Lady finding the right mentorFinances play a major role in our relationships, happiness, and overall well-being. If there’s any doubt, scientific studies offer proof: A reputable 2021 study showed that well-being continues to increase along with income, even for the rich. 

Naturally, then, choosing the right mentor is a crucial step on the path to financial success. Many people simply lack the background to manage their finances properly, and a good financial mentor can make all the difference.

If you’re wondering how to find a financial mentor who is right for you, check out our five-step guide. We’ll outline tried-and-true tips for choosing the right mentor.

1. Make Sure Their Services Align with Your Needs

There are many options out there who claim to offer everything you need to be successful. But do their services truly align with your needs? It’s essential to thoroughly research the services offered by a financial mentor before pulling the trigger. Some mentors specialize in certain types of investments that may not be what you’re looking for.

For example, a financial broker may be your best bet if you’re only looking to buy and sell stocks, bonds, and other investment products. However, a certified financial planner could be a better choice if you’re seeking holistic financial advice on managing your assets.

2. Learn about Their Prior Experience

Finding the right mentor also means you’ll need to do some digging into the prior experience of the person you’ve considered hiring. Who have they worked with in the past? Where did they get their education?

In the age of the internet, anyone can talk up their experience—which is why it’s more important than ever to find someone with valid credentials that truly mean something. Ask the mentor about where they earned their degree, what makes them a financial expert, and how they’ve helped people like you.

Don’t just take their word for it. Research the person online to find out if their claims are legitimate before you commit.

3. Read Their Online Reviews

Even those mentors with impressive credentials may not be the best option if they don’t have happy clientele. Fortunately, the internet makes it easy to learn what people are saying about any financial mentor out there.

The best mentors will be backed up with positive online reviews from reputable websites. Read enough online reviews to get a good feel for the mentor’s strengths and weaknesses. Has their financial advice helped people? Are they honest and respectful? These client reviews will be one of your best sources when gauging what your future experience might be like with this mentor.

4. Make Sure Their Personality Is a Good Fit

Personality is another important element to consider when seeking the right financial mentor. What are your personality preferences when it comes to business relationships? Are you looking for someone casual and friendly, or buttoned-up and serious? Do you care more about politeness, or do you want a straightforward mentor?

All of these questions will guide you as you narrow down your search for a good financial mentor. Search out several financial mentors and pay attention to their different personality types to help you find the best option for your own style.

5. Research Their Pricing

You’ve finally found a mentor you love. But can you afford them? Financial mentor rates vary significantly, and a more expensive mentor doesn’t always equate to a better mentor. For this reason, it’s wise to research their pricing early on to learn if the mentor is within your budget.

Start with a Financial Mentor Today

Whether you’re seeking one-on-one training or an immersive financial bootcamp, Derek Moneyberg is an experienced financial mentor who can help set you on your path to success. 

After graduating from the top business school in the world, The University of Chicago’s Booth School of Business, Derek has gone on to become a world-renowned investor, entrepreneur, and wealth coach. Allow Derek to share the best investment strategies for any age and lifestyle. 

Contact us today to learn more about Derek’s financial mentoring services.