Freedom Debt Relief Reviews: Questions to Ask Your Financial Advisor
Financial advisors help us to handle the money we have worked hard to earn. But did you know that not all financial advisors are even legally obligated to put your interests first? Financial advisors may have different titles, like wealth manager or investment consultant, but unless your financial advisor is a fiduciary, they can put their interests ahead of your own.
A fiduciary is also known as a registered investment advisor or RIA. RIA’s charge a flat fee or a percentage of your total assets. This eliminates any conflicts of interests associated with a sales commission.
We must carefully select our financial advisor to make sure our hard earned money is taken care of. When it comes to our financial advisor, we need someone who puts our interests first. Knowing the right questions to ask will save you from working with a salesperson who will push a product only because it gives them a kickback. Freedom Debt Relief reviews the questions you must ask your financial advisor before you hire them.
Freedom Debt Relief Reviews: Are You a Registered Investment advisor?
Any answer other than an emphatic yes is unacceptable. Someone who says no is a broker and not legally obligated to put your interests first. Unfortunately, it doesn't end there. Even someone who answers yes may still be a broker. Dual registration allows RIAs to be a broker and fiduciary. This means that this advisor will sometimes be obligated to serve your best interests and other times not. Steer clear.
Freedom Debt Relief Reviews: Do You Receive Extra Compensation For Selling Particular Investments?
A straightforward, but powerful question. Knowing the answer to this question is essential to determine if your financial advisor has your best interest in mind. If the answer is yes, your financial advisor has an incentive to sell you a product that may not be ideal for your financial goals.
Freedom Debt Relief Reviews: What’s your Investment Philosophy?
Time and time again, it has been established that stock picking is basically equivalent to gambling. Broad-based index funds consistently outperform actively managed funds. This question is essential to determining whether your advisor mistakenly believes they can outperform the market.
Freedom Debt Relief Reviews: What other Financial Services do you Offer?
Depending on what stage of your life you’re in, investment advice may be all you need. But as you grow older and accumulate wealth, you may need more help. Brokers aren't even legally allowed to offer tax advice. As you grow, you'll want an advisor who can help you plan to save for college, for retirement, and more in a tax efficient manner.
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