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According to a recent Vanguard study, the right financial advisor can add up to 3.75% of value to your portfolio but, with 310,000 investment advisors in the United States, how do you find one that is independent and that will serve your interests?
Today’s infographic from VisualCapitalist:
- covers key points from Tony Robbins’ #1 best selling book Unshakeable: Your Financial Freedom Playbook…[It]
- dissects the investment advisor landscape to show
- the value of a relationship with an advisor,
- the legal distinctions between different advisor types, and
- how advisors are incentivized [and] ultimately, it
- gives you the ammo you need to find an investment advisor that will provide you with better service than the rest.
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Let’s take a look at some of the common misconceptions about working with a financial advisor that are being proven to be no longer true.
As more and more investor education and information is freely available online… investors now have an important choice to make. Should you go it alone, stick with your financial advisor, or fire him and find another, perhaps this time a fee-only planner?
4. Should You Fire Your Financial Advisor? (6 Warning Signs)
Investors should take a long hard look at their broker/financial advisor/planner and rethink what they expect of him/her while at the same time empowering themselves to take control of their own situations. This article identifies several warning signs that it may be time to cut ties with your current broker.
5. What Financial Advisor(and Investors Too) Need To Understand About Asset Allocation
You also have to remember that we always live in uncertain times. Asset allocation is how you manage your money without knowing what the future holds. Asset allocation is for long-term people. Here’s a financial advisor’s guide to asset allocation:
6. The Way Your Financial Advisor Gets Paid Could Harm Your Portfolio
Just as it’s smart to question the doctor suggesting test after test for you at a facility he or she owns, it’s important to know how your financial advisor’s pay structure creates incentives that may harm or help your portfolio in the long run. Let’s review the various ways there are for you to pay a financial advisor as well as the various ways a financial advisor can get compensated for how he/she “manages’ your portfolio.
7. How Does Your Financial Advisor Measure Up to These 20 Criteria?
Below is a summary of the criteria I would want to find in an Investment Advisor. It is a demanding “wish list” so if you know of such an individual please let me know.
8. What You Need to Know About Financial Advisor/Planner Fees
Understanding how financial advisors get paid and what your advisor fees are will help you make smarter decisions about your money. Here are a few of the different ways financial advisors get paid and what you need to know about advisor fees.
9. A Field Guide to Lousy Investment Advisers/Financial Advisors
You can easily hire people who claim to be good investment advisers but they hardly ever are. They’re usually downright lousy investment advisers, and it’s worth learning how to identify them and I group them into three categories: The delusional, the liar, and the secretly mediocre.
10. 4 Tricks Some Financial Advisors Use On Their Clients
Trust is obviously a huge aspect of any client relationship in the financialinvesting6 services industry, but there are some red flags people can look for to make sure their outsourced investment advice isn’t coming from a charlatan. Here are four tricks the finance industry plays on their clients.
11. Self-manage Your Portfolio? Think Again! Here Are 10 Reasons You NEED a Financial Advisor
Irrespective of any active v. passive investing debate, good advisors are an absolute necessity. Here’s my top 10 list of reasons why:
12. Many Financial Advisors Are “Super-Slimy”! Here’s Why
The odds are that you will run out of money in retirement and much of the reason can be attributed to the “super-slimy” so-called financial advisors who are bleeding savers dry as they line their own pockets with excessive fees at the expense of their clients. Here are the details:
13. Should You Replace Your Financial Advisor With A “Robo” Advisor? Here Are the Pros & Cons
In the last few years a new “advisor” has entered the fray – the robo advisor, now being called “automated investment services”. Automated investment services are platforms that automate your investment portfolio and try to help you reduce fees, increase efficiencies and streamline your process through a simple computerized interface. Here’s a look at 4 primary benefits and 4 potential problems to help you decide if such a service is for you.
14. Why Use An Investment Advisor? Here’s Why
There are a number of conventional reasons why a segment of people have always resisted the urge to hire an investment advisor. Nevertheless, there comes a time in virtually everyone’s life when circumstances change at which time finding a trusted advisor may well become a priority and a rewarding proposition that leads to less stress, superior execution, or simply a safety net for your family.
15. 10 signs that you are working with a bad investment advisor
There are two kinds of bad investment advisors: well-meaning advisors without the wherewithal to keep up with the science of the fast-evolving profession, and those whose main focus is not on managing their clients’ assets well, but on gathering assets under management in order to grow their own practices. How do you tell if you’re sitting across from either one of these types of bad advisors in an industry that lacks transparency? [Well, I have done just that with a list of 10 signs that you are working with a bad investment advisor.]
16. 5 Mistakes Investors Make By Going Solo On Their Retirement
Many Americans have taken it upon themselves to do the vast majority of retirement planning without the help of a financial advisor. While that is perfectly fine and legal, it is not entirely wise considering the long-term margin for error. Plenty of things can go wrong, and they do, often leaving investors lost and confused about what they can do to better their circumstances. There are 5 major errors committed by solo investors that can greatly impact their ability to maintain wealth throughout their retirement. Here they are!