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How to Choose a Financial Advisor For Your Family

When choosing a financial advisor, decide if you need all aspects of financial planning or and investment advisor only. You'll want to ask how the financial advisor is compensated, what type of clients they work with, examples of success, up to date credentials, references, and finally if they are a fiduciary.

Learn how to choose the right financial advisor. Get to know Mendota Financial Group in Madison, Wisconsin and the founder of the Mendota Financial Group, Mathew Goetzke, in this Flourishing Families interview hosted by Toby Kinsler of Sterling Lawyers.

Hiring the right financial advisor for your family is one of the most important decisions you will make. This person or firm will be a part of your family decisions for a long time to come. Toby Kinsler of Sterling Lawyers sits down with Matt Goetzke of the Mendota Financial Group, and they discuss how to choose the right financial advisor for your family.

Matt makes it clear that if you are not comfortable with this person or are not able to trust your financial advisor, then you shouldn’t work with them. Additionally, it’s essential to know if they have worked with people in the same economic and life circumstances as you. Do they work with families or just with individuals? How are they compensated?

What To Ask A Potential Financial Advisor

  • It is essential to know what services are offered. Do they work on all aspects of your financial planning, or do they only provide investment advisory services?
  • How are they compensated, and does this compensation work with the type of service that you will receive?
  • What kind of clients do they usually work with, and do they have examples of success with these client types?
  • You can ask them to explain a financial concept and see if you can understand their answers. This will help you project what it will be like to work with this advisor.
  • Ask them if they are a fiduciary. Fiduciaries will be held to a higher standard and must act in the best interest of the client.
  • Make sure their credentials are current.
  • You can run a background check on them and ask for references.

Financial advisors can help you save, invest, and grow your money. They will help you achieve specific goals, such as to save for a home, fund a child’s education, or plan for retirement. They will evaluate where you are and what to do to achieve your financial goals based on your current season of life.

Regardless of your financial goals, begin by seeking out a financial advisor such as Matt. Here's his contact info.

Matt Goetzke
Mendota Financial Group
634 W Main Street, Suite 302
Madison, WI 53703

We believe a strong family is fiscally responsible, lives within a transparent budget, and aims to follow a 10/10/80 plan for managing the money with which they are entrusted.

We believe living with margin is how we are called to live. The 10/10/80 plan means we aim to live on eighty percent of our income. We save ten percent of our gross income and give away ten percent of our gross income to local charities. This means we are living on significantly less than eighty percent of our gross income. We believe this allows us to more easily manage life when life happens.

Flourishing Families is a Sterling Series aimed at highlighting organizations in our community that support and build up strong families.

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