Hiring a Financial Adviser

MoneyWatch for May 2009
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When it comes to handling your finances in a complex economy, it is beneficial to have an expert to help you.  A financial adviser or planner can assist in developing a financial plan and help you reach your financial goals.  However, finding the right financial help can be difficult if you are unsure of what credentials and qualities to look for in a financial adviser.  Here are 10 most common mistakes when hiring a financial adviser from AllBusiness.com.

1. Not checking out his or her background
2. Not checking references
3. Going with the first person you meet
4. Hiring someone that uses a blueprint plan
5. Not asking a lot of questions
6. Failing to establish a good rapport
7. Not providing full disclosure
8. Failing to clarify the financial arrangements ahead of time
9. Failing to discuss philosophies
10. Blindly following.  Your advisor is working for you.

Click on these links for more information and resources on hiring a financial advisor.

Local and State
Certified Financial Planners (CFP): Certified Financial Planners in Cleveland Area
Financial Planning Association (FPA): Ohio Certified Financial Planner Professionals
Plain Dealer: How to Find a Financial Planner, and What to Expect When You Do

National
All Business: Top Ten Mistakes When Hiring a Financial Advisor
Financial Planning Association (FPA): Choosing a Planner
Certified Financial Planner (CFP) Board of Standards: How to Choose a Planner
National Association of Personal Financial Advisors (NAPFA)
CNN Money: Hiring Financial Help
Yahoo Finance: Five Rules for Hiring a Financial Advisor
USA Today: Financial Advisor - Hire One or Become One

Support for MoneyWatch is made possible by Charter One Foundation.

Research assistance for MoneyWatch is from Cleveland State University Nance College of Business Administration. Information on the Nance MBD program is available here.