3 Smart Tips On Choosing A Professional Financial Adviser
Most people never think of installing a new transmission in their car. They don’t have the time or skills, so they hire a mechanic for safety. Many investors today follow the same investment pattern and seek the advice of an experienced financial advisor.
Million 77 million Americans preparing for retirement want to make sure they don't save. However, the average investor does not understand market fluctuations or complex financial products. Studies show that people who consult a financial advisor are more confident about their financial future - but how do you find the right person for the job?
Step 1 - Identify your needs. Whether you need help with a retirement plan or savings for your children's education, you should set your financial goals before you start looking for a mentor.
Step 2: Ask friends, family and coworkers to make recommendations. Your financial advisor should be the person you trust - you are putting your hard earned money into your hands.
Step 3 - Visit at least three consultants before making the final choice.
There are many factors to consider during the interview process. Find a consultant who has extensive experience in a variety of fields, including investment, insurance and retirement planning. You should also inquire about getting a consultant's license - her Series 6 or 7 registration should be in good condition. You can review the consultant's record by contacting the National Association of Securities Dealers (NASD) at (800) 289-9999.
Once you are sure that the counselor has a good track record, it is time to dig deeper into their personality. A good mentor will consider all aspects of your financial situation and come up with a convenient plan to help you achieve your goals. He or she provides the same level of service to all customers, no matter how much they invest. It is also important that your advisor’s “investment philosophy” aligns with your own. For example, an advisor who chooses a risky strategy is not suitable with a conscientious investor.
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