The Five Red Flags To Look Out For When Interviewing A Personal Financial Adviser
- 3 years ago
Zoe Financial CEO Andres Garcia-Amaya interviewed 1,325 financial advisors, planners, and accountants in the process of starting the company.
And according to Business Insider, he learned to spot five red flags to look for when considering engaging a personal financial adviser.
First, Garcia-Amaya warns you should watch out for anyone overly focused on short-term gains. After all, most people use advisers for help with long-range goals.
Next, if an adviser immediately starts pushing you towards just one particular financial instrument, such as an annuity, on the first meeting be concerned.
Also, are they bragging about how many clients they have, or trying to convince you they can beat the market? Next!
Finally, just search the SEC's website for the adviser's name. That will reveal any bankruptcies they have or complaints made against them.
And according to Business Insider, he learned to spot five red flags to look for when considering engaging a personal financial adviser.
First, Garcia-Amaya warns you should watch out for anyone overly focused on short-term gains. After all, most people use advisers for help with long-range goals.
Next, if an adviser immediately starts pushing you towards just one particular financial instrument, such as an annuity, on the first meeting be concerned.
Also, are they bragging about how many clients they have, or trying to convince you they can beat the market? Next!
Finally, just search the SEC's website for the adviser's name. That will reveal any bankruptcies they have or complaints made against them.