i need a good long term financial advisor do you have any advise on how to find a good one ?
2007-10-23 09:44:10 · 6 answers · asked by Anonymous in Business & Finance ➔ Investing
Okay for example.
Ameriprise advertises all the time. They use to be part of American Express. Somebody said wait a second we are trying to pay off debt and we are owned by American Express that gives credit. Business model didnt work.
Not picking on them, but they tried to hire me. Im going to use an Analogy. You pick somebody at Ameriprise which is huge, or you pick a guy down the street. Either one might be good. I do mortgages, you can go to 5 different companies and they will all give you the same loan. With the same lender.
The point is who is going to give you the best service? I suggest you get a ton of references. From outside people and directly from your advisor. They should have no problem giving you total access to all of the clients they currently deal with. If they wont, dont use them.
I dont think it really matters what company you go with, it matters about who you go with. Study that person, not the company.
2007-10-23 09:53:51 · answer #1 · answered by financing_loans 6 · 0⤊ 0⤋
Contact your state securities commission. They may be able to provide a list of advisors in your area. Or else the Yellow Pages. Find one that is either a Certified Financial Planner or a Registered Investment Advisor. Then check out the brokercheck section of the Financial Industry Regulatory Authority website to see if they have had any violations. Then look up their ADV on that site. Thats their disclosure statement that tells about the advisor. A fee-only advisor would probably be less biased. They charge only for their time and advice, rather than a commission on what they sell.
2007-10-23 09:54:14 · answer #2 · answered by jeff410 7 · 0⤊ 0⤋
Best advice I can give you is get a reference from someone you know. I once paid for financial device and royally got screwed for $100. Or do a search on yahoo locals and find an advisor that has had good references. Make sure they have their CPA too. A lot of times its better to just research things for yourself. Most advisors are overrated
2007-10-23 09:50:19 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Like anything else, the financial advise business is full of poor advisors, bad seeds, selfish cheats, and knotheads.
You should start very carefully, but I have found that self-education is the best path in the long run.
2007-10-23 09:52:44 · answer #4 · answered by united9198 7 · 0⤊ 0⤋
Unless you know someone, go to the bigger shops to get some ideas. Don't buy, let them figure something out and pitch it. Then after three or four presentations based on the same details of your life's financial picture and purpose, then you will say something like "You know, Fred [or whomever] FEELS like he is capable and has my best interests at heart." By sticking with a major company for the presentation, you have the reputation of the firm behind what you hear, and they usually are very picky about the qualifications of the person (and if that person doesn't tell of his or her degrees and licenses, excuse yourself and leave).
2007-10-23 09:51:10 · answer #5 · answered by Rabbit 7 · 0⤊ 0⤋
make sure he works for you and not for the company he is pushing stocks and mutuals for. Just be aware that companies like Amerprise push their own mutuals which are usually higher commission than no-loads.
There are lots of independents. It might cost you more upfront, but in the long run, you will come out ahead
2007-10-23 10:22:04 · answer #6 · answered by Mr. PhD 6 · 0⤊ 0⤋