How To Find A Financial Advisor With Your Best Interests At Heart
How To Find A Financial Advisor With Your Best Interests At Heart
A financial advisor is a person on whom you rely for advice on how to best run a very important area of your life: the area of finances. We are all aware that in this day and age, it is money which makes the world go round. If many of us are to be honest, we would confess that our worth depends to a very great extent on the money we happen to have in our pockets, our accounts, or in the form of our assets. It is hard to feel as if you are a worthwhile human being when you don't have any money. Money makes life easier, and money makes life enjoyable. Without any money, it is almost a cinch that you won't be in a position to enjoy life, and in fact, that your life will be very hard as you will inevitably start experiencing difficulties getting the basic necessities.
It is also a fact that money is rather hard to get for most of us, and even more difficult to retain. It is towards bettering our chances of earning and actually retaining money that we go looking for the services of advisors. Yet, there have been cases where, people acting on the advice of their financial advisors have actually ended up making very bad money moves the end result of which was the loss of their hard-earned money. More often than not, when this happens, it also turns out that the advisors that the people in question retained didn't have their best interests at heart (hence the ill advice they gave them). That is enough to turn people away from seeking the services of financial advisors. But many of us are smart enough to understand that shunning advisors may not be the best way to go either because it could cause us to make even worse financial moves.
That is the background from which the people who pose the question as to how to find a financial advisor with your best interests at heart' tend to be coming from. And while many different answers can be given with respect to that question as to how to find a advisor with your best interest at heart, it all boils down to one sentence: that the financial advisor you retain should be one who is not beholden to any other interested party. If you retain a advisor who is beholden to any other interested party, chances are that there will be a conflict of interest, and it is your interests that will ultimately suffer. Other interested parties in this context can include the folks who sell insurance premiums, the folks who sell pension plans, the folks who sell investment instruments and so on. You come to realize that many of the advisors out there in the market are in actual fact salesmen' for these folks. Their advice is always biased towards making you buy the said investment instruments, so that they can be paid commissions and bonuses. That is, in fact, why some of these folks are even ready to give you free financial advice as long as they eventually manipulate you into buying the investment instruments sold by their paymasters. The problem, of course, is in the fact that the purchase of such investment instruments may not always be in your best interests.
The tall and short of all this is that you should only make use of fees-only' financial advisors (who are therefore not in the payroll of any investment houses or insurance companies). Since you are their only paymaster, you can be almost sure that they will have your best interests at heart, and that they will give you good, unbiased financial advice. If you take the other type of financial advisors, your can be sure that their advice will almost certainly be biased towards making you buy the investments/insurance products they happen to be selling so that they can get commissions regardless of the real effect of such advice on your financial life.
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