Finance
Financial Planning
How many of you have faced the situation when working with a financial advisor for some time, you?re beginning to have doubts that you hired not the right person for the job? You start to understand that financial planner is more interested in trying to sell you some commissioned laden product than helping you achieve your financial dream. As a rule people do not conduct any research to find out whether the financial advisor they hired is good or not. Moreover, many of them keep doing nothing about it and continue to get the service of the low quality.
It’s really essential for you advisor to know your week sides and to take care of them first. So when you hire a financial planner, make sure he is going to take the time and ask the right questions:
- How much credit card debt do you have?
- How is your health?
- How safe is your job?
- Do you want to buy a home?
- Do you have will or trust?
- Do you have enough in you emergency fund?
- How do you plan to take care of your kids college education?
- When is the last time you checked your beneficiaries?
One of the most vivid warning signs is if the advisor asks you to write a check made out to him personally, it is a clear red flag. Never write out a check directly to the advisor. Especially, if you are purchasing some kind of investment product. You must be aware that every check is to be payable to an institution. Another common feature characteristic for low-qualified financial advisors is their indifference towards their clients. They usually don’t answer your phone calls or emails. Of course it may be pretty hard to return to all the clients’ calls and emails during 24 hours, though it’s a practice of a real professional.