Trent Hamm, founder of TheSimpleDollar.com, shares simple steps to distinguish advisers who make your best interest a priority when it comes to planning your financial future.
Excerpt: Most financial advisors provide solid money advice that will help you achieve your goals. They sincerely want you to succeed, make genuine efforts to understand your financial situation and do their best to devise an investing plan for you.
As with any profession, however, there are sharks in the water. There are a few financial advisors out there who place their own interests before yours and strive to use your situation and your resources as mere stepping stones to their own profits.
There are also advisors who genuinely believe they’re doing what’s best for you but are actually making decisions loaded with conflicts of interest, such as putting your money in good (but not great) investments for which they earn a nice commission.