I previously wrote a post about changing financial planners and how I, an easy-going individual, decided to "fire" one I had. I asked my current financial planner how someone should go about choosing a qualified individual to advise them on their money and how they invest.
"A person should interview their prospective financial advisor and find out their background," said Karl. "The big question is 'Why do they do what they do?'"
"I would want to work with someone who loves what they do, is passionate toward what they do. Try to get a sense on how honest they are so you know if you can build trust with them. Honesty is so important. I'd pick honest and a lack of knowledge over knowledge any day of the week. You can always build your knowledge bank, but honesty is a character trait.
"Ask them to describe how they manage money and what are the costs. Commissions shouldn't be a turn-off. A good expert should be paid for what they do.
"You need to have an expert on your side. Much financial advice, whether in publications like Money or online, is geared toward the Do it Yourself investor. However, successful individuals surround themselves with good experts."
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