What to expect from a financial advisor in Nashville

If you’ve recently moved to the Nashville area: Welcome! I’m sure you are finding it hard to pick your favorite restaurant – or even find matching socks at this point…moving is tough. However, as you settle into Music City, we think that on your punch list of moving essentials should be a non-negotiable line item: “hire a financial advisor in Nashville.”

A financial planner, or financial advisor – they are the same service- is a professional that helps you prepare for retirement, reach your financial goals, organize your finances, and save smarter. Your financial planner will help you get the most out of your money and will be a source for any advice, help, or resources that you might need in the Nashville area.

An effective financial planner will meet with you to talk through your financial goals and to get acquainted with your needs and your financial timeline. They will analyze this data to understand where you can take risks, make improvements, or be conservative.

Most of us are just trying to figure out how to get to Friday, but when it comes to security and peace of mind for your loved ones, financial stability is crucial. Let a professional financial planner walk you through the best ways to prepare for your future and your present. Most financial planners are able to provide the following (although this list may look different from advisor to advisor):

• How much you need to save
• What types of retirement accounts to use (IRA, Roth, 401(k), etc.)
• What type of mortgage you should have, if you should pay it off, or refinance
• What type and how much insurance you need (this would include life insurance, long term care insurance, disability, and some planners also give advice on property and casualty and health insurance)
• How much to keep in your emergency fund
• What changes might improve your tax situation
• What rate of return you will need to earn to achieve your goals over a given time frame
• Investment advice/Investment management
• Whether it makes sense for you to downsize later in life
• What level of investment risk is appropriate for different types of accounts you have
• Estate planning advice
• Tax planning services
• Expertly tailored financial advice for your personal professional and personal life/future

When meeting with your financial planner, make sure that they provide you with a document that spells out your goals and action steps. This will not only serve as your financial compass, it will allow you to hold yourself accountable as well as your advisor. Before choosing your planner, make sure that they have a valid certification (ideally the CERTIFIED FINANCIAL PLANNER™ designation) and that you feel well listened to and understood before handing over any account information.

A financial advisor can be hired on commission, fees, return of assets, combination of fees and commission, hourly, quarterly/annual retainer fee, flat fees, project completion rate, and more. Make sure that your advisor’s compensation structure is fully transparent and documented so that you avoid any fees or purchases of expensive mutual funds and annuities if commission is a part of their compensation. If you feel that your advisor is pushing a specific product on you, consider a change. Nothing about the process should feel “sales-y”.

While it may be hard to add this to your list of expenses, it’s an investment in your future. Furthermore, you will be accessing knowledge and advice from professionals that sources like mint.com just can’t provide. If you hire someone with institutional knowledge, you are setting yourself up for success. If you spent all of your free time (cough, cough) researching investment opportunities and savings, you’d still fall short of the years of experience and expertise that a (good) financial advisor affords.

Don’t feel that you need to make millions a year to be taken seriously by a financial planner. The need for a financial advisor is real and beneficial for everyone. A good financial planner, takes all of their clients’ money seriously.

Again, welcome to Nashville. We trust this town will embrace you and yours and we hope that as you consider your future here, that you consider our expertise and relationship-focused services at David Adams Wealth Group. We love what we do, and this motto guides us: “People don’t care how much you know until they know how much you care.”

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of David Adams and not necessarily those of Raymond James. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.

Get In Touch With David


Stay In the Know with Blog Updates