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Choosing a Financial Advisor is one of the most important decisions we can make as investors. A er all, we are trusting this person with our money. We need to be prudent when choosing an advisor, because choosing the wrong one could cost you.
e rst thing to look for is a duciary. You need to make sure the advisor you hire has zero con icts of interest. Advisors who are paid by commission for selling products should be avoided at all costs. e Financial Advisor you hire should only be working for your best interests, not the best interests of the company they represent or themselves. Speak to your friends and family and see if you can put together a list of names to research and interview.
Secondly, you should research the Financial Advisors credentials. Is the Financial Advisor a Certi ed Financial Planner™ or a Chartered Financial Analyst? Advisors with these credentials have years of experience and have mastered a broad range of information that will help them guide you to and keep you in retirement. Financial Advisors with these credentials are held to a higher standard than an advisor without. ey have agreed to a code of ethics that others are not subject to. ese individuals act on behalf of their clients and put clients’ interests above their own. ere is also a substantial amount of ongoing continuing education for these individuals to keep their credentials up to date. Rules and laws change o en in the nancial world and advisors with these credentials are forced to stay on top of these changes through this continuing education requirement.
ird, all licensed advisors are easily researched at Finra.org. You can nd out whether the advisor was ever subject to disciplinary action or had any nancial disclosures in their past. Simply go to the website and click on the Broker check tab and type in the name of the advisor. You will be surprised what you may nd out about the advisor you are interviewing.
Fourth, ask the advisor how they are compensated. is goes back to the rst point of the article. Work with a duciary. True duciaries are not compensated by commission. You should nd a fee-only advisor. Fee-only advisors are not incentivized to push products. ey are incentivized to give non-bias advice and help you attain your nancial goals, while sticking to your objectives. e last thing you want is an advisor that sells you a product, earns a commission, and then forgets about you till it’s time to sell you another product or switch out of the one that was sold to you. Any advisor that is a high-pressure salesperson should be avoided at all costs. If something sounds too good to be true, it usually is and it comes with a cost that could delay your retirement or force you to go back to work.
Lastly, nd an advisor you like. e relationship you forge with your advisor is important. Don’t work with someone you don’t like. You need someone who will keep you on track towards your goals, but you also need someone strong enough to tell you when you are making a mistake, especially when markets become volatile.
If you have questions on this article or would like to schedule a free nancial review. Please contact Jay Chapman at 772-320-9658 or email Jay@ChapmanCapitalAdvisors.com.
Money Talks
by Jay Chapman, CFP®
All the opinions expressed in this article are that of the authors and should not be considered nancial advice for your individual portfolio.
If you would like to learn more about this topic or have your complimentary portfolio reviewed please contact Jay Chapman, CFP® at Chapman Capital Advisors
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