How to Choose Your Financial Consultant


We’ve all heard the adage, “there’s no better time to invest than now.” And yet within today’s economy many investors are understandably leery about market conditions and unsure of what their next steps should be. The great news is, you don’t have to go at it by yourself. When it comes to managing money in order to build towards a bright future, a financial consultant can be one of your best allies.

But with so many options out there, how do you choose?

Conventional wisdom says you shouldn’t decide to invest your money the way you choose where to take your dry cleaning. This is a decision that deserves more thought than simply an internet search or sifting through the yellow pages.

Consider the following when making a decision:
Determine your financial picture.

Ask yourself important questions before meeting with a potential financial consultant. Determine how much you have to invest, what kind of investments you want and how much help you need. Be armed with knowledge of your situation before you begin your search.

Get References.
Networking makes the world go ‘round. Ask people you trust – family members, friends, colleagues, neighbors – who they work with and what their experience has been with their financial consultant. Follow those leads to set up informational sessions with people they trust with their financial assets.

Check a Broker’s Background.
The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States and has introduced a free online tool called “BrokerCheck” to help investors research the professional backgrounds of current and former FINRA-registered brokerage firms and brokers. Check here to support your search.

Interview Multiple Brokers.
We all have unique investment needs and, regardless of references, not all financial consultant’s strategies line up with our needs and wants. By talking with at least two different people and measuring their responses to your situation, you will ultimately make the most appropriate choice for your situation.

Be comfortable with your choice.
You are about to enter a partnership with your financial consultant and that relationship should be built on trust and understanding of your situation. You deserve the right to feel comfortable with your decision, knowing that you’ve entrusted your financial consultant to put your needs first in order to be the most effective steward of your assets.
While the prospect of choosing a financial consultant may seem daunting, its one of the most important decisions you can ever make. Preparing yourself by following these simple steps will give you peace of mind, knowing you aren’t navigating your financial future alone.

This article is provided by Pamela J. Carty, AWM, a Financial Advisor at RBC Wealth Management in Bend, OR, and was prepared by or in cooperation with RBC Wealth Management.  The information included in this article is not intended to be used as the primary basis for making investment decisions nor should it be construed as a recommendation to buy or sell any specific security. RBC Wealth Management does not endorse this organization or publication. Consult your investment professional for additional information and guidance. RBC Wealth Management does not provide tax or legal advice.

RBC Wealth Management, a division of RBC Capital Markets LLC, Member NYSE/FINRA/SIPC


About Author

Founded in 1994 by the late Pamela Hulse Andrews, Cascade Business News (CBN) became Central Oregon’s premier business publication. •

Leave A Reply