If you feel overwhelmed by expenses, debts, or simply the pressure of on-time payment of your monthly bills, it’s probably time to hire a financial advisor or planner. Having one will get you back on track toward financial security. Let’s look at some considerations before you choose one.
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| Image source: citrinecapitaladvisors.com |
Firstly, do a background check on the potential advisor. It’s best to research first on the track record of the financial planner, both from past and current clients that match your own financial goals. Don’t settle for anyone with the dubious record of having been put under investigation in the past. Alongside this, ensure that the planner’s credentials are current. Go online and check the company’s administration and employed representatives.
Secondly, take a closer look at the pay structure being offered. You typically want to avoid commission-based advisors who might be just working for the cut of the revenue for, say, a mutual fund or a life insurance package. In short, make sure that they have your best interest—literally and figuratively—in mind.
Consider getting a planner who charges by the hour if you’re just starting out and doesn’t have many assets. Even though these planners are still building their own portfolio, they are also building their names; they would go to great lengths to ensure that they get your finances in order. After all, they’d need your recommendation for their own growth.
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| Image source: moneycrashers.com |
Hello, I’m Douglas A. Grady, a financial advisor based in California. I believe that the way individuals handle their finances tells a lot about their personality and future. More insights on wise spending here.
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