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Step 10 - Choose objective and competent investment advisers
Category : Financial Planning -- 10 Personal Steps in the Right Direction
Choose objective and competent financial advisers and investment counselors
10 of "10 Financial Planning Steps in the Right Direction"
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OTHER ARTICLES ABOUT THESE "10 FINANCIAL PLANNING STEPS IN THE RIGHT
Pick financial and investment advisers solely to obtain
objective and high quality advice. Specific financial and investment advice is
potentially of high quality, if it is carefully customized to your
particular needs and is given by an adviser who is independent,
knowledgeable, and competent. If you agree with the advice being given,
then buy the recommended securities and other financial product through the most inexpensive
The only reliable way to ensure the objectivity of a
financial planning advisor or investment counselor is to
pay directly for the adviser’s services, after investigating
adviser’s background, competence, and work ethic.
shortcuts. Free advice is never free. In fact, it is usually much more
expensive than the advice you receive from an advisor whom you pay
Advice that is contingent on a requirement to purchase
your planning adviser is subject to a conflict of interest. Financial
advisers, who are not paid directly by you, instead derive compensation
from commissions and other fees paid by the financial services
industry. Through these commissions and other hidden costs and/or
through suboptimal investment performance, you are likely to pay a
significantly higher price for “free” investment
When a financial advisor or investment counselor has a
conflict of interest, you can never be certain whether
you are getting the best advice possible.
advisers are ethical and helpful. However, the reputations of ethical
advisers are tainted by others who are just salespeople that masquerade
You should never have to waste your time and emotion
your advisor’s motivations. Often, self-interested advisors
well trained, and their sales presentations are sophisticated and
polished. It may be a challenge to tell whether the advice given is in
your best interests or whether it serves the financial interests of
your adviser and the company he represents.
If you become more knowledgeable about how the advisory
works, you can better assess the quality of advice you receive. These
articles will help you, and they will lead you to additional
information about advisors:
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