Choosing a Financial Advisor
Guidance from a financial advisor can help you achieve financial goals and retire comfortably. Since credentials & fees can vary, choosing the right professional can be confusing. Below are some considerations and resources to help.
Level of Responsibility: A professional with fiduciary responsibility has a legal responsibility to put the client’s interest ahead of their own. Some professionals, such as Registered Investment Advisers, have this responsibility; others, such as broker-dealers, have a suitability standard. That means the investment must be suitable for the client, but they can factor in considerations such as commission.
Credentials: University of Illinois Extension has an online guide “Choosing a Financial Professional” that explains the role of various types of professionals and the significance behind different credentials. It is available at http://web.extension.illinois.edu/financialpro/index.cfm
Research Background: The Financial Industry Regulatory Authority (FINRA) has a free online tool to research the background and experience of financial brokers, advisors, and firms at https://brokercheck.finra.org/.
Join us for the webinar “Choosing a Financial Professional,” November 1, 12:00 pm – 1:00 pm. A representative from the Financial Planning Association will discuss types of financial professionals and services. The webinar is free and you can register at https://attendee.gototraining.com/r/759039449289138434