If you prefer to work with a financial professional, how to choose them one is a critical decision. Review the 10-point checklist to find the best one for you.
- Sometimes in life you're a passenger,…like on an airplane.…But when it comes to your money,…no matter how many experts you may work with,…you must be a co-pilot.…So it's critical to work with the right people.…Here's a process to ensure…you're getting the best help that you can,…and it starts with a list of questions about you.…Have you articulated your goals clearly?…Have you clarified your complete financial picture…in terms of income and expenses, assets and liabilities?…Have you identified what's important to you in an advisor?…Is it someone to hold your hand, or do it all for you,…or chat with you once a year?…What are the financial areas where you need…the most help right now?…Is it someone to help with growing your investments,…an investment advisor?…Or to help you across your financial picture,…a certified financial planner?…Do you need someone who understands real estate,…or trusts, or insurance?…And how do you prefer to pay for help?…A percentage of your investments,…this is an assets under management model,…
- Identify the class of investments with the highest risk.
- Explain the type of attitude to maintain in regards to risk.
- Recall the information typically not included in an account statement.
- Calculate the percentage of a management fee when provided the number of basis points.
- Recognize the types of assets to unload during a downturn.