While many investors may not realize it, choosing the right financial advisor could quite possibly be the most important decision you ever make. Yet, there are some who will spend more time planning and researching a yearly vacation or automobile purchase than in analyzing the person who will be the driver of their retirement savings plan. Some compare the process of picking a financial professional with that of hiring a key employee for a business - because the individual that is chosen will essentially be tasked with the responsibility of ensuring that assets continue to grow and that losses are minimized. The advisor that you ultimately choose will play a big role in how - or if - your financial goals are achieved so that you can live the retirement lifestyle that you've dreamed of. With this in mind, there are several criteria that you should consider before turning your nest egg over. Determine Your Goals Although most people dream of enjoying a relaxing retirement, doing so requires that you first determine specific goals that you would like to achieve. This includes having a good idea of what your future expenses will be, where you would like to live, and what activities you intend to participate in such as travel or hobbies. In coming up with an approximate expense figure, you can then "back in" to how much you will need in savings at a particular time in the future. Seek Out Compatible Professionals Once you have an idea of your investment goals, you should start researching financial professionals that may best fit with your specific financial needs, as well as with your risk tolerance and style. Remember, you are choosing your advisor for a long-term relationship and with the intent of achieving very specific goals. Therefore, simply looking through ads or moving money to your best friend's cousin won't do. Interview the Candidates Once you have determined your short list of potential candidates, you should interview each one in order to determine whether or not they would be a good fit. While doing so over the phone can help you to get answers, oftentimes making a personal visit to the advisor's office will give you a better feel as to how he or she runs their business. Some important questions that should be asked of the advisor should include:
*****Adriana Hammond is a Financial Advisor with CONCERT Wealth Management in San Jose, California where she specializes in working with Canadian and Latin immigrants. She advises on issues of immigration as they relate to taxes, inheritances and retirement. As a Colombo-Canadian, she possesses a unique understanding of the international markets and is fluent in both written and spoken Spanish. CONCERT Wealth Management can be found at www.ConcertGlobal.com and Adriana.Hammond@ConcertGlobal.com
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