Guide to Hiring a Personal Financial Advisor
Hiring a personal financial advisor is the best way that you can manage your wealth properly. 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.
When a financial advisor charges you upfront he is making money by billing your directly. Financial advisors should not violate this standard. This assures ethical decision making across the industry. A financial advisor that bills upfront is prevented from making poor investment choices. You will be offered poor investment choices by a financial advisor who is only after commission satisfying his need to earn. 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. Better opportunities will then be given to his clients. Listening to the needs of the client will better help financial advisors to know what opportunities will work best for them.
Professional affiliations and a good reputation should be looked for a in a potential financial advisor. 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.
It is quite complex to make financial decisions for yourself in you have specific financial objectives or if you are approaching retirement. It is only in doing proper research can you really make an informed decision. 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. Financial Fiduciaries LLC is a firm that can help you in your finances. Being a member of the NAPFA, this firm is a fee-only investment advisory firm. What they offer to individuals are 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.