Hiring a financial advisor can be the best way to develop a strong financial plan and achieve your long-term financial and life goals. Too often, however, people hesitate to seek out the assistance of a professional when it comes to helping them manage their finances – even if they’re struggling. In fact, research on the subject shows that even though 71% of adults need improvement with their financial planning, only 29% take the step of hiring a financial advisor. Some are too nervous to put their money in someone else’s hands or simply don’t feel that an advisor would be beneficial, yet research suggests those who work with a financial advisor have significantly more money for retirement than those who don’t.
So, how do you take this critical step and choose the advisor who is right for you? With something as important as your hard-earned money, you’ve got to find someone you can fully trust. As you consider hiring a financial advisor, keep these common mistakes in mind to avoid them as you begin your process.