How to Pick the RIGHT Financial Advisor | 12 Questions

One of the most important questions you will explore in your financial life is how to (or if you should) choose a financial advisor. This is also one of the most difficult questions to answer because picking the right financial advisor comes down to more than just using the one that your friends use. Friends don't often know the difference between a financial advisor and a registered investment advisor, for example, yet you will replicate their choice which might not have been thoroughly thought out.

Their financial advisor may put them in the wrong investments for their stage in life, overcharge them, engage in too much trading activity which increases taxes and transaction costs, and most importantly, tout that they can outperform the S&P 500 Index, despite the fact that fewer than 10% of Financial Advisors can consistently achieve such an incredible feat.

This video puts rigor around selecting the best financial advisor for retirement for your specific needs by giving you 12 questions that you should ask before considering any financial advisor. Most importantly, it helps you work out who is on "team you" versus "team themselves."

VIDEO INDEX AND IMPORTANT LINKS

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00:00 Introduction
00:51 Do "People" Need a Financial Advisor?
01:21 Who Does Your Typical Client Look Like?
02:03 How to Tell if Your Financial Advisor is an R.I.A. (Registered Investment Advisor).
03:16 Is it Important for a Financial Advisor to Be Affiliated with a Broker Dealer?
04:23 Should You Buy a Private Mutual Fund Created by Your Financial Advisor?
05:33 Should a Financial Advisor Disclose Special Fee Arrangements to You?
05:56 How Do Financial Advisors Get Compensated?
06:14 What Services Do Financial Advisors Provide Beyond Picking Investments?
06:44 Should Your Financial Advisor Keep Your Funds in a Custodial Account?
07:20 Should Your Financial Advisor be Accredited in Social Security Analysis?
07:56 Should Your Financial Advisor Help with Taxes and Estate Planning?
08:31 Will You Have Access to Your Financial Advisor Once Hired?
09:10 Should Your Financial Advisor Tell You Where They Will Direct Your Money Before You Hire Them?

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.