2007-07-11 16:31:20 · 6 answers · asked by esherr 4 in Business & Finance ➔ Investing
There's no way to know for sure if an investment counselor is reliable, except for a reference from a person you thoroughly trust who has experience with the counselor and who is street smart enough about money to know whether or not he or she has been treated right (or ripped off) by the counselor. But, a couple of things to look for are someone who: (a) charges you a pre-determined fee or an hourly rate (with an estimate of the total charges), and doesn't take compensation from anyone else; and (b) is a registered investment adviser. A registered investment adviser has fiduciary duties to you, meaning he or she has to put your interests first. See the webpages listed below for more info.
2007-07-11 20:05:55 · answer #1 · answered by Uncle Leo 5 · 0⤊ 1⤋
References from people you trust and experience in the industry are the only two factors that will really help. All the fancy letters after the name mean nothing. A CFP designation is not hard to get (I have one) and the others are even easier.
2007-07-12 15:48:51 · answer #2 · answered by KevK 2 · 0⤊ 0⤋
Look for CFP, ChFC, or CFA behind their name. Those mean that they have taken some awfully hard tests and should know their stuff.
2007-07-11 23:52:09 · answer #3 · answered by Heather M 2 · 0⤊ 1⤋
Hmmm, maybe start with asking around people you know, see if they have any personal experience with trustworthy advisors. If he/she ends up suggesting you trade often, like every couple months, you know he/she just wanna earn your commission.
2007-07-11 23:54:02 · answer #4 · answered by L. 2 · 0⤊ 1⤋
Avoid Suze Orman -- she's the devil.
2007-07-11 23:33:59 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Very carefully. Interview at least 4. Read up on this as much as possible..........................................
2007-07-11 23:58:56 · answer #6 · answered by Common Sense 7 · 0⤊ 1⤋