Practical and Helpful Tips: Finances

What You Should Look For In a Personal Financial Advisor

Hiring a personal financial advisor is the best way that you can manage your wealth properly. There are two types of financial advisors according to how they charge fees; one charge fees by commission, and the other charges fees upfront for his services and between the two your should choose the one that charges fees upfront. If you want to be sure that only your interests are in his mind, then don’t choose the commission based advisor but the one who charges your with his service fees upfront.

If a financial advisor charges you upfront, then the way he is making money is by billing his clients directly. This should be the standard maintained by financial advisors and they should not violate it. This assures ethical decision making across the industry. Poor investment choices can be prevented by a financial advisor who bills you in a straightforward way. You will be offered poor investment choices by a financial advisor who is only after commission satisfying his need to earn. Your investments can backfire because the commission based financial advisor was only thinking of his earnings and was not aware of his poor investment choice.

If the personal financial advisor is associated with an industry research firm, then he will be a good one to work with. Industry information will be analyzed regularly by a good financial advisor. With his research, he can give his clients better investment opportunities. Listening to the needs of the client will better help financial advisors to know what opportunities will work best for them.

Professional affiliations and a good reputation should be looked for a in a potential financial advisor. This will give you a glimpse of his ethics and personality. If your financial advisor is a member of the National Association of Personal Financial Advisors (NAPFA) then this only shows that he is affiliated with an association with the highest level of professionalism for fee-only providers.

If you are someone who has specific financial objectives or your are approaching retirement, making financial decisions for yourself can be complex. And if you have to do it correctly, then you need to spend time to make proper research so that you can make an informed decision. You don’t have to trouble yourself over this; the best solution is to let your financial situation be managed by a personal financial advisory firm. One such firm is Financial Fiduciaries LLC. This firm is a fee-only investment advisory firm that is a member of the NAPFA. You can benefit from their planning and investment services. These financial advisory firms can help you in your financial decision making by doing the research for you and checking out investment opportunities.

Thomas Batterman, the founder of the firm, is someone who can best represent the financial interest of his clients. For people who are not able to do financial planning themselves, then Thomas Batterman is there to help you in managing your finances which is a fee-only service.