Financial Advisor Tips
Managing your money may seem like a very simple task. However, covering all of your monthly bills while still trying to save for the future can be much more difficult than you expect. Working with a professional financial consultant can help to make the process much easier. Keep these tips in mind to ensure that you choose the right financial advisor to work with.
- Find out who regulates the advisor that you are considering working with. The regulatory body that they answer to can help to clarify what standards they operate under.
- Ask how they will be compensated. There are many different ways in which an advisor can make their money, including fees that are paid by clients, commission, or selling investment products. Finding out the way that they are compensated can help to give you a better idea of any potential conflicts of interest between you and your advisor.
- Find out if the advisor has ever been disciplined in the past for inappropriate or dishonest behavior. The SEC, FINRA, Certified Planning Board of Standards, National Association of Personal Financial Advisors, and the Financial Planning Association websites will all provide the information needed to find out about an advisors past.
- Ask how often the advisor’s firm will conduct audits, and if a third party custodian will ever handle your portfolio assets. A custodian will be able to provide monthly statements of your assets to you and your advisor.
For all of your financial planning needs, contact the financial consulting experts at Phocus Companies in Phoenix, Arizona. We will work with you to ensure that you have the best financial planning advisor to prepare you for the future.
