It’s estimated only 35% of Americans work with financial professionals. One of the things holding them back? Thinking they’re only for the wealthy. Experts say that’s not the case and if you’re not working with a financial professional, you could be missing out on opportunities to build wealth and reach your retirement-related goals.

There are a variety of different types of financial professionals, and finding the right one starts with figuring out exactly what you’re looking to do. From advisors who help manage a complex retirement investment portfolio on an ongoing basis, to advisors who charge you a one-time fee to develop an annual budget and retirement savings plan to put you on track, Michael Kitces, “Chief Financial Planning Nerd” at Kitces.com, explains the different types of advisors, the different ways you compensate them, and how to pick the right financial professional for you. …(read more)

LEARN MORE ABOUT: Qualified Retirement Plans

REVEALED: How To Invest During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing

HOW TO INVEST IN SILVER: Silver IRA Investing

YMM with Jean Chatzky & Michael Kitces: Finding a Financial Professional That’s Right For You

When it comes to managing your personal finances, finding the right financial professional can make a world of difference. Whether you’re looking for help with retirement planning, investment strategies, or simply getting your budget in order, having the guidance of a knowledgeable and experienced financial advisor can set you on the path to financial success.

But with so many options out there, how do you go about finding the right financial professional for your specific needs? This is where the expertise of Jean Chatzky and Michael Kitces comes in handy. These two industry experts have joined forces to create YMM (Your Money Matters), a platform that provides valuable insights and advice on all things related to personal finance.

So, what are the key factors to consider when seeking out a financial professional? According to Chatzky and Kitces, there are several important aspects to keep in mind during your search.

First and foremost, it’s crucial to consider the credentials and qualifications of the financial professional you are considering. Look for individuals who hold relevant certifications, such as Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA), as these designations denote a high level of expertise and knowledge in the field of financial planning and investment management.

Moreover, it is also essential to take into account the specific areas of expertise of the financial professional. For example, if you are nearing retirement age, finding an advisor who specializes in retirement planning and distribution strategies would be ideal. On the other hand, if you’re more focused on building an investment portfolio, a financial professional with a strong background in asset management would be a better fit.

Additionally, Chatzky and Kitces emphasize the importance of finding a financial advisor who is a good match for your personal preferences and communication style. Trust and communication are key factors in any successful professional relationship, and it’s essential to find an advisor with whom you feel comfortable discussing your financial goals and concerns openly.

YMM offers a wealth of resources and tools to help individuals navigate the process of finding a financial professional, including a directory of reputable advisors and tips for approaching initial consultations. Furthermore, the platform provides guidance on evaluating the fees and compensation structure of financial professionals, ensuring that you understand the cost of the services you will be receiving.

Ultimately, finding the right financial professional is a highly individualized process, and there is no one-size-fits-all solution. With the guidance of industry experts like Jean Chatzky and Michael Kitces, however, individuals can gain valuable insights and information to make informed decisions when seeking out a financial advisor. By considering credentials, expertise, communication style, and fees, you can find a financial professional that is the right fit for your specific needs and goals.