5 Steps to Hiring a Financial Advisor

A professional advisor can be of great help if chosen well. Here are some practical tips on how to do it.

Valerio Baselli 8 July, 2021 | 3:38AM
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Shaking Hands

Investing your money effectively is a complex business. Do-it-yourself investing might not be  viable option for all. And so, in most cases, it is a good idea to rely on a professional. Easy, right? Not quite.

The financial-advice industry features a bewildering array of titles, designations, and compensation schemes. Some advisors are fiduciaries (commonly understood to mean that the client trusts that the advisor or firm will put the clients interests above their own), while some aren’t. And even though advisors must obtain licenses if they're selling securities, and pass tests and log work experience if they want to earn certain credentials (such as the certified financial planner designation), there aren't any minimum standards in place for calling yourself a financial advisor.

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Valerio Baselli

Valerio Baselli  Valerio Baselli is an Editor at Morningstar Italy.

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