Are you getting the right advice?

Choosing a financial adviser is a major decision that can impact your life for decades. As with all seemingly scary decisions, seeking the help of a seasoned professional can prove wise.

Many individuals looking to invest work full time, are starting out in their career, or raising children. This leaves little time for researching and understanding retirement planning and investing. Unless you have a strong financial background and ample time, often the smartest decision is to have a Certified Financial Planner help you. Depending on your needs and financial knowledge, there are several key qualities to look for when deciding on your adviser.

One of the first things is to pinpoint your specific needs and desired outcomes of the relationship. Advisers can help serve as partners, guides, or educators when making these impactful financial decisions.

Vanguard, one of the country’s largest investment management groups, notes in its report, “How Investors Select Advisors,” that “Investors can range from people who are often unattached from their finances and are heavily dependent on their hired professionals” to those who are simply looking for a “partner in their financial decisions” and above all, their success.

Another piece of advice is to go into prospective adviser meetings as if you’re conducting a job interview. Don’t be afraid to ask about the prospective adviser’s methods and investment philosophy. Your ultimate goal is to find someone whose services you are satisfied with and, most importantly, someone you trust.

A great place to start your adviser search is with those people whom you already trust. As noted in the Vanguard study, approximately three quarters of all investors find their advisers through referrals or local offices. Whether asking your close friends, relatives, or other professionals whom you work with, a direct referral to a firm provides advice based on experience.

You should go to the meetings prepared with a list of questions about your concerns. Also important is to listen carefully to how the adviser would treat your specific situation.

With so much going on in daily life, knowing you have a knowledgeable financial adviser, with no bias when it comes to choosing the right path for you, can bring comfort. This partnership leaves you with more freedom to do the things you really want to do and can provide a resource for making smart financial decisions throughout your lifetime.

Are you getting the right advice? Alan P. Weiss is the president of Regent Wealth Management Group in Woodbridge. He is also a CERTIFIED FINANCIAL PLANNER. Readers are reminded that certain investments and investment strategies may not be appropriate for them and that all investments involve risks and uncertainties. Consult an expert of your choosing if you have questions about investments. More information is available at www.regentwealth.com.