How to Pick Them

Gurus - Are They Really?

When a financial advisor or an author of financial books becomes well-known, investors may assume they can trust that person’s advice. This isn’t necessarily the case.

Fame and quality don’t always go together. Recently, I was selected by an Internet community site called moneytips.com as one of their top 50 “social influencers.” This is a list of professionals in the areas of wealth and personal finance who use social media and other Internet tools effectively.

Advisors: What Women Need

Anyone familiar with John Gray’s Men Are from Mars, Women Are from Venus knows the premise that men and women communicate very differently. Perhaps this explains why most female investors prefer to work with a female advisor and most married women leave a male advisor after the husband dies. Starting with the first conversation, women want, need and deserve distinct treatment from financial advisors.

What Can You Delegate?

There are things in life that you can, and should, delegate. Financial planning is one of them.

Each of us has 168 hours in a week. After subtracting the time you work, sleep, eat and bathe, you are left with only a few precious hours to do whatever pleases you. If you spend 10 hours a day working and commuting, two hours eating, and eight hours a day sleeping, that leaves you 48 free hours. So how do you choose to spend your time?

Gurus’ Advice: Be Skeptical

Many financial celebrities, like Dave Ramsey, hand out advice for an audience of millions that rarely applies to a real person. Instead of following their one-size-fits-all rules, you should make decisions based on your unique situation.

I’m not saying you should disregard what Dave or any of the other financial gurus out there has to say. What I am saying is that we need to take their advice with a grain of salt.

Advisors and Better Returns?

Can you quantify a smarter way to own mutual funds? Vanguard Group thinks so. It believes you – and specifically your advisor – could add more than three percentage points to your returns by adopting seven principles.

Vanguard, which specializes in low-costs index funds, recently published a report that lists the seven value-added types of advice that advisors can use to potentially fatten your performance. To make their idea a reality, of course, you need to choose the right fund manager.

Using Advisors: Start Early

Congratulations, recent 2014 graduates. You now embark on an exciting new chapter of your life. You are eager to start a career and work toward achieving all your goals. But where do you begin? How do you make the best out of your first paycheck, and others to come, to finance for your ambitions and dreams in life? Answer: Get a good financial advisor.

Advisors: Trust but Verify

You can never be too careful with the major matters of life – especially your financial future. Take a lesson in caution from a former U.S. president and the heavily armed guards at the gates of a military facility. Trust but verify your financial advisor’s bona fides.

I have the honor to provide financial counseling to service members, going to military installations to talk to soldiers and their families regarding financial issues such as buying a home, saving for retirement, reducing debt or creating a budget.

How to Manage Your Wealth

Some think of advisors as purely investment focused. But for many people your advisor should be a wealth manager – someone who can give you guidance on both financial planning and investment issues ranging from topics like estate planning to taxes to insurance to investments.

Weighing an Advisor’s Biases

Is your financial advisor biased? To find out, just check two things: Is the advisor human? Is he or she breathing? If so, the advisor is biased. You need to assess an advisor’s biases in evaluating the person’s advice.

6 Ways to Find an Advisor

The professional you pick to manage your assets and advise you on key financial decisions affects your retirement and other major financial goals more, maybe, than even you. Make the right choice.

When trying to find a financial advisor, you may ask your attorney or accountant for a referral. Makes sense, as you trust their advice. Just as important, these professionals cross-pollinate with the advisors of many clients (like Glassman Wealth Services), so often they know a variety of financial planners and who might fit best with you.

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