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Finding A Good Financial Advisor  

Finding a good financial advisor you can trust to reach your financial goal and who is completely competent basically comes down to how well you can verify his record and what he will end up costing you. What exactly are the steps you need to follow though to make sure that you have your man?

The first thing you want is that your financial advisor should be bound in some legal way to give you advice that he believes is good for your investments. What you don't want is just an advisor who will make mere recommendations on what to invest in. How do you find someone who is bound legally to give you the right financial advice? You could get a professional who certified to a fiduciary standard – like a registered investment advisor. If the advisor you're looking at doesn't have this, you can ask for a written agreement in its place.

You'll find through the process of finding a good financial advisor, that there are people who turn up and claim to be professional financial advisors. Often though, the only qualifications they have, have to do with being a master financial planner or a certified retirement financial advisor. These aren't real qualifications that mean anything. Make sure that you go with a CPA or a CFP or something.

Make sure that the person you choose for financial assistance gets compensated by way of a flat fee. If they are paid by way of commissions when they invest in something based on their advice, that's going to be a conflict of interest.

Finding a good financial advisor is no small matter. Try to do a background check. See if they've ever been censured by the SEC or the FIRA. You should also try to see if you can find any other clients who throw their lot in with this financial advisor. You can ask about their experience. Try to ask in particular how their portfolios did in the worst years of recession – 2008 to 2010.

Finding a good financial advisor is about getting involved in the search. Don't just settle for the first one you meet, the matter how wonderful they seem. And don't imagine you could just find a good advisor, leave everything to him and then walk away. You have to be an involved investor if you are to not lose out anywhere on your financial goal setting.

And finally, investment money that you wish to hand to your advisor, don't just write checks out to them personally. Write it out to the custodian of the account.

 


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