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Common Mistakes People Make When Hiring a Financial Advisor

Author: Fabio Ventolini
by Fabio Ventolini
Posted: Mar 08, 2019

Even if you need a minor repair or maintenance job in your home, it is important to do through research and a background check. You want to make sure the service provider holds the necessary expertise so that the job is completed efficiently and effectively.

The same thing 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 end up in the hands of an advisor who fails to direct them towards the right financial path.

These are some elements that people tend to overlook when searching for a financial advisor.

  1. Background Research: A financial advisor with the necessary experience and credentials in financial planning is a minimum requirement. Many people do not even check whether the person holds a certificate or is qualified enough to make financial decisions. There are many instances where a person will pretend to be a financial professional, but actually turns out to be a conman. Thus, it is best to do a little internet research to find out whether the person is a certified advisor or not. This will save you from a lot of inconveniences that come with fraudulent services.
  2. 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 weary of the financial advisor, it is best to withdraw from their services. Do not proceed further unless you are comfortable dealing with the advisor.

3. Recommendations: People tend to hire a financial advisor impulsively, 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. Choosing any random financial advisor will not benefit you in the long run. Check for reviews online as well.

  1. Clarity: When people are looking to hire a financial advisor, many fail to discuss key points with them. There must to be clarity before proceeding as to what the financial advisor’s plan for meeting your financial goals is. There should be complete disclosure from the client’s end as well. If you only partially disclose your financial status to your advisor, you will not be able to fully benefit from his valued services.
  2. Fees: It is extremely important to understand how advisors charge. Question potential financial advisors about their fee structure and get a clear picture before hiring one. This way, you will be saved from over-paying. Do a little research and ensure you are aware of and agree to all the fees and charges that will be asked for. It is best if you take quotes from 3-4 advisors before making a wise decision.

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.

Get in touch with Fabio Ventolini, as all of their financial programs are based on ethics 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 goals by providing the best suited advice.

About the Author

Financial consultant in Toronto! Contact Fabio Ventolini, for more than 15 years, he has been serving clients as a financial advisor and business development manager. They are committed to seeing you and your family achieve your financial goals.

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Author: Fabio Ventolini

Fabio Ventolini

Member since: Feb 10, 2019
Published articles: 2

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