Many prospective clients we talk to already have someone they consider a financial advisor or close too.
Your guy could be an accountant that only prepares your taxes, but does little tax planning. Or an insurance/annuity salesman where seemingly every problem can be fixed with complicated annuities or costly whole-life insurance.
All too often, your guy is a relative or family friend with the best of intentions, but wrong allegiance – to their company and not to you.
Here are potential signs your advisor may be working against your best interests.
1. There isn’t a “CFP” or “RIA” after their name.
2. He’s pitching products rather than asking questions.
3. You’re not sure how she gets paid.
4. He won’t promise in writing to put your interests first.
If and when you find yourself questioning whether the person in front of you giving advice is offering objective guidance, please always consider a second opinion. Better yet, interview 3-4 different advisors. I know we truly appreciate an educated consumer and are always willing to provide a second perspective.