As soon as you start earning, you need to start planning your finances. As time goes on, financial planning becomes an integral part of your financial journey. Planning is necessary to set goals and make provisions to achieve them, and a financial advisor can assist in achieving these goals and much more. But how do you select an advisor? The decision is influenced by a variety of factors: the services they provide and if they meet your needs are the most important, followed by the fees they charge and whether or not they are reliable. Does the location of the financial advisor matter? Do you need a local financial advisor, or can you hire one based remotely? As with most questions that arise during financial planning, the answer is “it depends”. There is no right or wrong answer, but these points may help you decide.

What level of advice do you need?

Individuals need different financial advice based on their needs and goals. In relation to the funds available and your investment goals, you may require a very detailed and extensive plan or a modest one. If you plan to invest a significant amount of money, a local financial advisor will be a better choice, since you can meet and talk about what would be best for you. In the case of a modest financial plan, you can choose someone who is remotely located, and discussion can occur via video call and email.

Accessibility to Financial Advisors

In case you have local access to good financial advisors, you may choose to meet them in person because face-to-face interaction is always helpful in building trust. As a result of technological advancements, you now have the option of choosing a financial advisor sitting miles away whom your brother or friend recommended to help you, which wouldn’t have been possible in the past.

You should consider your comfort zone when making this decision. Do you prefer in-person meetings to discuss things or do you prefer video calls. Your schedule also plays a crucial role. What is your schedule, and how much time do you have to go through the meeting in person?

How tech savvy are you?

If you choose to work with a financial advisor who is located far from you, then you will have to rely on technology to communicate and interact with your advisor. A simple touch of a button enables a video call or voice call, as well as a sharing of documents via email or cloud storage. Distance does not limit how you can interact. It all depends on your comfort level with technology. Comfort comes from being tech savvy and aware of the dangers of the internet. Choose a local advisor you can meet with regularly if you’re not a fan of the internet.

At the end of the day, it comes down to your comfort level, your goals, needs and expectations. As a financial advisor is an integral part of your financial planning and journey, choose someone whom you can trust and are comfortable with, whether they are local or virtual. During the pandemic, many things have gone digital and are being done virtually, which was previously impossible. Take your time and research every avenue to find the financial advisor who will be with you throughout your financial journey to achieve financial freedom.