7 Biggest Mistakes People Make When Choosing a Financial Adviser

From the Recaps Archives, originally posted on 5/30/2019

7 Biggest Mistakes People Make When Choosing a Financial Adviser
Matt Wiley | APR 26, 2019

Choosing a financial adviser is a big decision.

Being aware of these seven common blunders when choosing an adviser can help you find peace of mind, and avoid years of stress.

1. Hiring the First Adviser You Meet

While it’s tempting to hire the adviser closest to home or the first adviser in the yellow pages, this decision requires more time. Take the time to interview at least a few advisers before picking the best match for you.

2. Choosing an Adviser with the Wrong Specialty

Some financial advisers specialize in retirement planning, while others are best for business owners or those with a high net worth. Some might be best for young professionals starting a family. Be sure to understand an adviser’s strengths and weaknesses - before signing the dotted line.

3. Picking an Adviser with an Incompatible Strategy

Each adviser has a unique strategy. Some advisers may suggest aggressive investments, while others are more conservative. If you prefer to go all in on stocks, an adviser that prefers bonds and index funds is not a great match for your style.

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https://article.smartasset.com/mistakes-when-choosing-financial-advisor/?utm_source=taboola&utm_medium=cpc&utm_campaign=tab__falc_content_famistakes&utm_term=580&utm_content=203587794