Since the birth of the internet we have conditioned ourselves to rely on it when searching for the answer to our burning questions. When we look to purchase a car, a house or even our next TV we depend heavily on this resource to find our best choice. As intelligent as the internet has become, it has yet to master the art of human connection.
When the time is right for each of us to find a financial professional the internet may only provide a partial answer of the right fit. This is where years of experience in the investment field can be beneficial to share with others that have an expertise in a different non-financial arena.
Qualities, strengths and other important aspects investors look for in their financial professionals are as unique as fingerprints. It is never suggested to accept that what works for your neighbor works for you, which is why we are providing a few words of wisdom for this process.
Trust the professional that gains your business. It seems like an obvious statement, yet the reality of Bernie Madoff and his unsavory peers have sadly shown us that our decisions can be clouded by other motives. The company you choose to take the reins of your financial portfolio should be one that you feel is putting your best interests first. If a meeting or phone call does not provide the level of comfort you would like to feel, engaging in additional conversation for you to get to that level is warranted to avoid the feeling of remorse.
Ask about the professionals investment experiences, both good and bad. We all love hearing success stories and they can help shape our decisions. We have also been taught that we learn from our mistakes, and most advisors should be willing to share some of those lessons they have learned. You should uncover the advisor’s investment philosophy during this conversation, and if the first explanation of a topic does not make sense, do not be afraid to ask for the professional to expand upon their answers until it does.
Ask for referrals; many advisors have excellent relationships with their current clients. As a potential client it can be very beneficial to speak with someone that has experience with the one(s) you are looking to forge a relationship with. These conversations can be considered the equivalent to the star rating on that item you are looking to purchase at an online retailor. We all are more inclined to check out the FIVE star options versus the two or three star options.
Choices can be overwhelming in life, and the options can seem endless. Doing proper research and asking questions can be a great step in the right direction. A final thought on this topic is have the confidence in yourself to make a decision to move forward with your verdict. If professional help is what you are seeking, not making any decision can lead to regret and a financial standstill.