Whose Interests Are Truly Being Served?
How do you tell financial advisors and product pushers apart? Is your financial advisor looking out for your best interest or their own? A recent article from Morningstar identifies 4 things to consider before working with a financial advisor. I’d like to add one more to the list:
Is the advisor living paycheck to paycheck?
In other words if the financial advisor isn’t wealthy himself, how can he or she help you to achieve financial success? Ask any potential advisor how long they have been following their own advice, and determine if in fact this person is wealthy (this is easier said than done, since advisors are not obligated to disclose their personal wealth).
Question for my blog readers: Any ideas on how to determine if your advisor is financially well off?
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