7 mistakes people make when choosing a financial advisor

Choosing a financial advisor is a big decision.

Being aware of these seven common blunders when choosing an advisor can help you find peace of mind, and avoid years of stress..


1. Hiring an Advisor Who Is Not a Fiduciary

By definition, a fiduciary is an individual who is ethically bound to act in another person’s best interest. This obligation eliminates conflict of interest concerns and makes an advisor’s advice more trustworthy.
If your advisor is not a fiduciary and constantly pushes investment products on you, it's time to find an advisor who has your best interest in mind.

2. Hiring the First Advisor You Meet

While it’s tempting to hire the advisor closest to home or the first advisor in the yellow pages, this decision requires more time. Take the time to interview at least a few advisors before picking the best match for you.

3. Choosing an Advisor with the Wrong Specialty