What do I look for in a financial advisor?
Question:
- Experience
- Background
- Fees
- Company
- Product Selection
Answer:
Look for someone who can be truly independent in their advice. I have had the best success with fee-only advisors.they make recommendations on mutual finds, stocks, annuities etc., but do not sell the products themselves, so they have no company quota to make, no stock dujour, no "churn and burn" just to make a commission. When interviewing an advisor, look for at least a CFP or ChFC designation, combined with CLU is even better. These designations automatically confer experience in the industry and also infer a certain fiduciary responsibility. Also very important that they get to know you fully (financially) and risk comfort before any recommendation is made. And be sure you are comfortable with them, especially if you want a lengthy relationship.
HIS/HER financial portfolio.
The better the brokerage, the better the brokers
You'll find quality people at Goldman Sachs, Merrill Lynch, Bear Stearns, & Lehman Brothers
Why do you think you need a FA? Most people don't (and I am one). If you do decide to go with one, it should be a fee only advisor, not someone who works on commission. You should spend some time talking to them and feel comfortable asking them questions. If you find someone who's recommending loaded funds or insurance, you should walk out the door and not look back.
A better use of your time/money would be to read and educate yourself on how to manage your own money. This will not only give you a sense of accomplishment, but it will allow you to not be dependent upon others to make your financial decisions for you.
Good luck!
Survey says... 1. Experience.. 2. Fees..3. Strength of Porfolio
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