How to Find the Best Financial Advisors
The financial industry is complicated and full of confusing acronyms and titles, many of which serve no purpose but to inflate the ego and marketability of the person possessing them. Take care to choose the best financial advisor for your needs; enlisting the services of an industry professional to help you create a safe and secure financial plan is a wise decision.
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Instructions
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Write down your financial goals. Because financial advisors work in many different specialties, choosing one with a focus or expertise in your areas of concern is likely to generate the best results.
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Locate financial advisors in your area. Speak with friends and family who live nearby and find out what industry professionals assist them. Make a list of names and contact information; include any relevant notes or other information provided by the referrer. Use the Internet or a telephone directory to search for other advisors in your area; add those names to your list.
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Contact local advisors. Call every individual or company on the list and explain the basics of your current situation. Do not immediately commit to working with anyone in particular; be upfront about your purpose for the call. Inform the advisors that you are investigating your options and plan to interview several professionals. Ask each advisor to mail you an informational packet describing his firm and the services it offers.
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Interview the advisors. After reviewing the brief phone calls and the material received in the mail, schedule meetings with the advisors on the list who you feel might be in a position to help you. Review the brochure "10 Questions to Ask When Choosing a Financial Planner," available for download from the website of the Certified Financial Planner Board of Standards. Discuss each question in detail at your interview meetings and make notes reflecting the answers and your thoughts.
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Review service agreements. Read and compare the standard service contracts given to you by each advisor. Take the time to read each one and become familiar with what you can expect as a client. Discard those agreements with which you are uncomfortable and cross off those advisors from the list.
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Get clarification, if necessary. Write down any questions or concerns you still have after the interview and examination of the contracts. Call the remaining advisors and get answers to your questions. Compare all candidates and consider the likelihood of establishing a successful relationship, then make your final choice.
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Tips & Warnings
Do not rush into choosing a financial advisor. Interview several candidates from multiple firms and take detailed notes during each meeting. Review your notes later and make a decision based on your comfort level, the abilities of the advisor and the likelihood of that person fulfilling the role you want.
