How to Select an Investment Adviser or Financial Planner

Know What You're Buying

Some financial planners and investment advisers offer a complete financial plan, assessing every aspect of your financial life and developing a detailed strategy for meeting your financial goals. They may charge you a fee for the plan, a percentage of your assets that they manage, or receive commissions from the companies whose products you buy, or a combination of these. You should know exactly what services you are getting and how much they will cost.

Check Their Form ADV

People or firms that get paid to give advice about investing in securities generally must register with either the US Securities and Exchange Commission (SEC) or in their state where they have their principal place of business.

To find out about advisers and whether they are properly registered, you can read their registration forms, called the "Form ADV." The Form ADV has two parts. Part 1 has information about the adviser's business and whether they've had problems with regulators or clients. Part 2 outlines the adviser's services, fees, and strategies. Before you hire an investment adviser, ***always ask*** for and carefully read both parts of the ADV. You can view an adviser's most recent Form ADV online by visiting the Investment Adviser Public Disclosure (IAPD) website (see Resource links, below).

Caveat Emptor

Remember, there is no such thing as a free lunch. Professional financial advisers do not perform their services as an act of charity. If they are working for you, they are getting paid for their efforts. Some of their fees are easier to see immediately than are others. But, in all cases, you should always feel free to ask questions about how and how much your adviser is being paid. And if the fee is quoted to you as a percentage, make sure that you understand what that translates to in dollars.

Speak Up

Ask as many questions as you need to in order to be comfortable with the person and the process they are suggesting. Ten key questions to consider are listed at the Board of Standards for financial planners (see Resource links, directly below).

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