How can I find a quality financial advisor?

November 16, 2007

Posted by codacoda

( 0 ratings )

Although there are a number of certifications, prestigious firms, etc. - the best way is through referrals. Advisors are largely as good as the individuals providing you support. Care of service, business acumen, INTEGRITY - all that can be compromised even in a top tier firm that has a high minimum asset requirement.

Look for someone among your friends/family/business contacts that have a similar combination of goals, age, risk appetite and most importantly - assets - and get referrals.

questions to ask:
-do you find the advisor pushes novel products? are they risky or does he/she err on the side of being conservative?
-how long have they serviced you? (better be more than a year or two ideally so they have a true track record)
-how responsive is this person? not just during time of sale or relationship development but ongoing support?
-finally, you can get to the actual performance questions - how has your portfolio done? where has it done well? how did they react when the market didn't do well (anyone can do well in a strong market - what about when it looked crappy?) that's what separates the men from the boys.

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