Great financial advisers and brokers can not only help you make money on your investments but will also help you reach your goals, avoid undue investment risks and save money on insurance and other major decisions throughout your lifetime. While everyone wants a great financial adviser, the process of finding one can be more difficult than it appears. In this week’s digest, AAII staff cover two articles that highlight important resources and advice that investors can use when searching for a prospective adviser or broker.
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Resources for Checking Out an Adviser or Broker |
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It may have occurred to you just how vital, but complex, “getting it right” is when it comes to saving, investing, maximizing the value of your wealth and planning for a safe, comfortable retirement. If so, you’ve probably asked yourself if you should employ a financial planner or adviser. Before entrusting your portfolio to an individual adviser or brokerage firm, it is important to research their background. In this article, AAII’s Ryan Reeh highlights accredited resources and internet tools that are designed to help in the process of searching for a trusted broker.
Some of the topics covered in the article include:
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The first step to take when looking for a broker
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What a preliminary Google search can miss
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How FINRA’s BrokerCheck and the SEC’s IAPD Database can be utilized in your search
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Additional resources that you can access through your state’s regulators
Using these resources will help you make a more informed choice when hiring an investment adviser or brokerage firm. A little due diligence goes a long way to protecting your investments from unsavory scams and schemes.
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Advice on Evaluating an Adviser From an Industry Veteran |
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If you’ve decided to seek out professional financial advice, the many options to choose from may seem overwhelming. In this article, former Legg Mason senior vice president William Francavilla offers an insider’s insight on how individual investors should go about evaluating prospective advisers. He goes beyond the background check with his tips.
Some of the topics covered in the article include:
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The five questions you should ask every adviser
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The importance of querying advisers recommended by friends or family
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Financial advisers you should avoid
The Financial Industry Regulatory Authority warns that anyone can call themselves a financial analyst, financial adviser, financial planner, financial consultant, investment consultant or wealth manager, so the need for due diligence is great. Although it may seem tedious to conduct thorough research on advisers you are considering, it’s a small price to pay for the reassurance and stability that you gain in the long run.
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Member Question
More than 80 million Americans are expected to get their coronavirus tax rebates this week. Have you or your family members received a stimulus payment yet?
A) Yes
B) No
C) Do not qualify
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Be sure to vote on this week’s question for the opportunity to offer your insights on our open-ended question. |
Previous Question’s Results
The CARES Act suspends required minimum distributions (RMDs) for 2020. If you are retired, will this impact your withdrawal strategy?
Yes : 54%
No : 46%
Poll results are as of 9 a.m. (Central) on Monday. 2,909 respondents.
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SEC Live Town Hall Webinar |
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 Join us next Monday, April 27, for AAII’s second Town Hall video event! AAII members will have a unique opportunity to hear comments from Jay Clayton, chairman of the U.S. Securities and Exchange Commission (SEC) chairman, and SEC education director Lori Schock as they field questions LIVE. Free registration gives you access to the SEC chairman, who will provide insights on how individual investors can best protect themselves in this volatile market. Note: This webinar starts at 1:00 p.m. CDT. For more on AAII’s expanding webinar series, go to www.aaii.com/webinars. More » |
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