What You Should Look For In 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. 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. 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. 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 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. 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.
Consider a financial adviser who is a member of a known association and someone who has a good reputation. His ethics and personality will be shown by his affiliations. The National Association of Personal Financial Advisors (NAPFA) has members that are professional fee-only providers and if the personal advisor belongs to this association, then you can be sure that he is a reliable one.
It is quite complex to make financial decisions for yourself in you have specific financial objectives or if you are approaching retirement. 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. 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. If you need help from a firm, you can seek advice from Financial Fiduciaries LLC. 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.
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.