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A financial advisor can help you meet your financial goals. You need, however, to take an active part in the relationship. Below are some of the common mistakes people make when hiring such an advisor.
Not checking out his or her background.
There are many excellent financial advisers who can help you plan your investment strategy and prepare for your retirement. However, it is a mistake not to check the background of someone in whom he is placing such valuable trust. Unfortunately, there are unscrupulous advisers do exist.
Not checking references.
Ask for references and call at least two of them to discuss their experiences with the advisor.
Going with the first person you meet.
A financial advisor needs to understand your specific goals, needs, and level of risk. Therefore, you should meet with at least three possible advisors, if not more, before deciding with whom you will work.
Hiring someone who uses a blueprint plan.
In your research, you should talk to some of the advisor’s other clients. If you find out that he or she is offering the same advice to everyone, then you will likely want to work with a different advisor. Remember, there is no one-size-fits-all approach to financial planning. Advisors who sell everyone the same investment vehicles are likely getting a commission from the products.
Not asking a lot of questions.
Too many people become passive around financial advisors. It is important to ask questions and determine what his or her plan of action will be and how your money will be invested. Prepare yourself by making a list of questions before meeting a financial advisor.
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With several years of experience, Watterson Financial Solutions Inc is a leading accounting firm in Mississauga, Ontario. Our services include personal tax planning, business registration, business setup and consulting, bookkeeping and accounting, payroll, WSIB, HST, corporate tax, assurance, disability tax credit program, budgeting and forecasting services, insurance, mortgages, investments, real estate and legal services, business valuation services, estate planning services, litigation support and damage quantification services.
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