Financial advisor - top factors to consider before finalizing a financial advisor

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Finance

Published on February 4, 2014

Author: shaileshsavaj

Source: slideshare.net

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Selecting a reputable financial advisor is as important as saving your money. The right financial advisor can help you plan a successful retirement, while an inept one can destroy your retirement dreams. The following 7 keys will help you select the right financial advisor:

Top Factors To Consider Before Finalizing A Financial Advisor Selecting a reputable financial advisor is as important as saving your money. The right financial advisor can help you plan a successful retirement, while an inept one can destroy your retirement dreams. The following 7 keys will help you select the right financial advisor: 1. Industry experience: Never underestimate the importance of experience when selecting a financial advisor. The more clients that a planner has helped, the more capable he will be to help you. Also,

the client list gives you a fair idea about the skills of the professional. 2. Qualifications: Verify the planner’s qualifications before hiring him. A qualified planner always has a degree and a registration number with a reputed organization. You have every right to ask him about his qualifications. 3. Services offered: Convey what type of services you require to your potential advisor. Ask him if he has experience in dealing with those services and if he could match your expectations. This will give you realistic expectations of your advisor. 4. Approach to work: There are two types of financial advisors, one works for an hourly fee while the other works on a per project basis. Frame a budget for yourself and see which approach suits you better. In the long run, an hourly rate will prove to be more expensive. 5. Personal attention: A financial advisor often works with an intern or an assistant. Ask your financial planner (baltimore financial advisor) if he would personally handle your finances or his assistants will work for him. If your portfolio will be assigned to his interns, ask him about what his review procedures are. 6. Payment criteria: A financial planner can be paid by three different modes: A fixed price A commission from the interest a combination of the first two Finalize a payment plan while you discuss all the terms and conditions of the agreement. Avoid choosing the financial advisor that asks for advance money as

there might be something fishy. 7. Ask for his personal interests: Many companies offer benefits and incentives to financial advisors for selling their products. Even though this is perfectly okay, some advisors may be tempted to sell bad products or products which are not suitable for your portfolio. Be frank with your planner and ask him if he is affiliated with a company. 8. Reviews: If you are planning to hire a financial advisor, spend some time checking for their reputation in the market. The best way is to look for the reviews online. You can even ask the current clients of the financial advisors to know about their firsthand experience. Make sure that the terms you discuss with your planner are translated into a written format. Get it duly signed and keep it with you for future reference. Since it is extremely difficult to trust a stranger with the finances of your life, you should try to get some references from someone whom you know is taking the services of a financial planner.

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