Guide to Choosing a Christian Financial Advisor

With the abundance of information and services available, it can be daunting when searching for a Christian financial advisor who meets your criteria. If achieving long-term financial wealth is an objective for you, consider enlisting a Christian financial advisor who shares your ideals and beliefs.

Learn About Their Values
To start, if you want to know if an advisor is a right match for you and your financial needs, while also sharing your beliefs, ask them about their values. Determine what values drive their Faith-based investing (FBI) or Biblically responsible investing (BRI) decisions. If you know anyone from your church who has connections to reputable financial advisors, that would be a great place to find trustworthy advisors. However, that may not always be the case and you may have no idea where to look. If so, this guide can help you get started on where to start.

Research And Determine What Services You Are Looking For
When searching for a financial advisor, it is important to find one that will match your specific needs and goals. That is why it’s so important to determine your financial needs and the services you’re looking for before sitting down with an advisor. Here are some services that financial advisors may offer, and who you should talk to for each one:

Investments: If you need help with investments, you should consider talking to an investment professional. They should advise on the right investments for you and help keep your investments balanced.
Retirement Planning: Retirement planning requires an investment professional who can project your future financial needs and devise a plan to maximize your investments and retirement savings so you can achieve your dream retirement
Estate Planning: Although it can be a difficult conversation to have, discussing your end-of-life plans is absolutely crucial. Estate planning is complex and requires the expertise of a wealth manager or attorney with estate planning experience.
Health Planning: We believe your health, long-term care, and medical services are all necessary and must be considered, as you inevitably get older. Financial advisors or insurance agents can help put together a plan for these expenses.
Inheritance: Inheritance should also be planned out carefully with the assistance of a wealth manager or financial coach — they can advise on the best use of those funds and any related taxes that may be due.

Check Their Experience With Clients And Their Credentials
There are Financial advisors who often possess a variety of credentials, including the Certified Financial Planner (CFP), Accredited Asset Management Specialist (AAMS), Chartered Retirement Planning Counselor (CRPC), Chartered Financial Consultant (ChFC), and many various state insurance licenses. Having these certifications means that they can provide comprehensive financial advice to best serve their clients’ needs.
To get the most out of your candidate selection process, you should inquire about other clients they’ve worked with and the experiences they’ve had with clients in similar positions. Ask them about their experiences with those previous clients. Additionally, don’t be afraid to ask questions regarding their prior work history; this will allow you to gain a better understanding of how qualified they are for the job at hand.

Ask About Fees
We believe the key to having a successful relationship with an advisor is setting realistic expectations when it comes to fees. Professional advisors who behave honestly should be transparent about their fee structure. Ultimately, the goal should be to strike a balance between charges and value; ensuring both services provided and received are appropriately compensated.
Before you choose to work with a financial advisor, it is essential to determine the cost of their services and contemplate how those prices will impact your investment over time. Comparing fees across multiple advisors can be beneficial in making an informed decision. Fee-based advisors have a multifaceted approach to compensation; they may charge you an hourly rate for their services in designing a personalized investing strategy, as well as take commission payments on any investments that they suggest.

Commission: Typically a percentage charged based on the amount invested
Pros: Can be more affordable depending on amount invested
Cons: Often criticized for whether they keep investors’ best interest in mind
Hourly Fee: The rate charged hourly for the services provided
Pros: Does not vary based on how much is invested/managed
Cons: Limited, one-time interactions
Flat Fee: Usually one set, annual rate for the services offered
Pros: Transparent pricing, less chance for conflict of interest
Cons: May require a high minimum amount of assets
Retainer Fee: Typically a percentage charged for assets under management (AUM)
Pros: Smaller percentages charged to have assets managed
Cons: May have limited financial planning and/or financial advice

When it comes to financial guidance, a Christian financial advisor is here to help. They should not only teach and implement biblical principles of money management but also hold their clients accountable for making sound decisions through wise advice. At Stonecrop, our highly skilled and experienced advisors are here to support you and your mission. If you would like a trustworthy Christian advisor to guide you in your financial journey, look no further. Contact Stonecrop at info@stonecropadvisors.com with any questions you may have. We look forward to hearing from you!


    Doug MacGray

  • DATE

    March 23, 2023


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