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.
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