I’m a big believer in financial advisors and feel they play an important role in us reaching our goals. And while there are plenty of great advisors, there are also some that may not always have your best interest at heart.
During my time in the industry, I had the privilege of knowing and working with some amazing advisors. They were passionate about what they did and they kept up-to-date on the latest issues so they could constantly deliver value to their clients. In short, they put their client’s needs first.
I also met advisors who put themselves first. They’d push products before understanding the full requirements of their investors. They’d look at their commission statements and think about whose account they’d trade just so they could “hit a target”. The sad thing is I don’t think the clients knew any better.
Today, there are much stricter regulations are in place to prevent this – BUT it’s not 100% full-proof.
So why am I telling you this?
Despite some of the negative stories you hear, financial advisors can play an invaluable role, especially if you’re time starved, and don’t want to spend hundreds of hours studying investments or worrying about whether you’re on track with your objectives. Let’s be honest, how many of us can relate! Advisors assess your financial needs and help you with short and long-term goals. They also help with investments, tax issues, protection, retirement, and estate planning.
In today’s world where the financial industry is one of the least sympathetic to women, I’m going to go one step further and say that it’s essential that your advisor be female savvy. Whether you’re single or in a partnership, they need to take into account your preferences as well as your partner’s when setting out a plan.
Bottom line: Don’t cast aside getting professional financial help because there are a few “rotten apples” out there.
The key is to know how to pick an advisor who puts your needs first.
Watch this video now to learn how to find a financial advisor that will do right by you.