A financial advisor is a professional who provides specialized financial services and advice to individuals, businesses and governments. These services may include investment advice, such as retirement planning, portfolio review, and asset allocation. They can also include insurance sales, estate planning and administration of pension plans.
This financial professional is simply a person who helps meet investors their financial goals and obligations. Before selecting a financial advisor for your needs you must request a free telephone consultation and you must clear all your doubts regarding your finances.
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How to Hire a Financial Advisor?
Like anything else, all counselors are not created equal. Follow the steps below when hiring a new professional for the first time.
Ask the advisor that they are exactly what services they provide, and exactly how they are compensated.
Ask them if they are affiliated with a Broker/Dealer. A broker/dealer will usually have less responsibility to their clients and are more interested in generating commissions. It is best to hire an independent investment advisor who has no association with anyone. This will ensure objectivity when the advisor is helping you meet your goals.
If you are interviewing a financial advisor who is both a broker and investment advisor, make sure they are clear on what basis you will be served. Investment advisors are held to a much higher level. You should generally seek to be served by an Investment Advisor when seeking financial advice.