, but what does it all mean? So, first of all, it would be fees only. So when we look at the fees section, if they describe themselves as only paid, it means that they are going to receive a fee from you in exchange for the advice they are going to provide, the second would be per traditional committee.
Then find out if they focus only on portfolios or if they are a complete financial planner.
It’s also important to check a financial planner’s website before committing, Schiestel said.