Joseph Begay

NYC FINANCIAL ADVISORS HIRING TIPS


A professional financial advisor helps in making important financial decisions for reaching your financial goal. As such, hiring a financial advisor is a crucial thing to do and there are certain things to know before hiring one.

In here, we discuss on the services which are usually offered by NYC financial advisors and hiring tips to help you find the bet financial advisor suited to your need.

1. Understanding the services provided by financial advisors

Each type of financial advisors provides certain types of services, such as financial planning services, investment management services or a combination of both. While certain financial advisors provide retirement income planning advices or advices on wealth accumulation.

As such, you’ll have to first identify the potential service you need from a financial advisor and then emerge on the journey of hiring one.

2. Look for expert financial advisors

Seeking for an expert financial advisor means, paying close attention to their credentials and their reputation in the field. An expert financial advisor is supposed to have reputable credential as CFP, PFP (Personal Financial Specialist) or CFA (Chartered Financial Analyst certificate) and such other credentials which are required for maintaining their designation in the field.

3. Seek for the unbiased and most objective financial advisors

An unbiased and potential financial advisor is fee-only advisors and to hire the best one you will have to understand how the financial advisor is compensated.

There are many ways a financial advisor may be compensated such as hourly fee, charging you a hourly rate or charging an asset based fee. To determine the most objective financial advisor you will have to understand how you will be charged for their service and how they are also compensated.

4. Find the financial advisor that meets the area of expertise

To find the financial advisor that meet the area of expertise you will first need to screen for criteria. In this case, online search engines are a great way for you to easily narrow down your zip code, billing structures and other credentials searches and then find the specific types of financial advisor which meets your requirements.

5. Verifying credential and legitimacy

Last but never the least, before hiring the prospective financial advisor, verify the advisor’s legitimacy. To do so, check their credentials and complaint history by verifying their records with FINRA (Financial Industry Regulatory Authority), SEC (Security and Exchange Commission) or other membership organizations.

With the above listed tips and by following a disciplined process you will be able to find and hire the right financial advisor in a short time.

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