Choosing a financial advisor isn’t just about selecting someone to handle your investments. It’s about finding a long-term partner you can trust. In a large economic market like Chicago, finding that partner goes beyond just searching for “financial planner near me” on Google. Knowing how to vet an advisor properly helps you make more informed decisions, especially when your financial picture involves estate planning, tax considerations, or multi-generational wealth.
Certifications: What the Letters Actually Mean
When reviewing a financial advisor’s background, many clients notice acronyms like CFP®, CFA®, or CPA, but may not know what they represent. A Certified Financial Planner™ professional (CFP®) is trained to help with everything from budgeting and retirement projections to insurance and estate strategies. A Chartered Financial Analyst (CFA®) focuses more heavily on investments and portfolio construction, while a Certified Public Accountant (CPA) often brings deeper expertise in tax planning.
Some advisors also hold specialized designations such as ChFC® or CIMA®, which reflect advanced knowledge in insurance, estate planning, or investment consulting. While certifications alone don’t guarantee effectiveness, they show that an advisor has met rigorous education, ethics, and continuing education standards.
Real-World Experience Matters
Years in the industry are helpful, but context is key. Before picking the first “financial planner near me” on your search,ask about the types of clients an advisor typically works with. Someone who’s guided clients through various life stages, such as selling a business, retiring early, or managing family trusts, may be better positioned to understand your own priorities.
It’s also worth asking how they’ve approached market volatility. Have they worked with clients through major downturns like the 2008 financial crisis or the uncertainty surrounding the COVID-19 pandemic? Their approach to handling these events may tell you a lot about how they manage risk and communicate during challenging times.
Chicago-specific experience also matters. The city’s unique mix of local tax structures, real estate considerations, and business environments can add complexity to financial decisions. An advisor familiar with these dynamics can be a valuable resource.
Fiduciary Duty: A Standard Worth Understanding
Not all financial advisors are legally obligated to act in your best interest. Those who follow the fiduciary standard must always prioritize the client’s interests over their own. This distinction is crucial regarding investment recommendations and long-term planning strategies.
Although registration with the SEC does not indicate a certain level of skill or expertise, I is advisable to ask directly whether the advisor follows a fiduciary standard. For advisors registered with the SEC as investment advisers (such as Virtue Asset Management), the fiduciary obligation applies to advisory clients. You can also review an advisor’s Form ADV to see how they describe their services and responsibilities. These disclosures provide insight into how advice is given, how fees are charged, and what conflicts of interest may exist.
Understanding Fee Structures Without Assumptions
Financial advisors are typically paid in one of three ways: fee-only, fee-based, or commission-based. Fee-only advisors, like those at Virtue who work with advisory clients, are compensated directly by clients rather than through commissions. This structure may help align interests in some instances, but no single model is inherently better than another.
What matters most is clarity. After checking the qualifications of the “certified financial planner near me,” ask for a detailed explanation of how fees are calculated, when they’re charged, and what services are included. Transparency around compensation (regardless of structure) can help you feel more comfortable with the advisory relationship.
The Human Side of Advice
Credentials and experience are essential, but the relationship itself carries equal weight. More than just finding the most credentialed “certified financial planner near me,” know that a good advisor should listen closely, communicate clearly, and be available when needed. How often do they check in? Do they revisit your plan when circumstances change? Can they explain complex strategies in a way that feels approachable?
These softer skills aren’t always easy to quantify, but they often determine the success of a long-term financial relationship. Look for someone who treats financial planning as an ongoing process, not a one-time transaction.
How Virtue Asset Management Helps Clients Make Informed Choices
At Virtue Asset Management, we welcome the process of vetting a financial advisor. We believe clients deserve clarity around credentials, a track record reflecting relevant experience, and a transparent structure for delivering advice. Our team includes CFP® professionals and experienced investment advisors who guide advisory clients through retirement planning, portfolio management, and family wealth coordination. The firm’s fiduciary obligation applies to advisory relationships, and our fee-only model for those clients is designed to encourage transparency and trust.
We also bring a regional perspective, drawing from years of experience with Chicago-area clients who face unique financial and tax-related decisions. From the initial conversation to ongoing reviews, our advisors focus on building clarity around what matters most to you.
Investing involves risk, including the possible loss of principal and fluctuation of value. Past performance is no guarantee of future results. This article is not intended to be relied upon as forecast, research, or investment advice. It is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.
Investing involves risk, including the possible loss of principal and fluctuation of value. Past performance is no guarantee of future results.
This is not intended to be relied upon as forecast, research, or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.
Additional information about Virtue Asset Management is available in its current disclosure documents, Form ADV, Form ADV Part 2A Brochure, and Client Relationship Summary report, which are accessible online via the SEC’s Investment Adviser Public Disclosure (IAPD) database at www.adviserinfo.sec.gov, using SEC #801-123564. Virtue Asset Management is neither an attorney nor an accountant; no portion of this content should be interpreted as legal, accounting, or tax advice.