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Is There Such A Thing As A Good Financial Adviser?

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Contributor:
oscil8
oscil8

Question:

Or are they all salespeople in disguise?

Answer:

The advice you can expect from financial advisers can range anywhere from excellent to, well, significantly suboptimal.

There are certainly good advisers out there -- but you need to do your homework thoroughly before choosing one.

Consider:

  • How they get paid. Advisers that are paid commissions to sell particular products could be open to conflicts of interest.  See 'Paying Your Investment Adviser' for more information.
  •  

  • To find an adviser:
  1. Ask around for recommendations - start with friends and relatives.
  2. Once you have a shortlist, question each candidate and make sure you have a complete understanding of how they get paid.  See 'Questions For Your Financial Adviser' for more information and to download a fees checklist.

Careful questioning of potential advisers can be a good test of their willingness to be open and to put some effort into helping you. The sort of adviser you want should welcome the opportunity to show you how they operate.

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