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. 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. 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 you financial advisor is only after commission, then he can be offering you poor investment choices. And sometimes, these investments backfire and you can get really confused.
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. The financial advisor should analyze industry information regularly. 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.
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. To make things easier for you, you can have your financial situation managed by a reputable personal financial advisory firm. One such firm is Financial Fiduciaries LLC. Being a member of the NAPFA, this firm is a fee-only investment advisory firm. You can benefit from their 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.
One of their professionals and founder of the firm is Thomas Batterman, who represents the best financial interests of his clients. 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.