Choosing a financial advisor is an important and sometimes difficult decision. You want someone you can comfortably work with; someone you connect with and trust. The Certified Financial Planner Board of Standards outlines a number of key areas to assess potential advisors including:
- Your advisor should have the qualifications and experience to meet your planning needs. They should be familiar with the challenges you face and have assisted others with similar situations.
- Your advisor should have a duty to you and your family to provide unbiased advice that is in your best interests.
- Your advisor should assist you in coordinating a comprehensive financial plan which addresses all areas of financial planning, not just investment management.
- Your advisor should be committed to you and your family for the long-term.
- Your advisor should be committed to educating you and helping you understand your situation as well as the options available to you.
- Your advisor should be open to discussing how they are compensated and how much they earn for assisting you.
- Your advisor should tell you about any unlawful or unethical actions and disciplinary actions in their career and with which agencies you can verify these records.