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Preparing to interview an investment advisor

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If you have decided to hire an invest advisor to help you make your investment decisions, then financial experts recommend that you put as much effort into interviewing potential applicants, as you well choosing investment options. By interviewing investment advisor that you are interested in working with, you will be able to more clearly determine who can help you to achieve your financial goals. However, it is crucial that you put in the proper amount of preparation, for this type of interview so that you can obtain the information that you need. Remember, that the information that you gain will be crucial in helping you decide who you want to hire to be your investment advisor. Here is what you need to know about preparing to interview an investment advisor-

  • Keep in mind that all results will be subjective-Unfortunately there is no black and white list to help you determine who the best person to hire is. You will need to take into consideration what the investment advisor can do for you, their personality, and their methods, before you make a final decision. You will also need to determine how all of the above fits in with your financial goals and needs.
  • Interview at least 3 candidates-Beginning investors often make the mistake of choosing the first investment advisor they come across. Financial experts recommend that you interview at least 3 candidates (maybe even more) to really get a feel of what an investment advisor can do. In addition, you will need to check the backgrounds of any candidates that you are considering hiring. This will include but is not limited to: their references, credentials and licensing. Keep in mind that this part of the process can also help you be a critical observer and increase your objectivity, rather then making decisions, based on emotion.
  • Remember that this person will work for you-It can be easy to become intimidated by the fact that you are working with a financial professional. However, you need to remember that you are hiring this person, for their financial knowledge and expertise, and they will work for you. You will need to remain in a supervisory role, in this business relationship, in order for it to be a successful partnership. If you feel intimidated or overwhelmed by a particular candidate, the chances are high, that working with them will not be a satisfying experience.
  • Realize this process takes time-Many investors in their eagerness to enter the world of investing, skip the necessary steps to find the right investment advisor. This most often leads to problems and even regret. It is important to realize that even those preparing to interview, interviewing and then checking the references of potential investment advisors takes time and effort, it can pay off substantial in a successful financial partnership. Keep in mind that the end goal of this process is to hire and work with an investment advisor who is professional, competent and does business with the highest level of ethics.
  • Understand that the first meeting should be free-Most reputable investment advisors meet with potential clients, for a free initial consultation. This consult should take about an hour. If you are meeting with an investment advisor who wants their payment up front, this is a red flag. This meeting should only be about meeting and assessing each other, to determine if the partnership will be a successful one, on both parts. You should be prepared to ask all of the questions that you need to. Having them written down is the best way to make sure that you have everything covered that you need to know. If you feel that you did not gain enough information on the first meeting, and would like to know more, do not hesitate to schedule to a follow-up.

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