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How to Choose a Financial Advisor


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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:

Published in: Economy & Finance

How to Choose a Financial Advisor

  1. 1. How to Choose a Financial Advisor #CreditChat Wednesdays | 3 p.m. ET
  2. 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:
  3. 3. Finances are very personal - hard to find trustworthy people to share intimate details with. #CreditChat Tweet by @iGrad RETWEET THIS
  4. 4. Even financial advisors should have an advisor ... doctors still have doctors, after all Tweet by @ThinkAdvisor RETWEET THIS #CreditChat
  5. 5. When do you think someone should see a financial advisor? Wednesdays | 3 p.m. ET #CreditChat
  6. 6. It’s never too early to start planning - even if you can only take babysteps. Tweet by @ReadyForZero #CreditChat RETWEET THIS
  7. 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 #CreditChat RETWEET THIS
  8. 8. Age doesn’t matter. Tweet by @IdiyaConsulting #CreditChat RETWEET THIS When you want to set yourself for success financially ...
  9. 9. The best time to see a financial advisor is yesterday. Tweet by @csmithraleigh RETWEET THIS #CreditChat
  10. 10. Time to reach out when you first begin having financial concerns. Tweet by @nfccdebtadvice RETWEET THIS #CreditChat Financial problems don’t cure themseleves.
  11. 11. What questions should you ask when choosing a financial advisor? Wednesdays | 3 p.m. ET #CreditChat
  12. 12. Main question to ask when choosing a financial advisor: Tweet by @AARPMoney RETWEET THIS How are you compensated? #CreditChat
  13. 13. Ask certifications, affiliations, length of practice, expertise and fees Tweet by @iGrad RETWEET THIS #CreditChat when recruiting a financial advisor.
  14. 14. Ask for references from satisfied clients. Tweet by @MoneyCrashers RETWEET THIS #CreditChat
  15. 15. The SEC has a good list of questions to ask about advisors. Tweet by @ThinkAdvisor RETWEET THIS #CreditChat VIEW QUESTIONS
  16. 16. What types of qualifications and experiences should a financial advisor have? Wednesdays | 3 p.m. ET #CreditChat
  17. 17. A legitimate agency is always more interested in your bottom line than theirs. RETWEET THIS #CreditChat Tweet by @nfccdebtadvice
  18. 18. Not all certifications mandate that financial advice must be in client’s best interest RETWEET THIS #CreditChat Tweet by @AARPMoney Ask about fiduciary duty.
  19. 19. What are red flags to watch out for when meeting a financial advisor? Wednesdays | 3 p.m. ET #CreditChat
  20. 20. RED FLAG: When financial advisor talks only about his credentials RETWEET THIS #CreditChat Tweet by @EleanorBlayney and does not inquire about your needs and wants.
  21. 21. Disorganization and being made to feel like they don’t have time for me. RETWEET THIS #CreditChat Tweet by @MoneyCrashers
  22. 22. Financial Advisor Red Flags: commission only, does not disclose potential bias Tweet by @iGrad #CreditChat RETWEET THIS
  23. 23. If they state they don’t/won’t have a fiduciary duty to you. Run! RETWEET THIS Tweet by @WealthHike #CreditChat
  24. 24. No accreditations and not willing to be honest with someone about their finances RETWEET THIS #CreditChat Tweet by @PlutusAwards
  25. 25. Any final tips for those looking for a financial advisor? Wednesdays | 3 p.m. ET #CreditChat
  26. 26. Spend as much time choosing an advisor as you do planning a vacation! RETWEET THIS #CreditChat Tweet by @EleanorBlayney Interview at least 2 or 3
  27. 27. Join Us Every Wednesday at 3 p.m. ET. #CreditChat Wednesdays | 3 p.m. ET
  28. 28. Check Out Past Slides ...