What should I be looking for?
What kind of questions I should ask them?
2006-12-23 11:11:58 · 4 answers · asked by Neil C 2 in Business & Finance ➔ Personal Finance
First read a few books and understand different types of investments. You don't want some jerk talking too far over-your-head.
I gave up on financial advisers several years ago. They depend on commissions and unfortunately the worst financial products available pay them the highest commissions. I strongly recommend you do your own reading and learn to understand Mutual Funds. There are many different kinds of Mutual Funds, stock funds, bond funds, balanced funds etc. You can invest in Mutual Funds through on-line brokers like ScotTrade and others. I understand going alone on this isn't for everyone, and there are some good advisors out there. Here are some questions you can ask.
Questions for my financial advisers
1. Are you a multi-millionaire?
2. Have you ever filed for bankruptcy?
3. What's the average return on the stock market over the last 100 years?
4. What types of investments do you typically recommend?
5. Can you tell me what a single share of stock represents?
6. How much can I retire on?
7. What's the difference between a mutual fund and an IRA?
2006-12-23 11:25:04 · answer #1 · answered by KC 4 · 0⤊ 0⤋
Start asking around at work or with your friends to see if they can recommend someone. Usually, you will find an acquaintance that can vouch for someone local to you. I recommend doing this first and then talking to the advisor. Advisors are usually salespeople and it's often difficult to get the clear picture of their ability by interviewing them alone. Ask around.
You should then ask the advisor about commissions and do some comparisons. Many people go for the cheapest financial advisor, but you get what you pay for.
2006-12-23 19:18:50 · answer #2 · answered by SelfGrill 3 · 0⤊ 0⤋
Depends on what type of advice you are looking for. Long term and short term goals are good openers to discuss. You need to have some sort of objective and then they will advise you on your best strategy to achieve it. Every financial institution has advisors. Some are good and others are not. I always talk to several before making any financial moves.
2006-12-23 19:20:59 · answer #3 · answered by normy in garden city 6 · 0⤊ 0⤋
What exactly is it that you want to do?
2006-12-23 22:06:01 · answer #4 · answered by J. C. 6 · 0⤊ 0⤋