FINDING THE RIGHT FINANCIAL ADVISOR

Category: Finance.

FINDING THE RIGHT FINANCIAL ADVISOR. Your financial advisor should help you to make rational decisions and avoid emotional decisions that will reduce your future results.

There is an old saying in the financial service industry that financial advisors and financial planners earn their money in down markets when their clients natural tendencies are to make emotional decisions that damage their financial futures. Is your advisor helping you to really create wealth? To help customers achieve their financial goals is not their priority. Most consumers tend to have trouble with their financial advisors as they are not really advisors but paid commission agents who sell investment and insurance products. There is no law that can prevent the unethical practice of representatives and agents calling themselves planners or advisors. Hence do ask for documentation of all advisor information. And it is impossible to regulate their verbal statements as they say can just about say anything until they get hold of your assets and can deny everything later.

One of the biggest mistakes that investors make while selecting their advisors are placing too much emphasis on brand names, and verbal statements, advisor personalities. This is a pure sales gimmick because this type of a product does not exist. For example, advisors can lead you into believing that they can produce high returns for low risk. The information in sales pitches is controlled by advisors and it has nothing to do with their competence and ethics. They do not have published track records and control all their clients financial decisions. Matters are further compounded by the fact that there are no minimum educational qualifications or experience required to be an advisor. Sometimes there is no public data available on their backgrounds.

The consequences of choosing unrated advisors who are selected based on their sales pitches are that they control all information that investors rely on to make their selection decisions. You can make use of Paladin s registry ratings to find those advisors who are professionals in the real sense. They do not reveal much information about themselves to their investors. About Paladin Registry. You need to question your advisor in this regard and listen carefully to their answers. Founded in 2003, Paladin is an information services company that provides free public services to consumers who use the services of financial advisors and financial planners.

You can learn more about Registry services by going to http: //www. paladinregistry. com. The Registry educates consumers about financial professionals and provides ratings and documentation for criteria that impact their competence and ethics.

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