Opinion: How to choose a financial adviser
January 27, 2020 by Kenny Gott
In obtaining financial advice, you must first understand you likely need a whole advisory team, not just a single adviser.
You may need a financial planner and an investment adviser, an accountant, attorney, business consultant and life insurance agent – and other risk management specialists.
Some professionals can fulfill multiple roles, but nobody knows everything about everything. But an adviser who can’t address a particular planning item should be able to refer you to someone who can. So, when evaluating an adviser, understand the scope of their knowledge and experience, the services they offer and don’t offer – and the depth of their bench, i.e., referral connections.
Meet with more than one candidate. Get to know them a little, and let them understand what your needs are. An informed second opinion on your investments may require more than one meeting, and it’s worth the time spent.
If an adviser has initials after their name, research those designations. Some require years of field experience, knowledge of a broad range of financial topics, extensive formal testing, a background check and continuing education on the ever-changing financial landscape. Others only require a fee and a couple of weeks of study and testing.
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