6 Tips On Choosing the Right Financial Advisor for You

In this video I discuss 6 tips from www.bankrate.com on how to choose a financial advisor.
https://www.bankrate.com/investing/how-to-choose-a-financial-advisor/
#financialfreedom #financialplanning #retirement #financialadvisor #feebased

1. Find a real fiduciary
The legal guidelines around who is considered a fiduciary are muddy at best. Many advisors have to act in your “best interest,” but what that entails can be almost unenforceable, except in the most egregious cases. You’ll need to find a real fiduciary.

2. Check those credentials
Consumers looking for financial advisors should also check their professional credentials, seeking out well-recognized standards such as chartered financial analyst (CFA) or certified financial planner (CFP). These designations require their holders to act as fiduciaries.

Link to the CFP Board’s site: https://www.cfp.net/verify-a-cfp-professional

3. Understand how the advisor gets paid
“How is the public truly going to know what they are going to get when they hire a financial advisor or planner,” asks Scott Bishop, CFP® and executive director of wealth solutions at Avidian Wealth Solutions. “The financial industry is not a strong ‘profession’ in that when you see a doctor or lawyer, you kind of know what you will get – even though quality and expertise may be different among firms.”
4. Look for fee-only advisors
One way around the conflict of interest in the financial industry is perhaps the most obvious: you need to find an advisor who works for you and is paid only by you and other clients like you. Of course, that means money comes out of your pocket, but you’re likely to come out ahead.

5. Search for clarity
Any advisor should be able to explain everything clearly and to your complete satisfaction. If an advisor makes you feel incompetent or unintelligent for asking questions, walk away. You can’t build a long-term relationship with such an individual.

6. Find an advisor who keeps you on track
“Competency, humility, empathy are the three characteristics that make an advisor good,” says Campany. “Perhaps the most important characteristic is empathy. Being able to understand your client’s feelings and communicate to them that you can address those feelings provides a level of comfort that is incredibly important to your role for them.”

Видео 6 Tips On Choosing the Right Financial Advisor for You канала Global Financial Planner