How to Find the Right Financial Advisor

Tuesday, October 20, 2015, 6:00 AM | Leave Comment

Are you planning to hire a good financial planner or advisor of late?

That’s a smart decision no doubt as financial management is a specialized affair and hence it’s good to proceed with a strategic approach- which can be assured by a financial advisor.

The financial advisor would help you to stay disciplined, would make sure that you pay your debts on time and refrain you from going overboard with avoidable plush indulgences.

Moreover, he would also inform you on different prospective avenues of investment.

However, when it comes to selecting your financial advisor you have to be really carful as not all advisors out there would be equally credible for you. Thus, the post here offers some expert advice on finding the right financial advisor.

  • Search around

    Do not just settle with the first financial advisor you come across. According to experts, you should take care to take a comparative study on at least 5-6 potential financial advisors before the final settlement.

    Ask for referrals from relatives, friends and colleagues and make the survey based on the references.

  • Reputed, certified and seasoned financial advisor

    This is the most important point when you are looking to find a credible financial advisor for you. The one you settle with finally should be a certified CFP professional with huge reputation in the market.

    Most importantly, he should be a seasoned one. Financial management commands good expertise which is not always possible without a prolonged professional experience.

    If you are in a particular crisis, such as high debt situation- then look for a reliable advisor with huge experience in debt management to ease the crunch for you. He would be able to help you to plan your budget strategically so that you don’t have to meet late penalties.

    In case, the debt situation is out of control, he will even be able to suggest you about the most compatible debt management solution- like consolidation loan or debt settlement etc.- keeping in mind your income and lifestyle and necessary monthly needs.

  • Is he comfortable to talk to?

    The comfort quotient is really important. A financial advisor is someone with whom you have to share all your financial secrets, including your earnings and deficits. Thus, he won’t do you any good if he is not comfortable to talk to.

  • The pay structure

    It’s best to go for a credible financial advisor who charge an hourly rate and try to stay away from commission-based advisors.

    The commission-based ones do not always look after the best interest of the client and can push you towards an investment or insurance plan that might not be suitable for you.

  • The fiduciary clause

    Your chosen financial advisor must promise the fiduciary clause which guarantees he will work keeping in mind your best interests always.

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