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What to Look for in a Financial Advisor
Some of the qualifications of a good financial advisor is someone who puts your interest first, who understands your needs, your situation, and works hard to be able to help you achieve what you hope to gain financially in a given period of time. If you find an honest, trustworthy advisor and one who will treat your business as his own in that he treats your losses as his own, then you have found yourself a good one. If these are the values of your financial advisor, then you can be assured that you net worth is well take care of.
If you are looking for a financial advisor, then you should look for the following qualities.
Look for the credential of the prospective financial advisor. He should be certified by the board, the Certified Financial Planner Board of Standards INC., which issues certification for financial planners. With a certification, you are assured that he meets the board’s requirements in terms of education and experience, and that they abide by the board’s code of ethics.
Make sure your financial advisor has plenty of experience in the field of professional financial advisory. The benefit of a financial advisor who has been in the financial industry for many years now is that he know the industry well, has gained himself many contacts, and has known the importance of putting his client’s interest as his priority. You should also check his expertise and knowledge in portfolio structuring, taxation, benefits package, and other related financial issues as it related to your situation. IF your financial advisor has successfully worked for a client who has the same needs as yours, then you are looking at the best advisor you can have.
The best financial advisor is a fee-only financial advisor who does not receive commissions for investments and financial products that clients purchase. This is because if he is getting commission on investments and financial products he may have a questionable credibility when it comes to providing you with realistic investment options.
An important factor I determining the competence and success of a financial advisor is his character. This could prove to be the most important gauge of all. His corporate and personal values should be examined well. The best financial advisor is someone who will listen to your financial concerns even if you have to tell in a very detailed way with all the drama involved in it. A good financial advisor is patient and will not cut your off while you are speaking and is not arrogant. If you want to prevent future problems don’t hire anyone who is impatient, or smart alecky. But if the financial advisor is accommodating, listens well, empathize and sympathize, you may have a valuable financial planning professional working for you.