Everyone wants to be smarter with their money. Saving it up is simply not enough. One must also find a way to let it grow, to put it on good investments, and to not let it go to waste.
A way to be smarter with money is through hiring a financial advisor. A financial advisor is an expert who gives advice on clients on how they can invest, save and grow their money. Knowing what is good for an individual and a business’ finance and finding the right strategy are the key objectives of a financial advisor.
There are many financial advisors out there but how will you know that they are legitimate and are true experts in handling money? Here are some points that you should remember when looking for a financial advisor:
- Look for credentials – Credentials are everything when it comes to finding the right financial advisor. Take a look on their educational background, their past experiences, and their achievements. Have time to verify those credentials. Do not be afraid to be vigilant. Choosing the wrong financial advisor may cost you your money.
- Background check – Taking a look at their resume is not enough. It wouldn’t hurt if you run a background check on your prospect. Find out if he or she has been convicted a crime or has been investigated by the police. You might end up with someone who just wants to rip you off.
- Ask for referrals – Do some research. Ask friends if they have any an individual, a firm or management to recommend. Check their Linkedin page to see their credentials and past experiences. Do not be afraid to ask around.
- Know what you need – Create an outline of the outcomes that you want to see and how you can get there. In this way, you’ll know exactly what you’re going to look for with a financial advisor.
- Conduct interviews – Meet up with your prospects and get to know them better. Create a list of tough questions and put them under fire. This may take time and can be too stressful but remember that your money and your future is at stake here.
- Pay structure – Ask them about their pay structure. Do they prefer to be paid by commission or by flat? Make sure to choose a financial advisor whose mode of payment won’t become a hinder to your own financial growth.
- Look for “fiduciary” – Fiduciary is a concept written in your advisor’s code of ethics. Look for this word to ensure that your advisor will look after your best interest.
- Ask for references – Ask for at least three to five references. Through checking their character references you are gaining insights on how they work and their professionalism.
Getting a trustworthy financial advisor can be stressful. But the outcome can be great if you manage to see your money getting bigger and are in great investments.
But If you think getting a financial advisor can be a bit too much, then it wouldn’t hurt if you just do it all by yourself. Mastering your own financial plan can be good for you in the near future. You can use resources like ecomparemo.com to help you compare rates and fees on any financial information like loans, credit cards, and insurances.
Whether you get a financial advisor or not, the only key left here is to make responsible decisions and to be smarter when it comes to your money.