By Sarah Kingdon
(NC)—When it comes to money, the best advice is to rely on the experts.
“Finding an investment advisor that meets your needs requires a little homework,” says Pierre McLean, SVP, Franklin Templeton Investments Corp. “Take time to find the right one as it’s one of the most important financial relationships you will ever have.”
Five easy tips that will help you find the right advisor are:
1. Research. Review your investing history, assets, goals and risk tolerance. This research will better prepare you for interviews with prospective advisors.
2. Referrals. Ask friends, family and colleagues for their insight. How and why did they choose their advisor? A good referral is a great place to start.
3. Interviews. Take the time to interview several candidates. Find out about their education, experience, accreditation and business practices.
How many clients do they work with? Will you receive the personal attention you need? Answers to these questions will give you peace of mind..
4. References. We check references with babysitters and prospective employees – why not with an investment advisor? Ask to speak with current clients. Do they understand their portfolio and its performance? Can they reach their advisor easily?
5. Compensation. A good advisor will be open with you and detail exactly how they are compensated. In general, advisors are paid for advice through commissions, fees or a combination of these methods. More tips on finding an advisor are available at www.franklintempleton.ca.