If you're working with a financial advisor, it's essential to ensure you're clear about your goals and expectations. Otherwise, you could end up making a big mistake.
The Biggest Mistake
When working with a financial advisor, you should never assume that the advisor will always have their best interests in mind.
There are a few things you can do to avoid this mistake:
Be Clear About Your Goals From the Start
Before working with an advisor, make sure you are clear about what you want to achieve. That way, you can ensure they are aligned with your goals. If you don't know your goals yet, doing consultations with multiple potential advisors can help give you a comprehensive picture of your financial options.
Do Your Research
Be sure to get referrals and shop around before choosing your advisor. Ask for a referral if you know someone who has worked with a financial advisor. That way, you can be sure that you're working with someone who comes recommended.
Be Prepared To Walk Away
Remember, you're in control of your finances, not your advisor. Some of the most common red flags to look for are advisors who:
- Pressure you to make decisions
- Promise unrealistic returns
- Are more interested in selling you products than giving advice
If you see any of these red flags, it's time to find a new advisor.
Working with the wrong financial advisor can cost you a lot of money. But if you take the time to find the right one, you can rest assured knowing that your finances are in good hands.