James Lukezic, the Executive Managing Director of Old Slip Capital Partners, has over 20 years of experience as a Pension Consultant for Corporations of all sizes. During his career, James Lukezic has encountered many clients who don’t know how to go about hiring a financial advisor. He shares a few tips for getting started.
It’s Important to Ask the Right Questions
When people look for a financial advisor, it’s essential to ask the right questions. It’s vital potential clients go prepared with questions before they meet with a possible financial advisor or they’re an analyst on the advisor’s team. Asking the right questions often helps people weed out advisors that won’t be able to meet their needs. Clients will also get a better sense of how a financial advisor communicates with them based on the answers they give them. If the potential client is not satisfied with the answers, they will decide the advisor is not the right one for them.
Learn About the Different Types of Financial Advisors
James Lukezic has worked in different sectors in his career as a financial advisor. Before clients settle on the financial advisor that works for them, they need to learn about the different types of financial advisors. Some financial advisors focus on investment management, and others offer financial planning services. Retirement advisors specialize in managing assets and helping their clients plan for retirement. For example, financial planners help their clients save more, while others maintain the investments of clients.
Understand the Compensation Process
According to James Lukezic, before people search for a financial advisor, they should familiarize themselves with the compensation process. For the most part, most financial advisors are fee-only, but others can also charge an asset-based fee, an hourly fee, or commission fees. By understanding the compensation process, clients will be able to decide what they can afford.
Learn About Credentials
James Lukezic advises people to verify that potential financial advisors have some of the following credentials; CFP, PFS, or CFA. Getting a reputable financial advisor is one of the most critical steps. Even if the financial advisor has the credentials, potential clients need to double-check for complaints against the advisor. James suggests people check the Financial Industry Regulatory Authority (FINRA Brokercheck) for any complaints. According to James Lukezic, one of the most important things to keep in mind when seeking a financial advisor is the credentials.
James Lukezic has extensive experience working for large financial firms such as Merrill Lynch, Citigroup Global Markets, Wells Fargo, and Bank of America. James Lukezic serves as the Chairman of ITF USA, a non-profit organization that assists landmine victims in over 30 countries worldwide. He also has plans to establish a non-profit to help widows in the five boroughs on NYC.