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What To Look For In A Financial Advisor
By: Jay Moncliff
Competent financial advisors don’t have a particular look about them, even if
they claim to have proof of their ability. To protect yourself, it is important
to ask the kind of questions that will indicate whether the potential advisor
has the requisite level of skill to handle your financial affairs, or whether
you should look elsewhere. The following simple questions will help you
determine if the advisor under scrutiny can really help with your financial
affairs.
The first enquiry you should make relates to education. Competence and quality
with advisors comes in the form of a relevant tertiary education, professional
memberships of financial advisory groups, and certificates or further
qualifications that show ongoing professional development. It is also important
to enquire about length of experience in the financial industry, and in
particular how long the individual has been working as an advisor. This should
be considered the first step in your financial advisor selection process.
The second avenue of enquiry relates to payment for services. This question is
important as financial planners can bill hourly, work for retainer and some work
on a commission basis. Each of these payment channels attract differing fee
levels, and this information will influence your choice of financial advisor. It
pays to know up front.
Another excellent gauge of success and ability is testimonials, and in
particular referrals. If the financial planner you are considering cannot
provide referrals you should be sceptical about any claims about past success
they may make. The opinions of previous clients are excellent indicators of the
ability of a financial planner.
Finally, ask for a plan. Any financial advisor worth their fee will happily
outline the scope of their services, tell you what information you need to
provide them, and work with you across all relevant areas to develop a plan for
you to reach your financial goals.
About the Author:
Jay Moncliff is the founder of
www.mileniumfinancialservices.com a
website specialized on Financial Advisor, resources and articles. This site
provides updated information on Financial Advisor. For more info on Financial
Advisor visit: www.mileniumfinancialservices.com
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