Choosing the right financial advisor can be like seeking the right life partner. Your financial advisor needs to be the perfect match for you and your situation. Your advisor must be knowledgeable, honest, reliable, and, most importantly, have your best interests in mind.
There are many financial professionals who all offer a range of services and expertise. How should you choose? When considering whether to work with a prospective advisor, ask yourself these questions:
Is this financial advisor qualified?
Before you set foot inside a financial advisor’s office, make sure that he is licensed and has expertise with the types of investments that interest you. You can check qualifications, background, and experience through the online checking facilities provided by FINRA (Financial Industry Regulatory Authority) in the United States and ISA (Israel Securities Authority) in Israel. Consider using a Certified Financial Planner professional and/or a Global Financial Professional in order to benefit from their fiduciary responsibilities and professional knowledge of cross-border investing.
Who is the topic of your first meeting?
If your prospective financial advisor spends a lot of time talking about himself and his credentials but doesn’t ask about your investment goals and current financial situation, then choose someone else. The main subject of your first meeting should be you. A financial advisor needs to learn about you, your specific needs, goals, and the ultimate purpose of your investments.
Talking with you or at you?
When a financial advisor speaks with you about investments, make sure you understand how these investments work and why they were suggested. Not everyone understands financial jargon, so make sure everything is explained clearly. If you don’t feel comfortable asking questions, interview another advisor. During your conversation (and yes, it should be a conversation and not a monologue!), make sure you feel comfortable. You should leave the meeting with a sense that your finances are in good hands.
What else do you need to know about finding the perfect (financial) match? Call our office (02-624-2788). We’d like to be interviewed!
Douglas Goldstein, CFP®, GFP®, is the director of Profile Investment Services, Ltd. www.profile-financial.com. He is a licensed financial professional both in the U.S. and Israel. Call (02) 624-2788 for a consultation on how to set up your American assets to meet your financial goals. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates. Neither PRG nor its affiliates give tax or legal advice.
Published June 12, 2017. Updated July 2023