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The 3 Biggest Problems You Should Have With Most Financial Advisors in Colorado

Blog

The 3 Biggest Problems You Should Have With Most Financial Advisors in Colorado

October 4, 2022 by Progress Wealth Management

Introduction 

Investing your money can be a complicated and confusing process, especially if you don’t have a lot of experience. That’s why it’s so important to find a good financial advisor who can help you make the right decisions for your unique situation.

Unfortunately, not all financial advisors are created equal. In fact, there are quite a few bad apples out there who will take advantage of unsuspecting clients. In this article, we’ll discuss three of the biggest problems you should watch out for if you’re interviewing financial advisors in Colorado.

Lack of Experience – a Common Problem For Financial Advisors in Colorado

The biggest problem you should have with most financial advisors in Colorado is their lack of experience in financial planning.

Many financial advisors in Colorado have only worked in financial planning for a few years (even if they’re old) because financial planning is actually a somewhat new profession. They don’t have the same level of experience as advisors who have been working as financial planners for a decade or more. This can be a problem because they may not have the knowledge, emotional intelligence, and expertise to properly advise their clients. If they don’t ask for your tax return, insurance declarations pages, employee benefits package or 

Another problem with inexperienced financial advisors is that they may not be familiar with all of the different financial products and services available. This can make it difficult for them to find the right solutions for their clients’ needs.

If you’re interviewing financial advisors in Colorado, it’s important to make sure that they have plenty of experience. Look for an advisor who has been working in the industry for many years, has a CFP, has a practice that’s focused on helping people just like you, and is familiar with all of the different financial products and services available. With an experienced advisor, you can be confident that you’re getting sound advice and guidance.

Conflicts of interest – most financial advisors in Colorado aren’t fiduciaries all the time (especially if they’re also insurance agents)

There are a few potential conflicts of interest that you should be aware of when working with financial advisors in Colorado.

First, some financial advisors in Colorado may be incentivized to sell you products that are not in your best interest. For example, they may receive commissions for selling certain investment products. This means that they may not be giving you impartial advice.

Second, some financial advisors may only recommend investments that are available through their firm. This means that you may not be getting the full range of options that are available to you. An example might be, financial advisors at Fidelity are likely to only recommend Fidelity products even if there are better alternatives elsewhere.

Third, some financial advisors may have relationships with other professionals, such as accountants or attorneys, to who they refer clients. While there is nothing wrong with this, you should be aware that the advisor may receive referral fees for doing so because this person they refer to may be overpriced or less experienced than their competition. This could influence their advice.

Overall, it is important to be aware of potential conflicts of interest when working with financial advisors in Colorado. Make sure to ask questions and do your own research to ensure that you are getting the best advice possible.

High fees

When it comes to financial advisors, one of the biggest problems you may have is high fees. In Colorado, many financial advisors charge high fees for their services. This can be a problem because it can eat into your investment returns which can be a problem if they don’t provide other services in addition to investment management that earn you the fee they charge (preferably more).

If you’re looking for a financial advisor, make sure to research them carefully. Ask around to see if anyone has had any problems with them in the past. And make sure to understand what their fees are before you agree to work with them.

How to find good financial advisors in Colorado

There are a few things you should keep in mind when searching for a good financial advisor in Colorado. You should always interview at least 3 different advisors. Make sure each that you choose to interview lists clearly on their website what type of client they work with (and make sure that describes you). 

Where should you look? 

The easiest places to find a financial advisor are: 

  • NAPFA.ORG
  • feeonlynetwork.com
  • wealthtender.com
  • CFP.net
  • zoefin.com

These places are easy places to find an advisor because they organize by specialty and most of them only accept non-commissioned financial advisors (except for cfp.net).

Once you’ve picked 3 different financial advisors in Colorado, make sure that the advisors you interview are registered with the SEC or FINRA. These organizations regulate financial advisors and require them to meet certain standards. Second, check with the Better Business Bureau to see if there have been any complaints filed against the advisor. Finally, ask for references from people you trust who have used the advisor in the past.

Now that you have found a few potential advisors, it is important to interview them to see if they are a good fit for you. Make sure to ask about their experience, investment philosophy, and fees. It is also important to get a sense of their personality and whether you would be comfortable working with them.

Choosing a financial advisor is an important decision. However, by doing your research and taking your time, you can find an advisor who will help you reach your financial goals.

Conclusion

There are a lot of financial advisors in Colorado, but not all of them are created equal. If you’re looking for someone to help you with your finances, it’s important to be aware of the three biggest problems you might have with most financial advisors in the state. By being informed and knowing what to look out for, you can make sure you find the right advisor for your needs and avoid any potential pitfalls.

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Filed Under: Uncategorized Tagged With: arvada, arvada colorado, denver, denver colorado, denver financial advisors, financial advisor in colorado, financial advisors in colorado, Financial Planning

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