If you are planning on investment, insurance or taxationit advisor, it is essential to get sound financial advice before you make an investment. The search for an advisor can lead you to the doorstep of the next Warren Buffet or it may take you to the next Bernie Madoff who made all the wrong decisions for his clients. Financial planners come in varying levels of competency and as an employer the onus is on you to hire the right man for the job.
Look up advisor qualifications
Financial planners obtain certifications which are highlighted on their resumes. Often these are abbreviations. Most investors do not undertake the rigor to look up these qualifications to determine if they are genuine and if as an investor they benefit from such qualifications. A background check should be done with regulatory authorities. However only those who earn a fee are usually registered. Investors may find it tedious to look up those who have worked commissions. Regulatory authorities maintain a history of complaints registered against an advisor that should help the investor when making selections.
Check for conflict of interest
The best financial advisors will prioritize your interests.Advisors often have conflicts of interest when serving investors no matter how they are paid. While it is generally believed that those working on commission basis are more likely to have conflicts, those who charge a fee for their services cannot be exempt. Ideally there should not be any conflict of interest when serving you. Conflicts arise when an advisor does not say something that could potentially result in termination of his services though that the information could lead to millions in losses.
Get experts to search
If you want to find a financial advisor, leave the job to experts. Reputed information services organizations maintain database of 5 star advisors known to provide quality advice and maintain high standards of ethics. Such information provider’s work free of cost. So there is no conflict of interest assisting you. The task of finding an advisor would require you to crosscheck credentials with authorities and interview potential candidates, which could be tedious. For new investors who have no experience working with advisors, hiring a planner without consulting experts could prove a grave mistake. Information providers offer tools you can use to find good. Better, they can make recommendations from their database.
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3 Tips To Find The Best Personal Financial Advisor