Learn to choose an investment advisor today
Investing is one way to bring hope and assurance in your life. How to become a good investor? .Looking for an investment advisor can be a daunting exercise, Or maybe even to change your current investment advisor. How do you choose a financial advisor who will not expose you to the gates of financial hell but bring you wealth?
The following are the best methods of finding an advisor ,rest assured this will save you the headache of digging the entire web. luckily, we’ll also give you various ways to find and choose an advisor who will best fit your financial situation. Follow me :
1. Don’t ask for a referral from your friends, relatives, colleagues etc .
Its really funny advice.People’s situation differ, some investment can work for someone, however when you apply the same technique and suffer a loss. therefore Just because an advisor services your friend’s portfolio well doesn’t mean he will do the same especially if your personal targets and objectives differ. Taking advice from your friends only can mislead you. i know it’s the easy way out but it can also the easy way to loss.
2. Make it your responsibility to ask other advisors, such as accountants and insurance agents, attorneys for their recommendations.
Choose an unbiased, independent professional to assist in your search for a financial advisor that’s right for your situation and can help you meet your investing challenges. Be careful here and make sure they don’t work together on a referral basis. or there is nothing they gain from referring, The love for money can easily cloud the judgement of many.
3. Websites are a great source to look for an advisor.
Information displayed on the site is crucial, pay attention. companies like to put their best on the frontline. therefore investment advisors who are listed on the website are likely to become the best they got. jot them down and ask for their professional help, you might just find the one. Note that some companies can have as many as 20 000 financial advisors, believe me it will be a nightmare to pick one.
4. Don’t choose only the biggest fish in the Ocean.
You have definitely heard of some big names in the world of investing, however it doesn’t mean that they are the only option. In most cases you know them because they have millions in their budget to advertise. It doesn’t mean that companies which are not advertising are not the best in their craft. so spread your wings and find out about other alternatives which are silent. Usually this where you meet quality investment advisors.
5. Don’t use investment magazine ratings to find your advisor.
Most of the media house review financial advisors according to how they are benefiting, not according their skill.Therefore one should be aware of such reviews. Their returns will not necessarily be your returns, and they are likely to be biased if they have some sort of relationship with them. Focus on your returns and make your judgement solely based on that.
6. Know when to use a “fee-only” advisors.
Initially it can look like a great idea, and in many cases a fee-only advisor is the best choice. Occasionally not always. if you seldomly trade your investments, fee only advisor might be for you because paying a trading commission might be less expensive compared yo paying one percent or so on your total assets under management. Fee only might get lazy to do some research for you because your payment to them is guaranteed, where you make money one trade or more.
Finding a qualified investment advisor who knows their story can be challenging. Asking family and friend for advice is like playing the lottery. However, some advice could be beneficial. i would recommend a combination of the above mention to find the best financial advisor. There is no guaranteed formula for this, just take caution.
To get satisfactory results ,You want professional financial advisor who is experienced, and know how to work with people and shares similar goals and similar account sizes.Make sure this person should have nothing to gain from making a recommendation they make. Their sole purpose should be nothing other than making you a happy, satisfied investor. A recommended solid plan will be to pay a consultant to assist you in hiring an advisor, negotiate fees and separate the wheat from the chaff.