Updated: Aug 16
There are many important things to consider when hiring a financial advisor – experience, fiduciary standards, fees, and location.
20 years ago, a similar location was an obvious requirement as people were restricted to options that were local to them. However, now as technology continues to improve, the opportunity to reach people has also increased. Through virtual meetings, emails, or phone calls, you can develop a relationship with an advisor across the country, opening the door to many more opportunities. But is this the right option for you? Here are 2 questions to ask yourself when determining whether you should hire an advisor locally.
1. How do you prefer to communicate?
Through technology, the world is now more interconnected than ever. If you are comfortable communicating over the phone, via email, or through a virtual meeting, the location may not be a concern for you. In fact, communicating virtually is often more efficient, saving time commuting to meet with an advisor. However, some people prefer face-to-face interaction as they find it is easier to communicate and to develop a relationship with their advisor in person.
2. Is the expertise you need available locally?
As convenient as it may be to have an advisor that is right down the street, it is important not to sacrifice the expertise and knowledge needed to equip you to achieve your financial goals. Do you have a local advisor that is able to quarterback in-depth financial services including - retirement planning, estate planning, tax services and investment management? If you don’t, choosing local instead of the needed expertise can limit your financial future. It also may not be necessary since all of those services can be provided by a remote advisor through technology capabilities.
Deciding whether to hire an advisor locally relies on understanding your financial goals, how you prefer to communicate and what type of expertise you are looking for.
For those in the West Michigan area, Straight Path offers the best of both worlds. We offer a nationally recognized financial planning service that is used by clients all over the country, but also happen to be local and can meet in-person. For those outside of West Michigan, we have the ability to provide the same high level of service and expertise - just in a virtual capacity.
If you are looking for a financial advisor, whether local or not, we would love to have a conversation with you to see if we can help you reach your financial goals.