How do I choose the best financial advisor for me?

Question

What questions do I need to ask?

Answer 1

Here are two great article on MSN money. It explains all of the different types and what questions to ask.

http://articles.moneycentral.msn.com/RetirementandWills/CreateaPlan/CanYouTrustYourFinancialAdviser.aspx

&

http://articles.moneycentral.msn.com/RetirementandWills/CreateaPlan/8ThingsYourFinancialPlannerWontTellYou.aspx

Basically are they Fiduciary or not as in looking out for your best interests above their own. You want them to be Fiduciary.

Fiduciary or not? Professional title Is he a fiduciary?
Attorney
Yes

Certified financial planner (CFP)
Maybe

Certified public accountant (CPA)
Yes

Financial planner
Maybe

Insurance agent
No

Registered investment adviser (RIA)
Yes

Registered representative
No

Stock broker
No

Answer 2

Part of the question is how much do you have to invest? Some advisors won't give you the time of day if you don't have $1 million. Some of the online firms will refer you to a local advisor they have relationships with but there will probably be a minimum there as well, maybe $100k. Stick with a fee only advisor which means they only charge based on the size of your portfolio. They don't get paid more unless your account value goes up. Keeps your interests inline with theirs.

Answer 3

go to a fee-based or fee-only financial advisor. If you use a commission-based financial advisor, not only do you need to pay the advisor commission, but also part of the commission goes to their company. Do you really want to pay the company or the advisor that works for you? I would also suggest using a certified financial planner (CFP). They have strict rules regarding client interaction and must pass thorough exams do get their certification. Google "CFP" to get to the site. They have a list of people that you can choose from that are in your area.

Answer 4

The best way to find a financial adviser is through good recommendations from your friends and family.

Its very difficult to rate a financial planner based on askling them questions.

Generally speaking, you should make sure that you find a financial adviser who you feel you can trust and can get along with.

Even if you were to ask about the advisers previous track record you would have no way of verifying what they say.

It may also be an idea to check for any affiliations the adviser might have with any financial institutions as this could influence the recommendations they make for you.

A completely unbiased adviser is difficult to find but if you can find one then this should give you a little bit of confidence that they will be advising products that fit your needs.

You need to find one that you can be sure is acting in your best interest.

Cheers

Answer 5

Do a background check on them at the website below. It will tell you if their license has been terminated, or if complaints have been filed against the financial advisor. Plus it will give you their employment history. You dont want a rookie to mishandle your funds.

http://www.nasd.com/InvestorInformation/InvestorProtection/ChecktheBackgroundofYourInvestmentProfessional/index.htm

Answer 6

It is difficult to find a good financial advisor and most of them become financial advisor but they themselves don't know how to invest but still they will charge you fat fees.
I would suggest you learn for yourself , get some knowledge then talk to some financial advisor.
Hope it helps.

http://money-review-site.com/shares.html

http://money-review-site.com/loans.html

Answer 7

You don't. The industry is rife with all sorts of people with all sorts of theories so there are all sorts of pitfalls. Take your money to a CitiBank, Schwab or whatnot and open an account. They will help you along. Keep it conservative. Then after you read a bit you will be able to start making your own basic decisions.

Answer 8

Here are the Top 10 in the World.