When you are hiring someone even for a minor repair or maintenance job in your home, you do a thorough background check. You want to make sure that the person holds the expertise, so that you do not have to deal with failures in the future.
Same goes for a financial advisor. Choosing a reliable and trustworthy financial advisor is not an easy task. A financial advisor’s target lies in helping client achieve his/her financial goals. But many people land up in the hands of advisor who fails to direct them towards the right financial path.
There are few pitfalls which people tend to overlook when hiring a financial advisor.
- Background Research: A financial advisor who has a sound knowledge of financial planning will never disappoint you. Many people do not even check whether the person holds a certificate or is qualified enough to make wise financial decisions. There can be a possibility that a person will try his best to look professional and you can fall prey to a conman. It is advisable to do a little web search and you will be able to find out whether the person is a qualified and certified advisor or not. This will save you from heck of inconvenience. You might come across some news pertaining to fraud about this advisor on the internet. So a little research is always beneficial.
- Rapport: It is very important that you feel comfortable with your financial advisor. If you or any of your family members see any red flags or feel daunted by the financial advisor, it is recommended to withdraw. Do not proceed further unless you are comfortable dealing with the advisor.
- Recommendations: People often tend to hire a financial advisor out of the blue, that is, without any referrals or recommendations. It is recommended to seek advice from work colleagues, friends or family members who have a clear idea about this field, before hiring a financial advisor. Going on the face value will not benefit you in the long run. You can check the reviews online about the financial advisor. The one with good reviews and recommendation should be your go to option.
- Clarity: When people plan to hire a financial advisor, they do not pay heed towards discussing the key points. There has to be clarity before proceeding as to what is the financial advisor’s plan for meeting your financial goals. Also there should be complete disclosure form client’s end. If you partially tell your financial status to your advisor, you will not be able to benefit from his valued services.
- Fees: It is extremely important to understand how advisors charge. People need to question financial advisors about their fee structure and get a clear picture before hiring one. This way you will be saved from over paying. Without doing a little homework and agreeing upon paying the fees that your advisor asks for, you can pay high fees. It is better if you take quotes from 3-4 advisors and choose wisely.
If you are planning to seek assistance from a reliable and experienced financial advisor, you must be very alert and avoid the above mentioned mistakes. You can get in touch with Fabio Ventolini, all of their financial programs are based on ethic and integrity.
About Fabio N. Ventolini
Fabio Ventolini is a certified Financial Planner (CFP), which in itself is a sign of trustworthiness. He is a reputable and credible name in the financial service industry, known for his outstanding financial advisory and planning services. He will enable you to reach your financial goal by providing the best suited advice.