Choosing a financial advisor is a major decision that can determine your financial course for years to come.
1. Always hire an advisor who is a Fiduciary- a fiduciary is ethically bound to act in another person’s best interest. This obligation eliminates conflict of interest.
2. Don’t hire the first advisor you meet- take time to interview a few advisors before picking
the best match for you.
3. Don’t choose an advisor with the wrong specialty- some specialize in retirement planning, others best for business owners or maybe for young professionals starting a family.
4. Don’t pick an advisor with an incompatible strategy- Some advisors may suggest aggressive investments, while others are more conservative.
5. Always ask about credentials-To give financial advice, financial advisors are required to pass a test. Test include Series 7, Series 66, or Series 65. Some advisors go a step further and become a Certified Financial Planner.
6. Understand how they are paid- some advisors are “fee only” and charge a flat rate. Others
charge a percentage of the assets under management. Some are paid commissions by mutual funds (a serious conflict of interest).