Then ask the right questions for the right person.
1. Always follow the monies.
Ask him how is he compensated for providing the service. You pay him consultation fees or will he receive commission rebates from products that you invest in or BOTH?
2. How long have they been doing this?
Experience really counts in this trade. There is no room for theoretical knowledge in my opinion.
3. What are their qualifications and licences? Is there an active organisation backing their qualification with regular monitoring of business ethics and learning needs?
4. What is the service scope?
For the fees that you are generating for him, what are getting in return ie.
- report - by type and regularity
- interaction - by mode (ie. phone/sms/email/face to face) and regularity
Source - Hiring a Financial Planner - Jack Waymire, ST22Oct 2006 page 20
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