Choosing An Adviser

March 5, 2009

Good advice is important and so is choosing the right adviser. Most people turn to a financial adviser for help reaching their financial goals.

An adviser can help you:

  • set your goals
  • build a plan
  • choose suitable investments
  • track your progress
  • review your plan, when needed

Your adviser can answer your questions about investment products and strategies. An adviser can also act as a sounding board for your ideas and keep you motivated to stay with your plan. The right adviser for you will depend on what products and services you need, and how much you’re willing to pay for advice.

Advisers can work at places like banks, financial planning firms, brokerage firms and investment management firms. Not all advisers offer the same products and services or have the same expertise. Some specialize in certain kinds of investments. Others can offer you a wide range of investments and services.

Advisers can be paid by salary, commission, a flat fee, or a combination of these methods. If an adviser is paid by salary, the cost of their advice is built into the products you buy. Many advisers are paid a commission for every product they sell. Other advisers charge a flat fee based on an hourly rate or a percentage of the assets in your account.