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March 17, 2023

How to Find the Best Albuquerque Financial Advisor
David Hicks
albuquerque financial advisor

In Albuquerque, New Mexico, the economic uncertainty has led many people of varying income levels to become increasingly concerned and aware of their money. Hiring a financial advisor can be a good idea to navigate the ups and downs of the market. Here are seven critical questions to ask a financial advisor to find the best fit in Albuquerque:

  1. Are you a fiduciary? A fiduciary financial advisor is legally required to operate transparently and minimize conflicts of interest when possible. Seek to work with one that will always put your best interest before their own.
  2. How do you get paid? Understanding how the advisor gets paid is crucial. Find out if they charge a flat fee based on the complexity and scope of services or a percentage of assets under management. Good advisors deserve to be compensated for their work and value, and the way they answer this question can be a significant determining factor.
  3. How will our relationship work? Be clear on the exact service model being offered, how to communicate with your advisor effectively, and the scope of financial planning work that will be done.
  4. What are my all-in costs? Ask if there are any additional costs that you may incur, such as extra charges for a financial plan or investment recommendations. Make sure you know what to expect before entering into a relationship.
  5. Are you an independent advisor or connected to a broker-dealer/wirehouse? Understand the parameters your advisor has to recommend products and services. If you prefer more flexibility, consider working with an independent advisor.
  6. Who is your custodian? Know where the advisor holds the accounts they manage for you and related fees and portability.
  7. What are the investment fees I will pay if you manage my accounts? Have a clear understanding of what costs are involved, such as trade commissions or account management fees, which can impact long-term financial success.

If you’re interested in speaking with a financial advisor in Albuquerque, Oakmont offers a unique financial planning process through the OAKMONT BLUEPRINT. As a fiduciary financial advisor, Oakmont aims to make it easier to work with clients and achieve their financial goals. Contact Oakmont to schedule a no-cost consultation.

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