What should I expect upon meeting a financial advisor...?
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Answer:
The commission creates a potential conflict of interest, and it's good that you recognize the problem. Try to find an advisor who charges a fixed fee or an hourly rate, and doesn't take any commissions or other payments for recommending an investment to you. Also, find out what he or she will give you (a financial plan, or more than just a plan).
If you really want to use an adviser who gets commissions, make sure he or she is a registered investment adviser. The state securities commissioner for your state should have a list of registered investment advisers. Registered investment advisers are required to act as your fiduciary--that's a legal concept which means that they are supposed to act in your best interests. But having a legal duty, and complying with it are two different things. It's better, especially if you're starting out with your financial planning, to find an adviser who charges you a flat fee or an hourly rate, and doesn't take any money from anyone else.
For more details about financial planners, go to the first webpage listed below.
It helps if you have some financial knowledge before you meet with the adviser. That way, you can double-check what he or she is telling you and see if it makes sense. (It's just like when you buy a car, you draw on knowledge you already have about cars to see if the dealer is giving you a straight story about the car.) The second webpage listed below presents model financial plans that you can read through (no charge). That will give you a frame of reference when you meet with the adviser.
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Best to look for a fee only financial planner. Commission planners sell stuff with high commissions, not what does you the most good.
Only give them a small portion of your money and see what they do for you over a two or three year period. Keep the rest safely out of their grip. Be VERY VERY careful. Many are snakes.
Once you find a fee only person. Take their advice to someone else if you can't evaluate it yourself. Tell them not to do anything until you've done so.
Sometimes the best thing is to go to someone like Charles Schwab and open an account. They have good people who can offer advice without having any incentive to sell you something that only benefits them. This is often the best choice.
Contact me if you have any more questions.
Good luck.
JJ
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