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Ten Questions to Ask When Hiring a Financial Advisor

Posted At : April 19, 2010 5:47 PM | Posted By : Admin
Related Categories: fiduciary standards

For many consumers, hiring a Financial Advisor is one of the most important decisions they can make. But some are better prepared than others. Forbes posted a brief article with tips to help consumers do their homework before hiring a financial advisor. Recommended questions include:

  • Will the advisor discuss solutions to clients' short and long term goals? How well do they relate?
  • What is the advisor's career history?
  • Can clients speak with someone in the office regularly?
  • What kind of reports and statements will the advisor provide?
  • Can the advisor provide references?
  • Will they explain their portfolio strategy?
  • How does the advisor get paid--commissions, fees or both?

For the full article, visit http://bit.ly/c2IThd.

As a consumer, what do you find to be the most difficult part about researching a prospective Financial Advisor? In your experience, what is the best way to find an Advisor--through a referral, through an industry organization, through a consumer advocacy group, or some other source? Do you believe that most consumers do their homework and follow steps similar to those described in the article? Do you think there are any other questions that consumers should ask prospective Advisors--but don't?

Jefferson National Securities Corporation

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Changing Standards for Brokers and Insurers

Posted At : March 2, 2010 5:06 PM | Posted By : Admin
Related Categories: fiduciary standards, tax deferral

Adding to the ongoing discussion around fiduciary standards, a recent Wall Street Journal article examines the congressional debate surrounding whether to hold brokers and insurers to a higher fiduciary standard. The industry awaits the decision on a bill which may be unveiled as early as next week. One lawmaker said that brokers may as well be "croupiers and Blackjack dealers" without a rule to get them on higher moral ground. The article also quotes a study conducted by RAND for the Securities and Exchange Commission which concluded that many investors do not understand the difference between brokers and advisors.

To read the full article, visit the Wall Street Journal's blog at:
http://blogs.wsj.com/financial-adviser/2010/03/01/trust-isnt-a-given/

Do you think that most consumers understand the difference between the "fiduciary standard" used by financial advisors versus the "suitability standard" used by brokers? Do you think brokers and insurers should also be held to some higher standard of trust such as the fiduciary standard? What do you think the outcome of changing these standards would be for consumers? Do you think these changes would be effective in influencing financial professionals to act in the best interest of the client?

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