There are many types of financial advisors ready to offer you their services: stockbrokers, bank tellers and officers, insurance salespeople, financial planners, and tax professionals. Each type of advisor will be paid differently and offer varying types of advice. How will you know if the advisor you are talking to has your best interests in mind?
Do your due diligence: start with referrals from trusted friends, family or networks, check out any professional designation to determine whether it is current and if the advisor has been disciplined, interview several advisors face-to-face and find out about their background, experience, how they are paid, ask for references and check them.
Most importantly, you want to work with an advisor that will act as a fiduciary. A financial advisor held to a Fiduciary Standard occupies a position of special trust and confidence when working with a client. As a Fiduciary, the financial advisor is required to act with undivided loyalty to the client. This includes disclosure of how the financial advisor is to be compensated and any corresponding conflicts of interest. Not all advisors are required to act as fiduciaries, ask the question.
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