Reliable and professional financial advice is key to helping people meet their short-term needs like rent and food, as well as long-term goals. Unfortunately, financial advice remains limited to many groups, but innovations are helping to broaden access and reduce cost.

When choosing an advisor, it’s important to find someone who understands your individual situation, goals and values. Ideally, they should be someone you can form a long-term relationship with, helping you stay on track to reach your financial goals. When interviewing prospective advisors, ask about their background and experience working with people in similar circumstances to you. And make sure you understand their fee structure — whether it’s flat-fee, hourly or commission-based.

Reliable and Professional Financial Advice: Making Informed Decisions

Some financial advisers provide holistic help, guiding you on everything from savings and budgeting to investing and retirement planning. Others focus on a specific area of financial management. And some are even specialists, holding certifications and expertise in particular fields of finance.

In 2023, Northwestern found that financial advisors outranked spouses, family members, business news and social media as Americans’ most trusted source of financial guidance. This was especially true among Millennials and Gen Z, who cited their financial advisors as the top source of advice for both personal and investment decisions.

If you choose an advisor who sells their own products, they’ll only be able to advise you about the pros and cons of their own offerings. If you’re concerned about this, look for an independent advisor who can compare products from across the market.