 Finding a good financial advisor need not be a major chore. If you use the following guidelines, you can find one who will be willing to help you through a myriad of financial navigation issues and you will be better for having used the services.
Here then, are tips to help in choosing a good financial advisor.
Business check. Just to protect yourself, the first thing you must do is to perform a check on the person or company that you are considering using. Use the Better Business Bureau and agencies to help in your search. Some advisors belong to financial accreditation groups to which you can make contact.
Check references. Not only should you perform the check above, but you should check with customers who use the services of the advisor you are considering for hire. While this is subject to the names that you are given by the advisor, you can also do some checking with local chamber of commerce offices to see if they can give you recommendations.
Ask around to see if other family members or friends use a specific advisor and find out if their reputation in the community stands up to scrutiny. Generally, if a person has a bad experience, word gets out. But it is a good idea to get more than just one opinion.
Interview the advisor. Next, it is your responsibility to ask some questions of the advisor to satisfy your own need to satisfy the curiosity surrounding their business and how they operate. Find out things like how long they have been in business, what their policies are on handling unhappy clients, and what philosophy they use in directing their clients toward financial stability. Do they encourage a debt-free lifestyle or just one that emphasizes the use of credit in a responsible manner?
Pay as you go. Find out how billing for services takes place. Be wary of those agencies which require a large, upfront fee or retainer. Unless they are a law firm, you should be able to make monthly payments based on the services rendered.
Communicate openly and often. If you are being given advice on how to manage debt and paying back of creditors, be sure to check with them regularly - at least once per month - on your status and how you are doing. If you get into trouble with a creditor, bring them in to help you solve the issue in a fair and equitable manner.
A good financial advisor is not obsessed with making money from you. They are concerned with your overall financial health and are eager to help you make strides in getting a handle on your finances. Yes, they charge for their services, but if they are delivering value for their time and you are current on what you owe them, then the fees should be a small issue, not a major one.
By Trisha Wagner |
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