Guide to Hiring a Personal Financial Advisor
Hiring a personal financial advisor is the best way that you can manage your wealth properly. 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.
The way that the financial advisor makes money is by billing your directly that is why he chares you upfront. This is the standard for reputable financial advisors that should not be violated. This assures ethical decision making across the industry. When a financial advisor bills you in a straight forward manner, then is he can prevent poor investment choices. If a financial advisor is only after commission then his need to earn can result in poor investment choices. 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.
Choose a financial advisor who works with a firm that researches industry information. With a good financial advisor, there is a regular analysis of industry information. This will give his clients better 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.
Professional affiliations and a good reputation should be looked for a in a potential financial advisor. His ethics and personality will be shown by his affiliations. 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. If you want to make an informed decision on your finances, then you should spend time in doing proper research. You don’t have to trouble yourself over this; the best solution is to let your financial situation be managed by a personal financial advisory firm. One such firm is Financial Fiduciaries LLC. This firm is a fee-only investment advisory firm that is a member of the NAPFA. What they offer to individuals are planning and investment services. 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. If you don’t have the time or expertise to handle your financial concerns, then he can provide you with fee-only financial management services.