Selecting a Financial Consultant? Choose Wisely

Selecting a Financial Consultant? Choose Wisely Working with a top notch Financial Consultant can be a beautiful thing. Not only does a good Consultant help you find your way thru financial storms but can also be a mentor, coach and even a good friend. But how do you find the right advisor for you? Because as powerful and valuable as this relationship can be it is also probably one of the most difficult in terms of finding the right fit. Why? Simply because there is so much to choose from. Don't know if you have noticed or not but there are a large number of these folks around and in spite of the conventional wisdom Financial Consultants do different things, have different specialties, different strengths and weaknesses.

Much has been written about how important it is to do your homework to check references, credentials and fee schedules when considering a Consultant. This is very important of course but, I think that there is a lack of information on some of the intangibles that are also important in this process so I decided to cover these in this article in an attempt to bridge this gap.

Warren Buffet is probably one of the most well-known and successful investors in the world today. When he buys a company he of course does a thorough analysis. He also makes it a point to meet the management team to get to know how they run the business. Buffet also asks himself three questions, "Do I like them, Do I trust them, Do I respect them" If any of these questions results in a "No" then Buffet does not invest in the company. These three powerful questions are the foundation for Warren Buffet's relationships. Buffet must be doing something right. His success in business is nothing short of legendary.

Therefore, it would make sense to adopt these questions in looking for a Financial Consultant. Do your homework first. Meet with the Consultant at their office look for clues that demonstrate their integrity, honesty and experience. See how they treat other people. Is the Consultant in the habit of saying please and thank you? Are they down to earth or do they need to impress.
Then, ask yourself the three questions.

"Do I like them, Do I trust them, Do I respect them"

Here are a few other tips. Find out what kind of clients the Consultant works with most often. What is the Consultants focus does he or she assess every aspect of your financial life including savings, investments, insurance, taxes, retirement and estate planning? Or does the Consultant focus only on investments and portfolio recommendations? What is the Consultant's investment philosophy? Last but certainly not least can you understand what the Consultant tells you? An Advisor who talks above you is of no use.

So take your time. Do your homework get to know the Consultant before you make a commitment. And always refer to the big three questions. Choose wisely.



This article is not intended to provide specific investment or legal advice for any indivuals.
Securities offered through Linsco Private Ledger a registered investment advisor. Member NASD/SIPC

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