The significance of
having a Registered Investment Advisor aside for financial planning and
investment management is unmatchable. You would have heard stories of many rich
people going bankrupt nowadays, that’s because they made the mistake of not
hiring an Independent Registered Investment Advisor to assist. When you get new
wealth, you likely want to do investment or any other means to increase it.
Most of the people don’t think they need professional help, as they have little
money or know a trusted person who knows about investment. But it is not how it
works; investing money in the right process needs knowledge and experience,
which we don’t think anybody will have rather than professional like Registered
Investment Advisor.
A Registered
Investment Advisor (RIA) is a licensed firm or can be a person, who offers
financial advice on the investment process and securities. They act as a
fiduciary that respects and keep the client’s interest in the first place.
That’s why it is better to hire a good Registered Investment Advisor to plan
your investment than seeking the help of your family and friends. Here are some
factors that you should check before choosing the best Registered Investment
Advisor for your financial planning and advice services.
Look for the legal
qualifications of your selected RIA firm or person to know about their work and
services. And also an RIA should be registered with the Securities and Exchange
Commission (SEC) or to the state securities agency. A registered investment
advisor would have the right qualification and proper registration papers,
which would lead them to give the best investment advice to the client.
An RIA takes fee in
the form of hourly based, commission based and percentage based in some cases.
But it is always good to hire an RIA, who offers their services in commission based fee. Because, you will pay them only a percentage of the profit from the
successful investment plan, that they have recommended to you. In this way, you
will be assured that they are offering the best advice and also working for you
rather than making money for them.
Another good way to
check the RIA service is to through the testimonials, recommendations, and
comments of their previous clients in the website and local directories. And
even you can check the local complaint registry website to check any complaint
on that firm. A good RIA will have a good reputation.
And lastly, speak
with the RIA. Make use of free consultation meeting as some of the RIA firm
offers. Ask questions about everything you want to know about them, their
company and its services to get a clear idea of their work and objectives.
So choosing the
best Registered Investment Advisor is must as it can make or break your
fortune.
