Guide to Hiring a Personal Financial Advisor
It will be for your own benefit if you hire a personal financial advisor to help your manage your own wealth. One caution in hiring a personal financial advisor is that you should choose someone who charges fees upfront and not someone who receives payment on a commission basis. This type of advisor would better protect your interests consistently.
If a financial advisor charges you upfront, then the way he is making money is by billing his clients directly. This should be the standard maintained by financial advisors and they should not violate it. This will ensure ethical decision making among personal financial advisors. When a financial advisor bills you in a straight forward manner, then is he can prevent poor investment choices. You will be offered poor investment choices by a financial advisor who is only after commission satisfying his need to earn. Your investments can backfire because the commission based financial advisor was only thinking of his earnings and was not aware of his poor investment choice.
If you want to increase your wealth, then you should work with a personal financial advisor who is affiliated with an industry research firm for industry information. Industry information will be analyzed regularly by a good financial advisor. Better opportunities will then be given to his clients. Financial advisors should listen to their clients so they know the opportunities that will work best on a personal level.
Consider a financial adviser who is a member of a known association and someone who has a good reputation. If he is affiliated with a known association, they you can know his ethics and personality. If your financial advisor is a member of the National Association of Personal Financial Advisors (NAPFA) then this only shows that he is affiliated with an association with the highest level of professionalism for fee-only providers.
Most people approaching retirement or those will specific financial objects usually are not able to make good financial decisions for themselves. It is only in doing proper research can you really make an informed decision. If you contact a reputable personal financial advisory firm, then you don’t have to go through all the researching and stuff but they will make things easier for you. If you need help from a firm, you can seek advice from Financial Fiduciaries LLC. This firm is a fee-only investment advisory firm that is a member of the NAPFA. They offer planning and investment services to individuals. Their professionals have the knowledge and experience to help you achieve solutions to your financial challenges by doing the research and checking out the alternatives for you.
Thomas Batterman, the founder of the firm, is someone who can best represent the financial interest of his clients. 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.