What To Look For In A Financial Advisor?

So you have managed to win huge winnings in one of the leading lotteries in the world! What would you do now? Many winners who have recently claimed huge winnings go looking for travel agents so that they can book hotels and destinations for a flamboyant vacation. Many winners go looking for real estate agent so that they can purchase a splendid penthouse. There are many winners who go looking for a car dealer so that he can buy a luxurious car. When you suddenly get money to buy things that you could not attempt buying otherwise, you get tempted and end up splurging all your winnings in things that might need more maintenance than its actual expense.

A smart winner will go looking for a good financial advisor. Now what are the factors that will help the winner decide on which financial advisory agency to chose. Financial advisors or planners come in all varieties. If you know the right thing you want, you can easily find a good financial advisor with a little research. The following factors must be given importance while selecting a good financial advisor:

  1. Designation

Financial advisors may have several ranks which they do disclose if asked. The designation of the financial advisor will give you a clearer picture of whether the financial advisor holds an important position in the agency or not. It will also mean that you will be calm at all times thinking that you have handled your finances to the right person in the right company.

  1. Licenses

It is very necessary to check the professional license of the financial advisor. There are hundreds of advisors roaming around in the market. You would not want to handover your money in the wrong hands. You must always find a certified financial planner. You must check licensed agencies like Financial Planning Association.

  1. Education

Always make it a point to check the educational qualifications of the financial advisor. It will help you understand whether he is eligible to handle your assets or not.

  1. Experience

Ask the advisor to provide you with his previous list of customers. You can have a word with a couple of them to understand whether he handled their cases properly or not. A background check will only help you in understanding the abilities of the planner.

  1. Work Philosophy

You need to get an idea to what the ethics and service related ideals of the advisor is. Does your expectation match his philosophy towards expenses, savings and investments or not. If the two of you feel that your ideals and philosophies are compatible you can ask him to get on board.

  1. Compensation

You can always negotiate the fees of the advisor. Also give him a room to negotiate as he will soon become the planner who will manage all your winnings.

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