Like many endeavors in life, the more you research the more likely you will be happy with the results. Whether you are buying a car, a boat, or a house, taking time to do research makes you more prepared during the purchasing process.
With investing, there is a great deal of knowledge required to understand the markets and how stocks, bonds, and various investments work. While some have a knack for investing on their own, most investors are busy people who rely on a financial advisor to handle their investments. The key to having good results is doing a little research on the person you choose to handle your investments.
Make sure when you begin your search that you are hiring someone who will take the time to get to know you and understand your investment goals. What are you saving or investing for? Are you a business owner? Are you a high net worth individual? Are you investing for your kids’ college tuition or an early retirement? Investors all have different needs and it is important that your advisor is attentive to your specific goals. It is also important to know if your advisor works with investors like you. If you are a high net worth individual, your investment plan will be different, and you will want to hire an advisor who has expertise in working with high net worth individuals. Finally, make sure your advisor has not previously been the subject of complaints or regulatory investigations. FINRA’s “Brokercheck” online tool is an excellent resource of information regarding your financial advisor.
When you decide to hire a financial advisor, you want to be sure that they are a good fit, that they understand your goals and level of risk, and that they are ethically bound to act in your best interest.
Rob Linkin is a partner in Munck Wilson Mandala’s litigation practice. Rob represents clients in complex litigation, securities litigation, and class action lawsuits. He brings more than 24 years of legal experience advising clients in business disputes, financial reporting, and commercial litigation.