How to select a financial advisor

Choosing a financial advisor to work with may seem overwhelming, but it doesn't have to be. You can contact one or more financial advisors via phone or email before you schedule a meeting to ask a few questions. Or you can get to know the advisor during an initial consultation.

As you start your search, think about what type of financial help you'll need and what kind of individual you'd like to work with. Consider asking your friends and family members for referrals, too. They'll be able to tell you what they appreciate about their advisor before you contact them. In addition, following the suggestions below may help you find the right fit.

1. Find out about the advisors' background and experience

• Ask the advisor why they chose their profession and what they enjoy about their career. How long has the financial advisor practiced? Have they helped clients with needs similar to yours?
• If it's important to you to choose a financial advisor with similar interests, ask about any hobbies, interests and associations.
• Learn about any credentials the advisor has including any additional certifications. You can find this information on an Ameriprise financial advisor's website or check online with organizations that monitor advisors or award credentials to measure qualifications, advanced degrees and experience. The Certified Financial Planner Board of Standards, Inc. or Financial Planning Association^® are a few.

2. Pay attention to how well the advisor listens to you

In a preliminary conversation, an advisor should learn a little about you, your dreams and goals. After you meet, the advisor may ask more in-depth questions about your finances, financial objectives, goals and risk tolerance. You should feel that the advisor is interested in you and will be able to provide you with personal financial planning and advice.

3. Ask the candidate the right questions as you choose a financial advisor

• Have you helped people with goals similar to mine? How will you help me plan to achieve my goals?
  The answer may not be a one-time plan or quick fix solution. Generally, emphasizing a long-term strategy with incremental steps is a better way to help you move toward your goals. The advisor's answers should also make you feel confident in his or her ability to understand and communicate the factors you need to consider.
• What happens if my goals change?
  Your plan should be flexible enough to adjust to new needs and goals, a dynamic economy and your own life changes — like buying a new home, having a family, changing jobs or retiring.
• How do you help clients track their progress? How do you prefer to keep in touch?
  The advisor should be ready to help you measure your progress over time with regular meetings and check-ins as well as access to your account online. Find out how often you can expect to meet and how (in person, phone, email or teleconference for example) and what other tools or support the advisor provides.
• What types of financial needs can you help me with?
  The advisor should be able to provide a full review of your entire financial situation, including cash flow, investments, taxes and insurance. They should be able to provide help you bridge the gap between your current situation and any short- and long-term goals you identify.

4. Make your decision. Assess your conversation or meeting based on questions like these:

• Has this advisor worked with people like me?
• Am I satisfied with how often this advisor plans to contact me and by what method (in person, by phone, via email)?
• Did the advisor seem genuinely interested in me, my family, my goals?
• Do I feel comfortable with this advisor personally and professionally?

Once you speak to an Ameriprise financial advisor who you feel would be a good fit for you, you can set up a complementary initial consultation, if you haven't already done so. From there, you'll be ready to start the financial planning process and an ongoing advisor relationship.