Top 8 Considerations When Choosing a Financial Adviser

Top 8 Considerations When Choosing a Financial Adviser

First let’s start with what to avoid:

1.      That guy (gal) you really like who is trying a new career in personal finance.

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2.      The fast talker in the nice suit, with the company you have seen in a recent ad, who sounds good but you just can’t seem to really understand.

3.      Somebody who won’t tell you exactly how they get paid.

4.      An adviser whose typical client (and yes do ask about their typical client) doesn’t look at all like you.

Now on to the key things that you can do to select the adviser that is right for you. You are looking for an adviser that can help you make big decisions, and the more complicated your situation the more important your selection process becomes.  Some key areas to understand:

1.      Does the adviser handle financial planning or just investments?  If someone represents that they handle financial planning, what qualifications do they have to handle that area?

2.      Is the adviser held to a fiduciary standard which requires them to put the client’s interests first, ahead of all others including their own?  Will they sign a written promise to this fiduciary standard?

3.      Exactly who will you work with and what are their personal qualifications for their duties?  And, how many client other than  you do they work with?  If the number is in the hundreds, you should wonder how they might have time for your needs.

4.      For more good questions to ask, visit the website at NAPFA.org where the organization of National Personal Financial Advisors has developed a good list http://www.napfa.org/HowtoFindAnAdvisor.asp.

Or, just go to www.paynewealthpartners.com.  On our website you should be able to find the answers to most questions you might have, and we are always happy to meet and discuss anyone’s situation.

Authored by: T. Taylor Payne CPA, PFS, CFP(r) (Bio)

Direct Phone: 812-602-6301

Email:  ttpayne@paynewealthpartners.com

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The information in this material is only as current as the date indicted, and may be superseded by subsequent market events or for other reasons. Statements concerning financial market trends are based on current market conditions, which are subject to change and which Payne Wealth Partners, Inc. does not undertake to update. While all information prepared in this document is believed to be accurate, any statements of opinion constitute only current opinions of Payne Wealth Partners, Inc., which are subject to change and which Payne Wealth Partners, Inc. does not undertake to update. Accordingly, you should not put undue reliance on these statements.

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