By: Jack Waymire | July 16, 2009 | Financial Advisors
The most frequent question we receive from investors is how to determine the trustworthiness of financial advisors.
A trusted financial advisor is a professional who "always" put investor interests ahead of his or her own.
TIPS
1. Always ask advisors for their CRD numbers and use them to check their compliance records at FINRA.org and state securities commissioners.
2. Select professionals who are Registered Investment Advisors (RIAs) or Investment Advisor Representatives (IARs). RIAs and IARs are held to the highest ethical standards in the financial services industry.
3. Select professionals who are acknowledged fiduciaries. They are the only advisors who are required to put your financial interests first.
4.Select independent professionals who are not impacted by interests that compete with yours: shareholders, board members, executives, and managers.
5. Limit your advisor selection to professionals who are willing to provide full written disclosure for their credentials, compensation, compliance records, and potential conflicts of interest.
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Discussion Topics
- Annuities
- Bad Financial Advice
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- Ponzi Schemes
- Financial Advisors
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- Report Fraud
- The Politicians
- The Regulators
- Wall Street Ethics
- Who Can I Trust?
- Conflicts of Interest
- Deceptive Sales Practices
- How to Select Advisors
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