The Essentials of Finances – The Basics

What to Look for in a Financial Advisor

If you want to have a good financial advisor, he should be one to put your interest first, understand your need, understand your situation, and works hard to achieve what you hope to gain financially in a given time period. You should look for a financial advisor who is honest, trustworthy, and demonstrate a sense of ownership to your business which is seen if treating your losses as his own. If these are the values of your financial advisor, then you can be assured that you net worth is well take care of.

If you are looking for a financial advisor, then you should look for the following qualities.

Your should look for credentials in a financial advisor. Your financial advisor should have received certification from the Certified Financial Planner Board of Standards Inc. With a certification, you are assured that he meets the board’s requirements in terms of education and experience, and that they abide by the board’s code of ethics.

Look for a financial planner with many years of experience in the field of professional financial advisory. If the financial advisor has years of service and exposure in the financial industry, he should know how the industry works, has a network of contacts and is well versed in putting his client’s interest first. Important knowledge that he should possess concerns portfolio structuring, taxation, benefits package, and other related financial issues related to your situation. It is best to get a financial advisor who has successfully worked on a client with a profile or need that is similar to yours.

The best financial advisor is a fee-only financial advisor who does not receive commissions for investments and financial products that clients purchase. There will be a conflict of interest on his part if he gets commissions on investments and financial products that his clients purchase and his credibility will then be questionable when it comes to providing you with realistic investment options.

Although people don’t usually make this a part of the qualifications for a financial advisor, character is perhaps the most important thing that a client needs to look for when seeking the services of a financial advisor. This could prove to be the most important gauge of all. His personal and corporate values speak much about his character. He is that kind of person who listens well to your financial concerns even if there is a lot of drama included in it. A good financial advisor is patient and will not cut your off while you are speaking and is not arrogant. If you hire an impatient arrogant advisor, you might have problems in the future. The qualifies of a good financial advisor would be someone who is accomodating, patient, a good listener, can empathize and sympathize with you.

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