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Selecting a Financial Advisor-
7 Mistakes Clients Make

Financial advisors partner with individuals and families to help them reach their most important financial goals in life; retirement, college education funding, and purchasing a second home. Therefore, choosing a financial advisor is an important decision. In order to make the best hiring decision, proactively work to avoid the most common mistakes made by others.
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Here are several mistakes that people commonly make
when choosing a financial advisor:
•
 Failure to Check Backgrounds- Review the financial advisor’s background including their education, experience level and licenses held. In addition to reviewing their resume or professional bio, you can also research to discover which licenses they hold through their respective licensing agencies.
•
 Failure to Check References- In addition to completing a background check, be sure to request several references for the financial advisor before hiring them. If they are unable to provide contact information for their clients, offer your contact information and request that they pass it along to several of their clients who are willing to serve as references. Or, you can ask your trusted friends, family and colleagues for financial advisor referrals.
•
 Not Interviewing Several Advisors- It is not recommended to hire the first financial advisor you meet with. Treat this decision as you would choosing a physician, dentist or other professional. Schedule several interviews with advisors, compare and contrast your experiences and your level of comfort and then choose the professional that best matches your specific financial needs.
•
 Developing a Transactional Relationship Only- While there is a time and place to develop a transactional only relationship with a financial advisor, most professionals recommend that you work with someone who works to develop a customized financial plan based upon your current financial situation and financial goals before recommending specific transactions or products.
•
 Failure to Clarify Costs and Fees Up Front- Before working with a financial advisor, request an agreement in writing. The agreement should clarify the terms of your relationship and any up-front fees or costs as well as any ongoing fees or costs.
•
 Failure to Fully Disclose- If you don’t provide full disclosure to your financial advisor regarding your present financial situation, you are not providing them with the opportunity to properly complete their job. The more information that you provide, the more accurate the recommendations your financial advisor gives you will be.
•
 Failure to Ask Questions- While your financial advisor is providing recommendations with your best interest, based upon the information you provide, it does not mean that you need to blindly follow. Ask questions to ensure that you fully understand what they are recommending, and why they are recommending each suggestion. In addition to asking your financial advisor questions, you may also consider getting a second opinion from another professional.



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When selecting a financial advisor, remember that the decision is an important one. To ensure that you hire someone who is a great match for you, proactively work to avoid the common mistakes listed above.