What Does a Family Financial Advisor Do?

If you search "financial advisor near me," you'll likely find plenty of professionals in your local area, but how do you narrow your search to find someone who your entire family will feel comfortable with?

As you speak with potential advisors, these are the top questions to ask yourself before, during, and after your conversations:

Have they helped families like yours?
What questions do they ask?
Can they meet anytime?
Do they ask to speak to your entire family?
Are they a fit with your personality?
Will your family like them?
Will they teach your family about money?
Do they provide a realistic and flexible financial plan?
Do they work with you to set goals?
Can they help build a team of professionals?

Explore the rest of this guide to learn how each question can inform your thinking as you search for a financial professional.

Have they Helped Families like Yours?

Every family is unique and often complex. You may be facing one or several life transitions or challenges. Can the advisor relate? Have they helped other clients navigate:

- Starting a family or blending a family through marriage

- Planning for college expenses

- Receiving an inheritance or managing an estate

- Caring for aging parents

- Preparing for retirement

-Managing complex tax situations

-Facing a current or future divorce

- Navigating job loss, career shifts, and promotions

-Providing for adult children and relatives who may not be fiscally responsible

A fiduciary financial advisor who specializes in family financial planning can help navigate these situations while keeping your long-term goals in focus.

What Questions Do They Ask?

Do they ask how much money you have to invest right away? Or do they work to build a relationship with you first? If an advisor asks these questions, chances are they'll care about you as a family:

- Tell me about your family?

- How did your parents approach money, spending, and saving?

-How do each of you feel about money and your finances?

- What goals do you have for your family this year?

- What challenges have you faced recently as a family?

- What keeps each of you up at night when it comes to money?

Can They Meet Anytime?

Whether you're a parent, a grown child with older parents, or a caregiver for extended family members, your life is jam-packed and busy. It may be helpful to find a family financial advisor who is willing to meet with you in person (or speak with you virtually) when it works best for your schedule. Because there are plenty of times when a call at 8pm on a weeknight might work better than speaking between 9am-5pm on a weekday!

Are They A Fit With Your Personality?

Finding the right financial advisor is like dating. To have a quality, long-term relationship, your financial advisor should have the right personality and expertise.

Ask yourself:

- “Do I like them?”

- “Would I pick up the phone to call them when I have a question at night or on a weekend?”

- “Would I enjoy going out to dinner or socializing with them?”

- “Do I feel comfortable sharing details about my life that I might not share with another professional?”

If you can answer "yes" to several of these questions, you're probably on the right track to finding a financial advisor who can help your family.

Do They Ask to Speak to Your Entire Family?

If they do, that's a good sign. It's not just that your advisor wants to add your sister or father as clients. Most likely, they understand the complexities of families and recognize that discussions involving a broader set of family members can be productive and helpful for comprehensive family financial planning.

Will Your Family Like Them?

Before introducing your advisor to your family, consider their preferences and personalities. If your mom is hard of hearing and the advisor is soft-spoken, that might not be the best match. Or if your dad is easily overwhelmed by technical details and the advisor uses complex jargon, they probably aren't the best fit.

While you can't please everyone, you want to find a financial advisor who your entire family can relate to—including children, spouses or partners, and extended family.

Will They Teach Your Family About Money?

Finding a financial advisor who specializes in helping children and young adults become financially literate is a huge plus. They can teach responsible spending habits, debt management, and the basics of investing and saving.

But financial literacy should extend to the entire family and be part of every conversation with your advisor. Find a professional who can explain complex topics in an accessible way. If they care about you and your family, they'll want you to feel educated and informed so you can make the best possible financial choices.

Look for someone who's like your favorite teacher or professor! Otherwise, you might find yourself wanting to "cut class" instead of attending meetings with your advisor.

Do They Provide a Realistic and Flexible Financial Plan?

A good financial advisor for family needs should provide a financial plan as part of their services. But many plans are shared in a meeting, then filed away, never to be seen again.

Instead, look for an advisor who designs a plan that's practical and realistic. A quality financial plan should offer various options and scenarios, for example:

- If your daughter attends community college versus receiving a scholarship to her top choice

- If your husband's medical treatment is successful and he works until retirement versus needing disability

- If you downsize your home versus aging in place

As your life changes, your financial advisor should meet with you to update scenarios and adjust your financial plan accordingly. You should also have online access to review your plan whenever needed.

Do They Work With You to Set Goals?

Life can be so hectic, it can be easy to live in the present, when we know we should be thinking about the future. A financial advisor can help you set goals for your family, and for the individual members of your family. If they really care, they’ll be really excited to help you reach them, too.

An advisor might help you work toward landing a new job, buying a second home as a vacation property, helping one of your children finance graduate school, or being able to retire early. Find an advisor who’s almost like a life coach, someone who will push you to set and work toward goals.

Can They Help Build a Team of Professionals?

If you're managing a family and need an estate planning financial advisor or attorney, you probably don't have time to interview multiple professionals. Ideally, your financial advisor should have a network of trusted contacts.

Look for a financial advisor who's a good networker. When you need an accountant, long-term care expert, or mortgage professional, they can match you with someone who fits your situation and your personality. The advisor should also be willing to collaborate with these professionals, either on your behalf or together with you in team meetings.

Finding Your Family's Financial Partner

Finding a family financial advisor doesn't have to be daunting! Take the time to have quality conversations with different professionals. Hopefully this post will help you find "the one" who can guide your family toward financial success.

If you'd like to have a conversation, we're happy to connect and listen. Click this link to set up an initial phone call with our Founder and CERTIFIED FINANCIAL PLANNING® Professional, Brian Sullivan.

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Any opinions are those of Primary Financial Advisors and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.

Raymond James and its advisors do not offer tax advice. You should discuss any tax matters with the appropriate professional.

Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP® and CERTIFIED FINANCIAL PLANNER® in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.

Finding the Right Family Financial Advisor: A Complete Guide