Here’s what to consider before you hire a financial adviser or other professional.
Deciding how to invest your money is a process, not a one-time decision. You can turn to books and articles for insight, but money is personal, and one size does not fit all.
If you are only looking for someone to manage your money and do better than the stock market, you may want to reconsider. Even the best professionals struggle to do this consistently. Beware of the fancy math tricks some use to convince you of their skill. Overestimating your skill is what happened to a client who inherited $80,000 from a great uncle. Despite having no financial or investment background, he decided to invest the first $30,000 in three stocks that he believed in. By the time the remaining $50,000 came through six months later, that $30,000 had become $12,000. At that point, he knew he needed guidance and was willing to pay for a consultation.
Then there are large full-service firms. Historically what they did was clear – buy and sell stocks. Now they earn all sorts of fees and commissions when helping you. Understand that salespeople go by many titles. Be aware of the myriad ways they may be getting compensated. Ask if you aren’t sure. Finally, most companies now charge you for transferring money out to another firm, so know the one with which you want to have a long-term relationship.Also: This DIY investor says there are 5 good reasons to hire a financial adviser
A tax professional will be especially helpful when deciding the type of retirement plan that is best for you and your future or how and when to turn stock options into cash. Before any major decision, connect with your accountant or meet with one for an hour.
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