Find Financial Advisor in Illinois

Determine What Type of Advice You Need

Start by identifying the problem you are trying to solve. Someone approaching retirement may need income planning, Social Security coordination, investment allocation, and withdrawal guidance. A younger household may be focused on saving, debt management, insurance, education funding, or purchasing a home.

Business owners can have additional considerations involving retirement plans, business ownership, succession, personal investments, and coordination between company and household finances.

Financial decisions can also create tax consequences. For more complex accounting or tax matters, a Certified Public Accountant (CPA) may be an important part of the professional team. If your immediate need is preparing and filing tax returns, compare Tax Preparation Services.

• Retirement planning
• Investment management
• Cash-flow and savings strategies
• Education funding
• Insurance and risk planning
• Major purchase planning
• Estate-planning coordination
• Business-owner financial planning
• Charitable giving strategies
• Long-term financial goal setting

Understand Fees, Compensation, and Conflicts

Financial professionals can be compensated in several ways. Some charge a percentage of assets under management, while others use hourly fees, flat planning fees, subscriptions, commissions, or combinations of these methods.

Compensation can affect the cost of the relationship and may create different incentives, so ask for a clear explanation of every way the advisor and firm can be paid.

Also ask when the advisor is acting as a fiduciary and what standard applies to the recommendations being made. Do not assume that every professional using the title financial advisor operates under the same regulatory standard in every situation.

Taxes should also be considered when evaluating investment or retirement strategies. A Certified Public Accountant (CPA) can help address complex tax consequences, while Tax Preparation Services may be sufficient when the primary requirement is return preparation.

• How are you compensated?
• Do you charge an asset-management fee?
• Are there hourly or planning fees?
• Do you receive commissions?
• Do you receive compensation for recommending products?
• Are referral fees paid or received?
• When are you acting as a fiduciary?
• Are there account minimums?
• Are investment expenses separate from advisory fees?
• How will all costs appear on my statements?

Verify the Advisor, Firm, and Custodian

Before transferring money or opening an investment account, understand the structure of the relationship.

The advisor may provide advice, the advisory or brokerage firm may supervise the relationship, and a separate custodian may actually hold the securities and cash. Clients should know the legal name of each organization involved and how to independently access account information.

Verify professional registrations, licenses, disciplinary history, and the firm's background through the appropriate regulatory resources. Also review account statements directly from the custodian rather than relying only on reports produced by the advisor.

• What is the legal name of your firm?
• How are you registered?
• Which licenses or credentials do you hold?
• Who regulates you and the firm?
• Has there been disciplinary history?
• Which company will custody my assets?
• Will I receive statements directly from the custodian?
• Who can authorize transactions?
• Can money be withdrawn without my approval?
• How do I independently verify my account balance?