4 Simple Tips to choose the right Financial Advisor



A financial advisor helps people manage their wealth. They help people select the right portfolio depending on their financial goals. However, selecting the right financial planner may be a daunting task for many. Here are a few tips that will help you figure out the best financial planner for you.


1. Credentials


This is one of the most important factors to consider before selecting the right financial advisor. You have to check an advisor’s credentials thoroughly before hiring him. Generally, people prefer to check with their family or friends for some known financial advisors. Once you have a few names handy, you will need to check if that person is eligible and qualified to offer you financial advice.


You can know more about the financial planner by doing research about the institutions the advisor mentions. The best way to do the research is by going through a referral.


2. Choose a fee - only financial advisor


Although most Indians love to get things done for free, it may not apply here. You must choose an advisor who charges you a fee. This way the advisor is unlikely to sell you an expensive product on which they can earn a handsome commission and which gives you less benefit.

An advisor’s fee may vary depending on the location, person and depth of advice. Typically, an advisor may charge you an annual fee of about 0.5- 1% of the total assets he manages.


3. Stay away from advisors who sell products


A qualified and knowledgeable advisor should be able to help create a financial plan that will help you achieve your financial goals such as children’s education. Travel plans and retirement. Avoid an advisor if he talks about only one or two products or talks about doubling your money. In other words, a person trying to sell financial products is not the right person for you.


4. Planning and executing skills


After you have ticked off the above-mentioned points to consider, does not mean your research has ended. Even if your chosen advisor scores well on the above aspects, you will have to ensure that he is a good planner and executes the plan well. Always ensure that you have multiple meetings with the chosen advisor before you hire him. After all, he is the one who would manage your hard earned money.


In addition to the above-mentioned points, ensure that the chosen advisor is open to communication and engages with you regularly. This will help you understand your financial decisions being taken and understand your portfolio as well.


Some questions that you may ask the chosen advisor are;

  • What qualifies you to be an advisor?

  • Do have relevant experience?

  • Will you give me a service agreement?

  • Is my fee your only source of income?

Finding a qualified financial advisor is as important as managing your wealth for your betterment. It is important that you do enough research before zeroing on the right financial advisor.

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