In this #CreditChat, we talked with Garrett Planning, ThinkAdvisor and CFP Board Consumer Advocate Eleanor Blayney about steps to take when hiring a financial advisor.
You can see the full transcript and links to resources here:
http://www.experian.com/blogs/news/about/financial-advisor/
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How to Choose a Financial Advisor
1. How to Choose a Financial Advisor
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Wednesdays | 3 p.m. ET
2. Join our #CreditChat every Wednesday at 3 p.m. ET. This week,
we discussed how to choose a financial advisor.
“ Check out all the resources and tips shared:
bit.ly/financial-advisor
3. Finances are very personal - hard to find trustworthy people
to share intimate details with.
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4. Even financial advisors should have an advisor ...
doctors still have doctors, after all
Tweet by @ThinkAdvisor
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5. When do you think someone should
see a financial advisor?
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6. It’s never too early to start planning - even if you can only take babysteps.
Tweet by @ReadyForZero
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7. Seeing an advisor is just like seeing a doctor:
go when you are financially “sick” or when you need a check-up.
Tweet by @EleanorBlayney
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8. Age doesn’t matter.
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When you want to set yourself for success financially ...
9. The best time to see a financial advisor is yesterday.
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10. Time to reach out when you first begin having financial concerns.
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Financial problems don’t cure themseleves.
11. What questions should you ask when
choosing a financial advisor?
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12. Main question to ask when choosing a financial advisor:
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How are you compensated?
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13. Ask certifications, affiliations, length of practice, expertise and fees
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when recruiting a financial advisor.
14. Ask for references from satisfied clients.
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15. The SEC has a good list of questions to ask about advisors.
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VIEW QUESTIONS
16. What types of qualifications and
experiences should a financial advisor have?
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17. A legitimate agency is always more interested in your bottom line than theirs.
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Tweet by @nfccdebtadvice
18. Not all certifications mandate that financial advice must be in client’s best interest
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Ask about fiduciary duty.
19. What are red flags to watch out for when
meeting a financial advisor?
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20. RED FLAG: When financial advisor talks only about his credentials
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Tweet by @EleanorBlayney
and does not inquire about your needs and wants.
21. Disorganization and being made to feel like they don’t have time for me.
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Tweet by @MoneyCrashers
22. Financial Advisor Red Flags: commission only, does not disclose potential bias
Tweet by @iGrad
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23. If they state they don’t/won’t have a fiduciary duty to you. Run!
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24. No accreditations and not willing to be honest with someone about their finances
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Tweet by @PlutusAwards
25. Any final tips for those looking
for a financial advisor?
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26. Spend as much time choosing an advisor as you do planning a vacation!
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Tweet by @EleanorBlayney
Interview at least 2 or 3
27. Join Us Every Wednesday at 3 p.m. ET.
bit.ly/join-creditchat
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Wednesdays | 3 p.m. ET