You’ve just been put in charge of your family’s money, how do you choose the RIGHT financial advisor for you and your family?
Well, as a certified financial planner, here’s what I would do…
First, “financial advisor” is a broad term, do your due diligence by checking into their background, credentials, and experience. But here are three reliable lists that contain only the most trusted advisors:
- Financial Industry Regulatory Authority (FINRA) BrokerCheck
- Investment Adviser Public Disclosures
- SEC Action Lookup
Second, to manage your family’s money, you’re looking for advisors who specialize in managing investments for trusts and estates… So, I would look for advisors held to the “fiduciary standard.” This is the highest standard of financial guidance which means that by law, your advisor is required to always act in your best interest, rather than recommending products that provide them with the best commissions or compensation.
Third, understand their compensation. Fee-only advisors set a price for their service, whereas commission-based advisors receive their fee based on performance. Fee-based advisors receive a combination of both.
For more information, download our FREE guide “Your First 10 Steps as a New Family Trustee” ➡ [ Ссылка ]
