Managing your finances is an ongoing journey that becomes increasingly complex as you get older. Whether your financial needs change because of a job move, an inheritance or the birth of children, it’s smart to seek professional guidance. But it’s important to vet advice before you take action. That’s especially true given the range of opinions you’ll find on the internet, in popular books and among friends and family. Some of this advice may be misleading, or worse, downright wrong.
Many people turn to friends and family for financial advice, according to a Bankrate survey. But the percentage of Americans seeking this type of help varies by age and income. Gen Zers and millennials are most likely to ask friends and family for guidance, while baby boomers go to financial advisors and other professionals.
Top Financial Advice for Smart Investors in a Volatile Market
When selecting a Top Financial Advice, it’s important to consider their experience level and how much they charge. You also want to make sure they follow a fiduciary standard and have credentials that are relevant to your situation.
Having an extensive network of clients is also important for some firms, which often cater to specific types of individuals (teachers, tech execs, middle-class preretirees, etc.). In these cases, a large client base can be a good indicator of an advisor’s success.