5 things to look at before picking a financial advisor

5 things to look at before picking a financial advisor

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Certification Before hiring anyone for that matter, you’d always look for their education, qualifications, and certifications. Financial planning and advising is a vast field with various specializations, and so it becomes imperative for you to know and understand if the advisor you’re about to hire has the necessary skills and adequate competency to advise you and your company.

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Experience After checking the qualifications, you should also take a gander at the advisor’s past experiences and the resume/portfolio they’ve made before you. A significant amount of experience in the financial domain is always an advantage for your company. Their experience is based on their work with other companies and clients, and the kind of work they’ve undertaken, such as credit solutions and/or asset management.

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Fee Structure The next important step for you is looking at how much they’re asking for said services. The compensation varies from advisor to advisor, as they can charge you at an hourly rate or a fixed rate. Certain advisors even charge based on commission.

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Standard of Care In the financial advisory domain, each advisor follows a certain ‘standard of care’ when working with clients. They include a Suitability Standard and a Fiduciary Standard. Suitability refers to the advisors acting and working according to their client’s needs, not necessarily meaning that the advice will be best for them. Whereas in Fiduciary, the advisor always has the client’s best interest at heart while recommending or advising.

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Working Relationship Last things last, you need to have a healthy working relationship with your advisor as they’ll be handling your finances. Make sure your goal and expectations are heard by them, and they align with them with ease. As their recommendations carry a great deal of weight and importance that can transform your company, whether they are asset or wealth management firms.

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Thank You

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