One way to evaluate an Advisor is to consider three critical criteria. It is perfectly acceptable to ask any potential Advisor you meet the following questions:
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How will the Advisor be compensated?
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Ask whether the Advisor is compensated by salary or upfront commissions
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Inquire whether the Advisor is Independent – ask if there are incentives to recommend proprietary products
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Ask whether the Advisor’s recommendations directly impact his or her paycheck
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What are the professional credentials of the Advisor?
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Look for industry recognized Advisor designations
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Find out if the Advisor has a real expertise in your specific area (for example, retirement transitions)
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Understand whether the Advisor or firm has a systematic investment philosophy |
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Question the Advisor and staff retention rate at the firm
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What type of service does the Advisor provide?
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Ensure the Advisor provides personal service, meeting face-to-face regularly
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Assess whether the Advisor really listens to what is important to YOU
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Insist on honest, direct communication (sometimes this includes delivering tough messages) |
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Verify the investment recommendations are not a “product sale,” but truly take a comprehensive approach to your complete financial picture
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Hanson McClain is an independent firm that provides expert advice, personally delivered. As a valued client, you will meet face-to-face with your salaried Advisor - on a regular basis - and receive unbiased advice relevant to your specific needs and goals.