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Finding A Financial Advisor Do I Really Need One Part 2

The process of choosing or finding a financial advisor can be complicated, if not outright daunting, when one does not know what to look for. This article will help you understand what you should look out for when finding a financial advisor for your personal needs.

The issue of trust is paramount. Many people are skeptical when, choosing a financial advisor to work with. This is a legitimate concern, especially in light of the recent economic downturn. Finding a financial advisor that understands the market trends and is sincerely interested in you and not your pocket can be a bit challenging. In light of this, many are fearful about losing money and what the impact could be on their families. The truth is that there are many good advisors in the industry, though there are also those who only care about selling a product and getting paid. So how does one go about finding a good financial advisor?

Before I answer that question, let me present you with an analogy. Let's say you needed a hair product and you didn't know, what would suit your hair type. Would you rather go to a small convenient store that only sells one type of product? Or would you shop at a big superstore that had a variety of different types of products that were made by many different manufacturers? How do you think a salesperson for each store would respond to your question on what product(s) to buy? The store with only one product would probably tell you that his products are the best and that you should forget about any products sold elsewhere. The superstore salesperson, on the other hand, might ask you some more questions, help you explore the products made by different manufacturers and customized for different , styles, and then, recommend which one might work best for you. The same process should apply to finding a financial advisor.

When finding a financial advisor, it is critical that the advisor has the tools necessary to make a fair and honest assessment before recommending potential solutions. There shouldn't be a 'one-size- fits- all' approach when it comes to financial planning. A un biased and knowledgeable advisor should be able to shop around with different financial services providers to create a unique plan based on your goals. No one company is the best at everything, and each has its strengths and weaknesses. Because your circumstances are unique, when finding a financial advisor you need to make sure he or she can put your needs first.

It is also beneficial when finding a financial advisor that he or she has multiple licenses and is not restricted to certain types of product or services, because this would affect the types of services the advisor can offer or recommend to you.

These are some of the basics and it should help you in choosing or finding a financial advisor

By: Seun Adeyemi