A Financial Advisor plays a very significant role in any organization. The steps taken by a financial advisor can determine the graph of business generation for any organization. Hence, it is very important to keep certain things in mind before Hiring a Financial Advisor. Here are some of the most important aspects one should keep in mind before hiring a Financial Advisor:
Understand your financial goals:
At the outset, it is very important to understand your financial needs and targets and to set a financial goal or target on a weekly, monthly, or yearly basis for your organization and determine if it is workable. If you are looking for trade equities, insurance support, etc, your advisor should be adequately equipped and qualified to provide such advice. He/she should also be registered with the respective securities regulator if the job so demands.
Apart from asking for the CV, make sure to ask certain questions during the interview. Make sure to ask for information regarding their education, experience, and specialties, and tangible evidence of the information given. Ask about how they get paid, what kind of products they sell, and how they are regulated. If a potential candidate is hesitant to provide any such information, make sure to run sufficient background checks before deciding to hire him/her.
Determine possible conflicts of interest:
Try to find out where your interests or the interests of your organization might clash with those of your advisor. Understand where the advisor sources the products they choose for you. Do they have a plethora of viable options to decide from, or do they have the interests of their institution in mind while making a decision? Find out the fee structure before finalizing the agreement since the remuneration might differ with different products. It is very important to reach a consensus on these matters or might be a deterrent to your growth in the future. Remember that risks are a very important part of financial advice, and observe if the advisor is talking enough about risks or just brushing over that part.
Ask for references:
Many financial advisors work very closely with lawyers, insurance agents, etc. Hence, these professionals most often have a good idea about the professional network of the advisor and might be able to provide valuable insights as to whether they are happy and satisfied with the services or not. Connecting with people with similar financial backgrounds as yours and asking them feedback questions might be of great help to you while making a decision.
Make sure your advisor offers financial planning:
A proper strategy or plan is imperative to be able to meet financial goals. Make sure that your advisor has all the necessary qualifications, one of the most beneficial being a Certified Financial Planner (CFP). They are skilled, have the expertise, years of experience, and are trained to follow professional standards that always put the interests of the clients first. So, CFPs are a valuable asset to an organization and it is always an added advantage if your advisor has this qualification.
Many financial advisors have become successful because of their passion for the work; one such renowned financial advisor is Dwayne Rettinger. Dwayne Rettinger is a Certified Financial Planner professional (CFP) providing financial advice and planning to clients at Rettinger & Associates Private Wealth Management a part of IG Wealth Management.
Your choice of hiring a Financial Advisor can be the key to the success of your venture.