Posted by Mary Caraccioli | Filed under financial plan
Thank you for all of your great questions. Keep them coming! While there are many to sort through, some common themes appear. Here is my approach: I pick questions that represent the topics that get asked about the most. My hope is by answering one, I am helping many more. Let me know if you want more detail. Just click the ASK MARY tab.
Today Kim gets the spotlight.
HELLO. I LIVE IN RALEIGH, NC AND WOULD LIKE TO KNOW HOW TO CHOOSE A REPUTABLE FINANCIAL/INVESTMENT ADVISOR. CAN YOU HELP ME WITH THIS?
KIM THANKS SO MUCH FOR THE EMAIL. START WITH SOMEONE WHO HAS THE PROPER TRAINING. I HAVE A USEFUL TOOL THAT WILL HELP NO MATTER WHERE YOU LIVE: “NAPFA.org.”
THE NATIONAL ASSOCIATION OF PERSONAL FINANCIAL ADVISORS HAS A DATABASE OF SCREENED ‘FEE-ONLY” ADVISORS.
YOU WANT AN ADVISOR WHO CHARGES A FEE – NOT ONE WHO WORKS ON COMMISSION. JUST MAKE SURE YOU KNOW EXACTLY WHAT THOSE FEES ARE UP FRONT AND IN WRITING.
KIM– TRY TO MEET WITH SEVERAL DIFFERENT ADVISORS. THEY NEED TO BE ABLE TO COMMUNICATE IN PLAIN ENGLISH- AND- YOU SHOULD FEEL COMFORTABLE ASKING ANY QUESTION. REMEMBER IT IS YOUR MONEY. THE ADVISOR MAKES MONEY MANAGING IT.
HERE IS ONE MORE STEP YOPU CAN TAKE—ONCE YOU NARROW YOUR SEARCH DOWN TO A FEW NAMES—SCREEN THEM AT FINRA.org USING THEIR BROKER CHECK FEATURE.
KEEP IN MIND, BAD APPLES GET THROUGH EVEN THE MOST RIGOROUS SCREENING PROCESSES SO LET YOUR ADVISOR KNOW YOU PLAN ON STAYING ON TOP OF THEIR WORK- THEN FOLLOW THROUGH!