Hiring a financial advisor can help you make important decisions with confidence. However, if you don’t take the right steps, you may end up hiring the wrong person. Here are some mistakes to avoid when selecting a financial advisor.
NOT CHECKING REFERENCES
Ask any advisor for a list of references that they have worked with and reach out to them. This can provide insight what it is actually like working with the advisor. It may also be helpful to seek out reviews via methods.
PICKING THE FIRST PERSON
Even if you feel a connection with the first person you meet, it’s still important to sit down with other people before making your final decision. Taking this step is a win-win situation as you will either feel more confident with your choice or you will find someone with whom you fit better.
NOT BEING PREPARED
It’s important to have a list of questions when trying to find a financial advisor. Include questions about their credentials or other licenses the advisor may have. Bring along a pen and paper so you can take notes to keep all of your interviews straight.
CONFLICTING STRATEGIES
Every advisor uses a different strategy. Selecting one with a strategy that isn’t compatible with your personal financial methodology may cause you unwarranted stress or anxiety. Include questions about how they like to invest during your interviews.
