Lucas Casarez, a CFP®️ professional and founder of Level Up Financial Planning, hosts Techie Personal Finance Boot Camp and explains how tech professionals can choose the right financial advisor, comparing the process to researching stroller features and price points.
He introduces five key questions to ask when interviewing advisors:
1. Whether they are a fiduciary versus operating under a suitability standard (including the complications of hybrid advisors)
2. What types of clients they specialize in (such as tech, teachers, or medical professionals)
3. What areas of financial planning they provide value beyond investments (including savings, behavior, taxes, debt, and comprehensive planning)
4. What their cost structure is (fee-only, fee-based, or commission-based “free” models)
5. What happens if the advisor leaves the company, contrasting independent firms with large institutions. He invites listeners to reach out, schedule a meeting, and share interview guest recommendations.
Investment management is not the only value financial advisors provide.
Better financial habits compound and can change the trajectory of your wealth building, as well as, your financial confidence.
What's The Difference in Fiduciary Standard vs. a Suitability Standard?
Michael Kitces uses the following example: "Suitability means selling a suit that fits you. Fiduciary duty means it actually has to look good on you, too."
