This week the longest bull market in American history — more than 10 years old — came to an abrupt end. The major averages are all down more than 20% in just the last couple of weeks.
Making money in rising markets is easy. Knowing what to do when markets are tanking? Not so easy.
I’ve been investing in stocks for more than 40 years, so I’ve been down this road before. I recently published a couple of articles about what to do now: See “Freaking Out About the Stock Market? Read This” and “4 Steps You Must Take Now to Financially Prepare for the Coronavirus.”
But for many people, especially those who haven’t experienced terrifying times like these, articles might not be enough.
What could really help? An investment professional you can turn to for personal guidance and support.
Our Solutions Center has a page dedicated to finding the best financial advisers in your area in the least amount of time, but following are the basics.
We offer two search tools, both of which are free. (To be clear, the search tools are free. Any adviser you hire likely won’t be, so be sure to ask about costs.)
Option No. 1: SmartAsset
SmartAsset is an online tool that asks you questions, then uses your responses to match you with the best local financial advisers for your needs.
SmartAsset asks about your retirement plans, life status, investment goals and adviser preferences. Its algorithm then finds up to three advisers who fit your needs.
Before allowing investment adviser representatives onto its platform, SmartAsset verifies that they’re properly registered and licensed and that they have had no relevant regulatory disclosures within the last 10 years.
Option No. 2: Wealthramp
Wealthramp offers the same type of free service as SmartAsset. Wealthramp is a free service that will connect you to top independent fiduciary advisers in your area — all of whom Wealthramp also has vetted. (The term “fiduciary” means an adviser is required to put your financial interests ahead of their own.)
The service was developed by Pam Krueger, a well-known investor advocate and co-host of “MoneyTrack” on PBS. (She’s also someone I’ve personally known for 30 years.)
Just like eHarmony helps match up people who are looking for romantic relationships, Wealthramp empowers you to find the right fiduciary adviser based on your personal preferences. Unlike eHarmony, however, Wealthramp doesn’t charge you for the service.
Which should you use?
Try them both! Neither costs anything, nor does either take much time. A good financial adviser is worth their weight in gold, and the more you explore, the better the odds of finding the best fit.
And after using both services, please let us know the service you liked best and why. We’re always on the hunt for the best ways to help our readers!
Note: At Money Talks News, we often partner with outside services to bring you the best in financial advice and products. And while they may compensate us for referrals, that never influences our evaluations. Our opinions are always our own.
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