Finding an investment planner takes a little research. Many
turn to friends and family for recommendations, but the planner thatís
right for your less-than-conservative co-worker might be wrong for you,
who may be hesitant to take risks with your hard-earned money. On
the other hand, the experienced planner whoís always handled your
fatherís investments may not be well-versed in the latest products that
are attractive to someone your age.
Each planner has their own favorite investment vehicles, but itís best
to find one thatís open-minded about a number of tools for financial
success. It may be wise to avoid the kind of financial planner
whoís tied to a particular investment product, such as life insurance
or IRAs, and may hesitant to recommend the vast variety of additional
investment products available to you. So-called ìindependentî
financial planners may offer more diverse options.
Be sure to ask plenty of questions before you invest. Youíll need
to know exactly where your money is going, what your risks might be,
and what rate of return you should expect. If your financial
planner doesnít take the time to carefully access your current
financial situation and your needs for the future, find a different
planner.
How hard your financial planner works for you will largely hinge on how
he or she is paid. If the individual is paid by receiving a
portion of the profits of your portfolio or a percentage of the value
of your portfolio, he will be highly motivated to make the most of your
money. Those who receive a commission per sale probably wonít be
as inspired to produce.
Avoid purchasing from those who make ìcold callsî to your home, seeking
your business over the phone, and remember, if it sounds too good to be
true, it probably is!
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By: Robert Mousseau Posted: May 16 2006 02:56:51 PM