Guide to Hiring a Personal Financial Advisor
If you want help to manage your own wealth, then it would be beneficial for you to hire a personal financial advisor. There are two types of financial advisors according to how they charge fees; one charge fees by commission, and the other charges fees upfront for his services and between the two your should choose the one that charges fees upfront. If you want to be sure that only your interests are in his mind, then don’t choose the commission based advisor but the one who charges your with his service fees upfront.
If a financial advisor charges you upfront, then the way he is making money is by billing his clients directly. Financial advisors should not violate this standard. This will ensure ethical decision making among personal financial advisors. Poor investment choices can be prevented by a financial advisor who bills you in a straightforward way. You will be offered poor investment choices by a financial advisor who is only after commission satisfying his need to earn. You get terribly confused when your investments backfire.
If the personal financial advisor is associated with an industry research firm, then he will be a good one to work with. Industry information will be analyzed regularly by a good financial advisor. With his research, he can give his clients better investment opportunities. It is important that this financial advisors will know what opportunities will work best for the client on a personal level by listening to what they have to say.
If you are considering a financial advisor, make sure that he has professional affiliations and a good reputation. If he is affiliated with a known association, they you can know his ethics and personality. Being a member of the National Association of Personal Financial Advisors would indicate that he is one with those who exhibits the highest level of professionalism for fee-only providers.
It is quite complex to make financial decisions for yourself in you have specific financial objectives or if you are approaching retirement. It is only in doing proper research can you really make an informed decision. To make things easier for you, you can have your financial situation managed by a reputable personal financial advisory firm. Financial Fiduciaries LLC is a firm that can help you in your finances. Being a member of the NAPFA, this firm is a fee-only investment advisory firm. What they offer to individuals are planning and investment services. If you hire such a firm, then they will be the ones to do the research and checking out alternatives for you so that they can help you achieve solutions to your financial challenges.
The founder of this firm is Thomas Batterman who is also one of the financial advisors who helps his clients with their financial interests. He provides fee-only financial management services and manages investment and financial affairs of individuals who don’t have the time or expertise to do it for themselves.