Reuters: Financial advisers consistently ask the wrong questions

I was reading yesterday about an article at Reuters about how some financial advisers - the ones that just look for numbers to plug into off-the-shelf portfolio software - may be asking you the wrong questions.

They are more worried about selling their products them analyzing the whole scenario of their clients.

I agree - if you meet with some of those - you should run for the hills.

Thats why you should not be impressed by their nice offices and brochures.

I have been seen so many scammers out there, taking advantage of worried retirees.

Thats why you have to look the credentials and make sure the financial advisor you are working with is a fiduciary and independent.

I have already talked about being a Fiduciary and Independent Financial Advisor.

An advisor with fiduciary responsibilities is held to a higher ethical standard and should have the knowledge to provide sophisticated wealth management services and advice. RIA's are licensed to provide ongoing financial advice, and fiduciary advisors are required to provide disclosure in their ADV's.

The investor must always come first.

Only 10 to 15% of advisors have fiduciary responsibility, and are usually Registered Investment Advisors (RIA's) or Investment Advisor Representatives. These advisors are registered with the SEC or the state security division (depending on their size).

Being Indpendent Advisor  are professionals who offer independent advice on financial matters to their clients and recommend suitable financial products from the whole of the market.They do not work for banks. They shop the best product for your scenario.


It is a good reading from Reuters and i will give you the link:

http://blogs.reuters.com/reuters-money/2011/09/06/financial-advisers-consistently-ask-the-wrong-questions/


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