Investors looking for a financial advisor will find an industry in a state of flux.
Given the advisor’s expansive purview, consider whether he or she is in it for the long haul. Do they have a multigenerational team ready to form long relationships with your children and grandchildren? Are they investing in technology to run their business and manage your affairs efficiently and effectively? To get at the latter topic, ask how important technology is to the advisor’s practice—and only consider advisors who are enthusiastic about what tech can do for them, and for you.
These last points are particularly salient given the aging advisor population. “A lot of financial advisors have made a lot of money and don’t have the energy to invest in their business,” says Ron Carson, CEO and founder of Carson Wealth Management Group in Omaha, Neb. “They’re like doctors in their 60s who don’t keep up on the latest procedures. You don’t want rich, tired people managing your money.”