Guide to Hiring a Personal Financial Advisor
It will be for your own benefit if you hire a personal financial advisor to help your manage your own wealth. There are two types of financial advisors according to how they charge fees; one charge fees by commission, and the other charges fees upfront for his services and between the two your should choose the one that charges fees upfront. If you want to be sure that only your interests are in his mind, then don’t choose the commission based advisor but the one who charges your with his service fees upfront.
When a financial advisor charges you upfront he is making money by billing your directly. Financial advisors should not violate this standard. This will ensure ethical decision making among personal financial advisors. A financial advisor that bills upfront is prevented from making poor investment choices. If you financial advisor is only after commission, then he can be offering you poor investment choices. And sometimes, these investments backfire and you can get really confused.
If the personal financial advisor is associated with an industry research firm, then he will be a good one to work with. Industry information will be analyzed regularly by a good financial advisor. Better opportunities will then be given to his clients. Listening to the needs of the client will better help financial advisors to know what opportunities will work best for them.
Consider a financial adviser who is a member of a known association and someone who has a good reputation. If he is affiliated with a known association, they you can know his ethics and personality. If your financial advisor is a member of the National Association of Personal Financial Advisors (NAPFA) then this only shows that he is affiliated with an association with the highest level of professionalism for fee-only providers.
It is quite complex to make financial decisions for yourself in you have specific financial objectives or if you are approaching retirement. And if you have to do it correctly, then you need to spend time to make proper research so that you can make an informed decision. To make things easier for you, you can have your financial situation managed by a reputable personal financial advisory firm. If you need help from a firm, you can seek advice from Financial Fiduciaries LLC. This firm is a fee-only investment advisory firm that is a member of the NAPFA. What they offer to individuals are planning and investment services. These financial advisory firms can help you in your financial decision making by doing the research for you and checking out investment opportunities.
The founder of this firm is Thomas Batterman who is also one of the financial advisors who helps his clients with their financial interests. If you don’t have the time or expertise to handle your financial concerns, then he can provide you with fee-only financial management services.