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FINANCIAL

How to choose a
financial advisor

By Joseph Quartucci, ChFC®

For medical professionals, it can be very difficult to find time to 2. Fee Based Advisors:
take care of your “wealth health”. Like many busy Americans, doctors This advisor charges a percentage of assets (usually 1%-2%) to
may want to engage the services of a financial firm to help them take watch over investments and give general business and financial
care of their business or personal economy. The question that many advice. As your accounts/worth goes up so does advisor compen-
doctors face is how to choose such a firm. The financial world can sation. However, this advisor still is paid when your accounts de-
be just as complicated as the medical world. There are many different crease in value. This is the most common form of advisory.
types of planners and disciplines in financial planning, such as fee
based, commission, fee only, tax investment and insurance. 3. Commission Based:
This type of advisor is paid by institutions to offer you their
One way to help you decide is to seek out a firm that has a stated products. Sometimes the money paid to the advisor comes di-
purpose, process and philosophy. This allows you to ensure that your rectly from your account and sometimes it doesn’t. The concern
financial values align well with the firm you choose to have a rela- here should be “is my advisor acting in my best interest or just
tionship with. Be careful to avoid transactional based advisors over selling products her or she gets paid on the most”?
those looking to have a relationship with you. The more your advisor
knows you the better chance he or she can properly advise you. Just It is probably advisable to seek out a comprehensive wealth advisor
like a doctor the more information he or she possesses the better job that can utilize any and all of the options above. This allows the ad-
they should be able to do. visor to maintain objectivity and place compensation concerns where
they belong . . . a distant second to your goals and needs.
One final way to help you choose is
compensation methods. Most advisors Joseph Quartucci, ChFC® is a Managing Partner with
are compensated in 1 of 3 ways. e3 Wealth, LLC. Our team can be reached at 165
1. Fee Only: Elmhurst, Suite B, Kyle, TX 78640; 512-268-9220 or
jquartucci@e3wealth.com. Please visiti our website at
This advisor charges by the hour and writes a financial plan. It www.e3wealth.com for more information.
will be up to you to implement that plan. Most busy profession-
als do not have the time to implement their own plan, which is
why they seek help to begin with.

32 San Antonio Medicine • September 2017