5 Red Flags To Look For When Choosing a Financial Advisor

It is recommended that people take the time to interview a few possibilities before choosing a financial advisor. A trusted finance professional will be managing your assets and fiscal well-being. Take the time to research advisors in your area and find the professional you feel most comfortable with. Remember these 5 red flags to look for when choosing a financial advisor.

Don’t Specialize in Your Area

There are many different facets of personal finance and investing. No two clients have the exact same needs. You may be a small business owner, or perhaps you’ve inherited a large sum of money. Look for an advisor that has experience working with your specific needs.

There is Irregular Communication

Another red flag is if a potential financial advisor is difficult to connect with. If you are interviewing them as a potential client they should be responding to you regularly and quickly. If the communication is sporadic at best, you can expect the same or worse once you are officially their client. Look for an advisor who responds to you in an efficient manner.

They Haven’t Asked About Your Financial Goals

You want to work with an advisor that has your interests first. They should not recommend financial products to you until they know what your goals are with your money. If they don’t seem concerned with your financial ambitions, they are likely looking out for their own best interest and not yours.

They Aren’t Willing to Share References

Before you decide to work with any financial advisor, you should look into references from previous or current clients. If an advisor is unwilling to share references with you, this is a red flag. They should be able to provide you with 3-5 clients to speak with. If not, they may be inexperienced or are trying to hide something.

Finding a trusted financial advisor does not have to be difficult. Avoid a finance professional who exhibits the behaviors listed above. Work with someone who is invested in helping you to achieve your financial goals. Email Carolina Money Minders today so we can match you with your perfect financial advisor.