How to Pick a Good Investment Advisor

Having a good investment or financial adviser in your life usually comes with numerous benefits that you ought not to overlook. A good investment planner will give you valuable financial tips that will help you to manage your money, build your wealth, secure your future and above all assist you create an effective plan that will make you realize your investment objectives.

That said, not every financial adviser out there may be your best bet meaning that you will have to be keen when choosing your perfect financial adviser who will best meet your specific needs.

Here in this article, we highlight for you some vital tips you can follow when picking a good investment adviser:

1. Choose one depending on the services you want

There are different types of financial advisers offering varied investment and financial advice. It therefore makes sense for you to know exactly the kind of financial advisory services you want before you choose one. If the kind of financial advice you want will be centered about choosing and managing investments then a robo-adviser would be your best bet. A robo-adviser is an online automated portfolio management service that is designed to help small to medium sized investments.

Starting off with a robo-adviser to help you achieve gains in the stock market doesn’t mean that you can’t later on enlist the services of a human adviser who will help give you comprehensive financial planning advice.

2. The cost

The other thing you may need to look at when deciding on which financial adviser to opt for is the cost they are charging for their service. Robo-advisers have their base annual fee starting from as low as 0.25% of the total assets they are managing for you. Their human counterparts also have a standard percentage they charge on the overall amount that they manage for you. It is usually a median fee of 1% but this may be high if you have small accounts and low for large accounts. Please note that there are other human financial advisers who will decline to work with clients who have invest-able assets that are below the $250,000 mark.

Some human financial advisers may charge a flat fee, a retainer or hourly rates to render their services. It is therefore a good idea for you to know what they are charging before you get into a commitment with them.

3. Look at the qualifications and standards

If you are considering working with a company, you better look at the company’s reputation and how it serves other customers. Are they certified by the relevant financial authorities? What are their clients saying about their services?

If it is a human adviser you want to work with check out their qualifications and the reputation they have built for their period of time they have been providing the service. There are qualified and certified financial and investment advisers who have been in the industry for long who may just be your best option.