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How to find a trustworthy Financial Adviser


Decisions regarding finance always require an expert’s opinion. Taking financial decisions on little or no knowledge can be extremely risky and “guessing” is a thing never to be used in business. 

So, it is always advised to go for a financial adviser if you are inexperienced or new to business. 

Managing your money or personal finances has a lot of relevance with our several everyday activities where we take advices or lessons from our elders and teachers. 

If you make up your mind of consulting a financial adviser, then following are some of the guidelines that you need to know before hiring a financial adviser: 

Diverse ways of charging by Financial Advisers

Employing a financial planner for your business is a serious task. You should do your home work of assessing your business needs before taking this critical decision. 

Some financial advisers work on hourly fees, some earn commission on the products they sell and some earn a specific percentage of your assets under their management. 

The advisers who charge on “percent of asset,” have the maximum incentive to make your account grow. It means that bigger the assets, larger the fee. 

These types of advisers seldom have limited account sizes that isolate them from the reach of new investors who are just starting their business. 

Furthermore, financial advisers working on commission-based projects may be selling an extraordinary product, but they will never warn you if the product is not an ideal fit for you. 

The main reason is that they are working on commission, not on incentives. Normally, the hourly fees paid adviser is considered the best option to be hired. 

In fact, an hourly fee paid financial adviser with a “CFP,” or the Certified Financial Planner designation has no match with any other kind of financial advisers. 

Consult concerned agencies before taking a final decision

In order to employ hourly fees paid certified financial planner in your region, you can visit NAPFA or Garrett Planning Network. 

By just putting in your zip code to the concerned websites, you will get a long list of all the potential financial planners in your area.

It is highly recommended to interview a few candidates before you take final decision. Following is a set of some key questions to be asked from the proposed financial adviser: 

  • How long is your career span in business and what formal trainings have you received?
  • What is your frequency to meet with the clients and exactly, what kind of information you seek from them?
  • Considering my business needs, how much hours you think we should spend together and how much will you charge me for your services?
  • Can you give me access to some of your existing clients?
  • If we switch our places, what type of questions would you ask me? 

In order to get more relevant and diverse information on personal finance, big savings and other related issues, log on to http://homemony.com/ and find a range of business related articles that will keep you updated with the pace of different business industries. 

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