5 Tips to Finding the Right Financial Adviser For You

inding a financial adviser that is compatible with your style of investing is tougher than it sounds.  If you currently handle all your own investments yet your money is growing too big to handle yourself, use these helpful pointers to find the right person for you.

1) Ask your family and closest friends who they might recommend

No one knows us better than our family and friends.  Usually our friends are similar to us and will know whether or not you would be a good fit for an adviser.  Rarely is it a good idea to give your money to your son’s friend who just got out of college and is in his first year or second year of work.  A good rule of thumb is to find an adviser that has at least ten years of experience investing.  The keys here are finding someone who has investing experience and  has worked in an advisory role.

2) Call you local branch and ask the Manager who he might think could work based on your criteria

No one knows the branch and the expertise of the advisers better than the branch manager.  He would be happy to listen and match you up with the right person or team.  Tell him/her how much money you have to invest. Other information that would be helpful is the type of investments you will be buying such as stocks, bonds, or mutual funds.  Maybe you want an annuity or life insurance.  You might even desire overall guidance and a plan that makes sense for you and your family.

3) Look for teams of advisers as opposed to a one person shop

In my opinion, multiple  heads are always better than one when it comes to handling your assets.  Every FA on a team has one or more areas of expertise. When you have a team, you are  likely to get a well rounded experience with better access, and more help for what you need.

4) Interview in person any potential candidates

You should only give your money to people you like and enjoy talking to about your life. Having contact with your adviser should be free of issues and drama. Always remember you are hiring this person for their advice and paying for the luxury of the honor.  If anything does not feel right, run and find another.  When interviewing a potential candidate ask him/her about their philosophies on investing,   what his/her expertise might be and finally, how often they will contact you. It would be even better if they asked you how often and by what means you wish to be contacted.   

5) Check out an advisers professional background by going to Broker check on the FINRA website   at http://www.finra.org/investors/ToolsCalculators/BrokerCheck/

Use this governmental tool to help you make your decision.  Here you will find any complaints, fines levied or any number of information that could be helpful for your decision.  It also shows how many firms the individual advisers have worked for over their careers.

In summary,  with the suggestions above also use your intuition to find the right team for you.  Even though experience, expertise and communication skills are important, at the end of the day, you have to feel right about your decision to give our money to others to invest.

It really comes down to trust.