Libby Kane has an interesting article entitled “Five Signs You Picked The Wrong Financial Advisor” which fits well with our “Ten Questions to Ask a Financial Advisor.” Here are her five warning signs:
1. She Isn’t Certified. In other words, you should value comprehensive wealth management.
2. He Offers to Manage Your Money for “Free.” In other words, you deserve a fiduciary standard of care.
3. She Says She Outperforms the Market. In other words, walk away from “too good to be true.”
4. She Doesn’t Ask About Your Financial Goals. In other words, build your financial dream home with a good blue print.
5. His Management Style Makes You Uncomfortable. In other words, you should understand your investment strategy.
Kane ends her article with this sage advice:
Again, one guiding word to keep an eye out for is “fiduciary.” This means that the planner will always work in your best interest—even above his own—which is the bottom line when it comes to getting help with your bottom line.
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