Select a Financial Advisor or Wealth Manager- Mark R. Graham Here are too many ways to make sure you get the proper financial advice, but if we have learned anything from the economic crisis, then we know that we have to be very careful with our money. In most cases, hiring an advisor is not at all necessary and expenses are best handled alone. However, for serious cases which could mean pensions or your house, you should be aware that there is someone who can help you with this. Another choice is to discover the best financial advisors that have a proven track record and will make sure your money is safe. There are companies out there in the financial world that have actually predicted and set up their business plans to fit this economic crisis.
They have a higher understanding of what is going on in the economy and how it will affect them and their customers. So when do these financial cases become serious? Below is a list of situations you should watch out for: Some tips of this fundamental topic to help the investors to select the best financial advisor or wealth manager: How do I know if my Financial Advisor has a Fiduciary Responsibility? Only a small percentage of financial advisors are Registered Investment Advisors (RIA). Federal and state law requires that RIAs are held to a fiduciary standard.
1. 3 most common compensation structures in the financial industry:
Fee-Only Compensation: This model minimizes conflicts of interest. A Fee-Only financial advisor charges clients directly for his or her advice and/or ongoing management. No other financial reward is provided, directly or indirectly, by any other institution.
Fee-Based Compensation: This popular form of compensation is often confused with Fee-Only, but it is very different. Fee-Based advisors earn some of their compensation from fees paid by their client.
Commissions: An advisor who is compensated solely through commission’s faces immense conflicts of interest. This type of advisor is not paid unless a client buys (or sells) a financial product.
2. What does Fiduciary mean in relation to a Financial Advisor or Wealth Manager? A Financial Advisor held to a Fiduciary Standard occupies a position of special trust and confidence when working with a client. As a fiduciary, the Financial Advisor is required by law to act in the best interest of their client.
3. Who is a Fiduciary? Fiduciary responsibility does not arise only in the financial services industry. Professionals in other fields also are also legally required to work in your best interest.
Here is one who helps you in this all concerns and provides you the financial advisor services that are Mark R. Graham. He is the Financial Planner who helps you to increase your business or the business growth. He is specializes in wealth management and operating business.