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re: When/How to choose a professional to help with finances
Posted on 3/31/14 at 11:46 am to BeaumontBengal
Posted on 3/31/14 at 11:46 am to BeaumontBengal
What's the purpose of your money? How much risk are you willing to take? What investment vehicles are you comfortable with? Most imp what's your financial goals?
Ask the advisor his experience of course, and his investment philosophy for someone in your situation. Remember, as a FA, I would reiterate to you that we work for our clients so our number one goal is to make sure our clients(you) are comfortable with the plan, comfortable with the amount of risk and that they have a reasonable expectation for certain outcomes. If someone charges you more than 1.25% they are charging too much, esp if it's in a fee based account. Good luck.
Ask the advisor his experience of course, and his investment philosophy for someone in your situation. Remember, as a FA, I would reiterate to you that we work for our clients so our number one goal is to make sure our clients(you) are comfortable with the plan, comfortable with the amount of risk and that they have a reasonable expectation for certain outcomes. If someone charges you more than 1.25% they are charging too much, esp if it's in a fee based account. Good luck.
This post was edited on 3/31/14 at 1:05 pm
1
Posted on 3/31/14 at 12:41 pm to roguetiger15
Well said Rogue. A certified adviser has a fiduciary responsibility to their clients.
Basics you want to look for is how long has he been doing it. Also, what type of licensing/designations does he have (this isn't huge, but if the guy is a CFP, you know you are working with a quality guy).
Another thing to consider is how long is he going to be in the business. You are 30, If i'm choosing an adviser, I want him to be experienced, but I also want him to still be there when it is time for me to start withdrawing my money in retirement. If he is an older guy, figure out what his plan is for when he leaves the business. Who is your account going to go to?
Just a few things to consider as well, that may not get a lot of talk.
Basics you want to look for is how long has he been doing it. Also, what type of licensing/designations does he have (this isn't huge, but if the guy is a CFP, you know you are working with a quality guy).
Another thing to consider is how long is he going to be in the business. You are 30, If i'm choosing an adviser, I want him to be experienced, but I also want him to still be there when it is time for me to start withdrawing my money in retirement. If he is an older guy, figure out what his plan is for when he leaves the business. Who is your account going to go to?
Just a few things to consider as well, that may not get a lot of talk.
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