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How to select a financial advisor
Published On , 2 Aug 2017 By ET Wealth
Existing investors as well as those who are planning to start investing, having a good financial planner or advisor on their side would make life much easier. However, selecting the right financial advisor who would remain with you for several years, during your financial journey, is not an easy task. Here are some pointers to how you could zero in on the right financial advisor.
WORKS AND RESPONSIBILITIES OF A FINANCIAL PLANNER
The financial advisor should understand your long term and short term financial needs
He should be able to put in a financial plan suitable to your needs given the limitations of your income
He should be able to select the right investments which would help you meet your life's financial Goals
He should be able to help to execute the plan he is proposing for you
He should review and if needed rebalance your portfolio since plans often go offtrack due to changing market conditions
He should be able to educate and guide you about finance and investing
Be clear about the type of financial advisor you are looking for
Meet the person, check out his level of competence, experience, processes he follows for investing, reviewing and rebalancing
Try to find out if your way of thinking about finance and investing matches with that of the advisor
Ask relevant questions about advising, investment planning, track record and fees
Ask for references of people he is associated with professionally
Do a proper due diligence on the advisor before zeroing in on one.
Expect to develop a long term relationship with your advisor
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