Ben Mohr - Choosing a Financial Advisor, California

Ben Mohr knows that choosing a financial advisor is a big decision. You’re putting your financial future in the hands of potentially a complete stranger.

“Health and Money are areas where anyone can benefit from professional guidance,” says Ben Mohr.

Do you see your doctors regularly? How about getting your car maintenance? These are things we do to ensure that the things we value are taken care of properly. “When we compare financial services people tend to get a little more hesitant,” says Ben Mohr. When it comes to complex financial decisions, people tend to go the ‘DIY’ (do-it-yourself) as the idea of an advisor becomes overwhelming and confusing. Where do you even start?

The term ‘Advisor’ is extremely broad - broker, wealth management, financial planner. Ben Mohr breaks down the 4 mistakes to avoid when choosing a financial ‘advisor’.

What are your financial goals? This is the first question you should ask yourself. The answer will lead you to choose either a broker - someone in charge of your investments, but not in charge of the big picture (unless you fit into a high net-worth category), or a financial planner - someone who takes in the big ‘financial’ picture such as managing your investments, estate planning, insurance and planning your taxes (not to be confused with doing your taxes).

You’re putting your whole financial future at stake - it’s understandably a big decision.

Ben Mohr suggests doing research on your financial company as well as the individual to see if they would be a good fit for you. You wouldn’t buy a car before doing your research - why would you trust someone with your finances?

There is no ‘cheaper is better’ motto, especially when it comes to financial advisors/brokers however, the opposite is also true - the most expensive is not always the best choice.

Ben Mohr suggests keeping an eye out for unnecessary fees such as free or lost cost templated plans to purchase investment products you don’t need such as annuities and insurance.

When you go into a situation expecting a specific return before even talking to your financial advisor - you’re setting yourself up for an unrealistic outcome. Performance in the financial world is never guaranteed. Ben Mohr suggests that financial advisors who tell you this are being untruthful because the market itself is not a guarantee. Speak openly with your advisor about your investments are look at the long-term goals - this will help establish a solid foundation for expectations.

Ben Mohr has been in the financial industry for over 20 years and knows the trials and tribulations of finding the right person when it comes to your financial future. Using this quick and easy checklist will help you avoid pitfalls in finding the right financial advisor.

If you need more information - Ben Mohr and his team are always happy to sit with you and discuss your financial wellness!