Mistakes To Avoid When Choosing A Financial Advisor (Part 1)

Are you in need of financial services? Meeting with a financial advisor about your finances and to help you come up with a plan of action regarding your finances is crucial, especially if you have some financial goals that you want to achieve. However, it’s not easy to find a good financial advisor, and you may end up with a financial advisor who isn’t reliable or a good fit if you aren’t careful during your search for a financial advisor. Here are some common mistakes that many people tend to make to avoid when choosing a financial advisor: 

Not Interviewing Multiple Financial Advisors Before Choosing

While it may be tempting to pick the advisor who is nearest to your home or the first advisor you come across during your search, you should take the time to interview at least a few advisors before deciding which one you feel is the best fit for you and your financial needs. A financial planner must understand your individual goals, needs, and risk tolerance. As a result, you should consult with at least 3 potential financial planners, if not more, before determining which one you want to hire.

Not Inquiring About Their Credentials

Financial advisors must pass a test before they are able to provide investment advice. That’s why it’s important to inquire about the licenses, examinations, and credentials that any financial advisor candidates you’re meeting with have before deciding which one to hire. The reason is because, the last thing you want is to hire an advisor who doesn’t have the proper credentials or background in order to give financial advice, because it could result in some issues for you and your finances.

Not Checking Their References

Lastly, you should also ask for any testimonials and/or references that a financial planner candidate has and follow up with them if you’re able to so that you can know if you and your finances are in good hands. When people neglect to ask to see any reviews, testimonials, or references, then they could potentially be putting themselves in sticky situations if a financial advisor turns out to be unreliable or not very good.

For more information about our financial planning services, don’t hesitate to contact Mike Rebischke, the best financial advisor in Eagan MN, today.