8 Mistakes you should avoid when selecting a financial planner.

[Holicent]

1. Not asking enough questions.

2. Not trying to understand the advisor’s goals and strategies.

3. Not asking how a plan will benefit you, your goals and your financial situation.

4. Not asking whether your advisor has any experience with your specific situation before hiring him or her as a financial planner.

5. Not checking references from previous clients to ensure that the advisor has performed at the level you expect from a professional financial planner.

6. Not getting their annual review with the advisor before making any changes to their financial plan.

7. You're not clear on your goals

A financial planner will help you to understand your financial situation and the options that are available to you, but it's their job to help you to set realistic and achievable goals. If you haven't clearly defined what you want from your financial planning process or how much money you can afford to spend, then it's difficult for them to work with you effectively.

8. You don't understand fees

Financial planners charge for their services on a sliding scale, so it's important that clients understand exactly what they're paying for before making any decisions about which adviser they want to work with. It's also worth looking at the scope of advice that an adviser offers before deciding whether they're right for your needs.

 

[saoussen5765]

Advisor is someone specialist means he is sometimes using technical terms or some law details that you are a normal person and did not understand at all or even having little knowledge about what he is trying to say. This is my point of view about point 2.
He should explain at a very simplified way to be more understandable and to let a chance for people that hire him to understand his plan and strategies @Holicent.
Checking references from previous clients is good and bad in some time clients falsefly claims that advisor isn't good person because there was not ok about the price or payment method or schedule this is why diversify and ask more than one person is required about point 4.
It is true you are not clear about your goals because before hiring advisor everything is theoric and theory and practice are bit different and aren't the same thing. So not bad point you may take decision later.

 

[Augusta]

A financial planner or advisor is a person that needs to help you out with your financial life so only go for the one that will help you actualize your financial dreams. Not the one you don't understand the goals and strategies of the person.

Not use one that doesn't tell you how a plan will benefit you, your goals and your financial situation.always endeavor to go for advisors that has experience with your specific situation before hiring such a financial planner.

 

[saoussen5765]

A financial planner or advisor is a person that needs ti help you out with your financial life so only gomfor the one that will help you avtuslize your financial dreams. Not the one you don't understand the goals and strategies of the person.
Not use one that doesn't tell you how a plan will benefit you, your goals and your financial situation.
always endeavor to go for advisors that has experience with your specific situation before hiring such a financial planner.

It could tell you how the plan benefits you but if this person is not telling the truth or hiding the drawbacks of the plan then you recognize that this person cheated you. Everything must be clear from the beginning.