Best Financial Advisors in Virginia Beach

Frequently Asked Questions

• Introduction

  There are many titles for financial professionals, so it's challenging to track what each one means. A financial advisor is probably the term you've heard most often. Financial advisor is a broad term for a professional who helps individuals or companies manage their finances, including investment choices. There are over 100 certifications that financial advisors can obtain.
  

  • Financial planners, wealth managers, and investment advisors are all financial advisors with different focus areas.
  • A financial planner helps an individual or a company make a plan to achieve long-term financial goals.
  • A wealth manager helps individuals maintain their wealth through various disciplines and services, such as taxes, estate planning, and investment advice.
  • An investment advisor offers investment advice and recommendations to individuals or organizations.
    

  There’s a misconception that you have to be extremely wealthy to use a financial advisor. In reality, they can be beneficial for people from any income level. Keep reading to find answers to the most commonly asked questions about financial advisors, so you know which type can fit your specific needs.
  

• What are some of the mistakes you can make when hiring a financial advisor in Virginia Beach?

  You may run into problems if you hire a financial advisor in Virginia Beach who is not a fiduciary. You might also make mistakes with hiring a financial advisor if you do not do enough research or understand the terms of the professional fees. To avoid problems, you should check the financial advisor's credentials, hire a vetted professional, and make sure the advisor's strategies are compatible with your financial plans.

• How do you submit a complaint to the State Corporation Commission against a financial advisory firm in Virginia Beach?

  Use the State Corporation Commission's required complaint form and submit it by email, mail, or fax to the address given in the form. The commission's Bureau of Financial Institutions is responsible for regulating certain financial institutions such as banks, lenders, and advisory firms in Virginia Beach and throughout the state. Contact details are as follows: Mailing address Virginia Bureau of Financial Institutions P.O. Box 640 Richmond, VA 23218-0640 Physical address: 1300 East Main Street, Suite 800, Richmond, VA 23219 Fax: (804) 371-9416 Email: BFIQuestions@scc.virginia.gov Phone number: (804) 371‐9657

• How do financial advisors in Virginia Beach get paid?

  Financial advisors in Virginia Beach typically get paid through commissions or on a flat-fee basis. If a financial advisor renders services on a flat-fee basis, it means there is a set rate in exchange for their services. Usually, financial advisors obtain commissions of around 1% of the total amount of money they manage per year.

• What does an independent financial advisor mean in Virginia Beach?

  Being an independent financial advisor in Virginia Beach means they do not sell proprietary financial products. They work on their own, providing objective advice, and are not bound by the sales goals of a financial institution. They guide clients in buying products from different companies that are appropriate for their financial goals and situations. Independent advisors can still be tied, monitored, and supported by a large financial entity.

• What should you expect when you hire a financial advisor in Virginia Beach?

  The financial advisor in Virginia Beach is expected to assess the situation of their clients, establish their objectives, and prepare an action plan. They should regularly meet with the client to review their plans and implementation, evaluate progress, and provide timely updates. Should unexpected life events happen, these advisors work to create contingency plans that may benefit the client's financial situation and resolve issues.

• Are financial advisors worth it?

  Whether or not a financial advisor is worth it depends on your personal situation. If your finances are fairly straightforward, then you may be better off handling it on your own. But if you have substantial assets or a complex investment portfolio, then hiring someone to handle it for you can be well worth the cost.