Q. How to find a good financial adviser?
A. A good financial adviser could help you secure a safe and rich retirement, so it's worth taking time to do research first before selecting one. Here is a list of steps an ordinary investor could follow to do the research and comparison:
1. Look for fee-only advisers
Search the following website to find several local financial advisers:
a. National Association of Personal Financial Adversers - napfa.org
b. CFP website - letsmakeaplan.org
c. Financial planning website - plannersearch.org
d. Garrett Planning Network - garrettplanningnetwork.com
2. Prepare a list of interview questions
You can find a list of prepared such questions at the following websites, download it then email to your candidates:
a. Plannersearch.org
b. Garrettplanningnetwork.com
3. Research candidates
You can use the following websites to research financial advisers, pay attention to lawsuits, fees and compensation, customer disputes, etc.:
a. Regulatory agency - Brokercheck.finra.org
b. SEC's investment adviser public disclosure website, read Form ADV brochure - adviserinfo.sec.gov
The Form ADV is mandatory disclosure form for many advisers, if you can't find it from your candidates, move on.
4. Meet in person
This should have no cost, you meet with the candidates face to face and note the one you feel comfortable to work with and trustworthy.
5. Decision time
Do not make the decision on the spot. Get a written agreement on fees and services to be provided. Then come home and put all the information in front of you and your spouse, make the best decision based on all the factors.
A. A good financial adviser could help you secure a safe and rich retirement, so it's worth taking time to do research first before selecting one. Here is a list of steps an ordinary investor could follow to do the research and comparison:
1. Look for fee-only advisers
Search the following website to find several local financial advisers:
a. National Association of Personal Financial Adversers - napfa.org
b. CFP website - letsmakeaplan.org
c. Financial planning website - plannersearch.org
d. Garrett Planning Network - garrettplanningnetwork.com
2. Prepare a list of interview questions
You can find a list of prepared such questions at the following websites, download it then email to your candidates:
a. Plannersearch.org
b. Garrettplanningnetwork.com
3. Research candidates
You can use the following websites to research financial advisers, pay attention to lawsuits, fees and compensation, customer disputes, etc.:
a. Regulatory agency - Brokercheck.finra.org
b. SEC's investment adviser public disclosure website, read Form ADV brochure - adviserinfo.sec.gov
The Form ADV is mandatory disclosure form for many advisers, if you can't find it from your candidates, move on.
4. Meet in person
This should have no cost, you meet with the candidates face to face and note the one you feel comfortable to work with and trustworthy.
5. Decision time
Do not make the decision on the spot. Get a written agreement on fees and services to be provided. Then come home and put all the information in front of you and your spouse, make the best decision based on all the factors.
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