What You Should Look For In 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 should be the standard maintained by financial advisors and they should not violate it. When this is followed, then you are assured that the decisions of your financial adviser are ethical decisions. A financial advisor that bills upfront is prevented from making 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. With a good financial advisor, there is a regular analysis of industry information. With his research, he can give his clients better investment opportunities. Listening to the needs of the client will better help financial advisors to know what opportunities will work best for them.
Professional affiliations and a good reputation should be looked for a in a potential financial advisor. 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.
If you are someone who has specific financial objectives or your are approaching retirement, making financial decisions for yourself can be complex. And if you have to do it correctly, then you need to spend time to make proper research so that you can 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. One such firm is Financial Fiduciaries LLC. This firm is a fee-only investment advisory firm which is a member of the NAPFA. You can benefit from their planning and investment services. These financial advisory firms can help you in your financial decision making by doing the research for you and checking out investment opportunities.
The founder of this firm is Thomas Batterman who is also one of the financial advisors who helps his clients with their financial interests. For people who are not able to do financial planning themselves, then Thomas Batterman is there to help you in managing your finances which is a fee-only service.