How to Pick Them

When H. Robert Bradley and his partners founded NorthLanding Financial Partners, an independent registered investment advisory firm in Rochester, N.Y., they chose the name of the firm very carefully. The last thing they wanted to do was to call their firm a “wealth manager.”

How can you be sure that your financial advisor is on the up and up? Your assets are too important for you to blindly trust the person you hire to tend them.

Over the course of your investing life, you will probably hear a large number of misstatements, partial truths, and out-and-out whoppers about investing. These ideas are typically part of a well-rehearsed sales pitch, often by someone who has a financial interest in getting investors to believe them.

They sound very seductive. Some ideas are bandied about so widely that they become folk wisdom.

When you first meet with a financial advisor, it’s important to ask not only how much his or her fees are, but who actually pays. An advisor’s compensation method can affect the type of advice you get, so you should understand the differences before you choose who to hire.

There are three basic ways financial advisors and planners are compensated: Commissions, fees and a combination of both. Neither is absolutely more or less expensive for you.

Here is what makes them different and relevant to you as an investor.

Finding a good advisor is only half of a fruitful advisor-client relationship. Being a good client can help you increase your wealth because some advisors do just a little bit more for great clients who are easy to work with.

Here are a few guidelines for doing your part to build a good relationship with your advisor.

Being a good client is just as important as finding a capable advisor. One of the key traits of a good client is willingness to stick to a portfolio for the long-term and trust the advisor’s recommendations.

While finding an educated, experienced and ethical advisor is very important, it’s only half the story. Of course, a good advisor can positively influence a client’s behavior, but the client ultimately makes the decisions that lead to success.

Financial planning, investment advice and retirement planning are different services that financial advisors give. They overlap and reinforce one another, and they each are vital. But it pays to know what you get and what you need.

When choosing an advisor, pay attention to the advisors’ pay structure and also whether they take control of your assets – to make sure that their work focuses more on planning for goals rather than just investing.  

Hiring a professional to prepare your tax return is nearly as complex as the return itself. Before you choose a preparer, you need to understand the recent changes to rules and qualifications for various professional designations. Also, know the right questions as you shop around to find an honest preparer that suits your needs.

Working with a tax preparer as April 15 approaches frees you from the stress of doing your returns and make sure they're done correctly. But how do you choose such a person

There are a variety of professionals with different qualifications and expertise, and they all charge different fees for their service. Here are a few tips for finding the best tax preparer for you. 

How do you choose the right financial advisor for you? Here are seven questions you should ask a prospective advisor.

This decision crops up when you reach the point in your career that you need guidance to plan for retirement, save for your kids’ education or invest and grow your wealth. You should interview and evaluate several advisors to find a competent, qualified professional whom you feel comfortable with.

Here are the things to ask: