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Tips for choosing an investment professional

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For many people the world of investing needs some guidance. To get this guidance they turn to using an investment professional. However, it cannot be stressed enough that if you decide to hire someone to help you with your investing you should be prepared to put in considerable effort and time before making a final decision. Keep in mind that this will be the person who will be helping you manage your money so it is crucial that you take the time to find the right person. While referrals from family and friends can be good you should never let that be a substitute for doing your own research.Here are some tips for choosing an investment professional-

- Keep in mind that you will have to find the right person for you-While there are certain guidelines that you need to be aware of when you are interviewing financial professionals it should also be stated that there is no one answer for everyone. What this means is that you will need to find the person who will best fit your financial and investing needs.
- Interview several people-While your family and friends might all rave about this one investment professional the savvy investor will take the time to interview at least 3 people. Even if you do like the first person you should still move on to interview some other candidates. This will really help you to see what an investment professional can do for you. Keep in mind that you will also need to check the backgrounds of anyone you are considering hiring. This should include: licenses, credentials, and references that they have given you. Finally, keep in mind that by interviewing several different people you can be more objective when you do make your final selection.
- Understand that you are hiring someone to work for you-Many people feel hesitant about asking the hard questions when it comes to hiring an investment professional. However, it is important to keep in mind that this person will not only be working for you but will be managing your money. This makes it crucial that you find out everything you can about this person, their financial background, their expertise, and how they work. While it will be a partnership you will be in the supervisory role. This means that if you feel overwhelmed or intimidated by someone then chances are it won't be a very successful partnership.
- Be prepared to spend some time-The bottom line is that this is time consuming process. You should not skip any of the steps that will allow you to find the right person to help you handle your investments. Failing to give enough time to the process can lead to great regret later on. By taking the necessary amount of time and checking out the person you ultimately hire you can be assured that you making a proactive step toward successful investing. Your end goal should be to hire and work with an investment professional who is competent and does business with the highest level of ethics. This can take some time to do.
- Never pay to interview someone-It is important to understand that the first meeting should be free. The initial consultation from a reputable investment professional is usually for no cost. If you find that you are meeting with someone who wants money up front this is a red flag and you should move on to someone else. Finally, make sure that you have all of your questions in written form and that you cover everything that you want to know.


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