You need to know whether your Las Vegas financial advisor is an expert in the investment field to make sure you are setup for your future and retirement. Therefore, you must take a close look at both credentials and experience. Go to both the FINRA and SEC website to find out his or her designations and background. You need to hire someone with a CFP at least as these people have passed rigorous exams.
Your financial planner should advise you in another aspects of the financial world such as retirement, taxes, insurance, and estate planning. He or she must give you a comprehensive financial plan too.
Meeting and Clean Track Record
You have to meet your future financial advisor face to face. You need to make sure that your personalities get on well and that your financial advisor is trustworthy, as he or she will be handling your investments. Keep looking if you do not feel comfortable after the meeting.
Your financial advisor must have a clean track record. In addition to this, you should know whether your prospective financial planner has got any complaints. So go to the SEC site and get a copy of his or her Form ADV Part I right away.
He or Shee Must Act In Your Best Interest and You Must Get References
Make sure your financial advisor acts in your best interest at all times. This is also called fiduciary duty, and your financial planner must be part of the honor system of the financial planning arena.
In addition to this, you should check out your financial advisor’s references.
You should get at least 3 names of financial professionals your prospective financial advisor has worked with in the past. They will let you know about his or her strategies and abilities in the field. You must also know whether these financial professionals get any referral fee from your prospective financial advisor.
You should also speak to some of your prospective financial advisor’s clients, but there are some privacy laws that limit the amount of information they can share. You must also know how much money he or she has under management and the number of clients. You should also know whether services and oversight will be provided only by the advisor or a team.
Find out how your prospective financial advisor gets paid. He or she might charge an hourly fee, a commission or a flat fee on the value of assets managed or on securities sold. Get a copy of his or her Form ADV Part II which has the strategies, fee and services of your financial advisor.