November 12th, 2010
Our Comment by J. David Lewis - This is a very short and easy to read list of six items anyone should read when they consider hiring a financial adviser. There is more to money than money.® We believe working with a financial advisor is more about the relationship than the mathematical matters of money.
3. Be picky. Get to know several candidates before settling on one. Personal chemistry matters, and there’s no point spending your money on advice from someone with whom you don’t feel at ease. Most advisers will give you a complimentary introductory session — in order to go over your needs, their process and what you can expect their services to cost — before you make a formal arrangement. Take advantage of these sessions. A good adviser should spend at least an hour learning about your full financial picture — including, for example, your goals, income needs, tax status and health, as well as the quality of your insurance coverage — before recommending any specific investments. It’s a red flag if he or she gives you a breathy spiel about some hot investment within the first five minutes of meeting you.
Contact J. David Lewis directly with firstname.lastname@example.org or share your thoughts on this topic below. He founded Resource Advisory Services in 1985. National Association of Personal Financial Advisors (NAPFA) was formed only a few years before. Lewis became a NAPFA-Registered Financial Advisor in 1986. He is a passionate advocate for fiduciary, fee-only financial planning and has been associated with financial services since childhood in a banking family. 50492