Investing For Your Future Monthly Message
Barbara O’Neill, Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
Choosing a Financial Advisor
Being an investor takes some know-how. You can do it yourself using print or online resources or you can reach out to people in the financial services industry to find the information and advice that you need. Generally, consumers pay a fee or commission for financial advice, but it may be much less than costly financial mistakes.
Getting financial help is a little like building a house. Most often, it takes a whole team of people to get the job done: plumber, electrician, carpenter, carpet layer, roofer, and more. To get your financial house in order also takes a team of professionals: banker, tax preparer, attorney, insurance agent, employee benefit counselor at your place of work, stock broker, and/or financial planner.
Are you looking for a financial advisor (e.g., financial planner, counselor, or coach)? Here are some questions to ask according to the Association for Financial Counseling and Planning Education (AFCPE):
Consider requesting a referral from friends, family members, and other advisers. Also ask whether an adviser has ever been disciplined for any unlawful or unethical actions and double check with your state securities agency to make sure. Once you select a financial advisor, be involved and ask questions. Review your portfolio periodically, at least annually, to be sure your investment strategy will help you reach your financial goals.
Review monthly statements carefully and understand what they say. In addition, monitor economic conditions (e.g., interest rates) to see things on the horizon that may affect your investments. Then consult with your financial professional for advice. If you have a complaint about your financial professional, act quickly to resolve the situation. Financial professionals can be a great investment asset so choose them wisely.
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