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. 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. This type of advisor would better protect your interests consistently.
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. You get terribly confused when your investments backfire.
If the personal financial advisor is associated with an industry research firm, then he will be a good one to work with. The financial advisor should analyze industry information regularly. This will give his clients better opportunities. Financial advisors should listen to their clients so they know the opportunities that will work best on a personal level.
Professional affiliations and a good reputation should be looked for a in a potential financial advisor. His ethics and personality will be shown by his affiliations. 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. If you want to make an informed decision on your finances, then you should spend time in doing proper research. 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. 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. 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.