Who Should Handle Your Money?
by
Gregory Grant
It's said that some people spend more time figuring out where they'll go on vacation, or selecting a home appliance than they do trying to decide who'll handle their investments. Certainly, there are many criteria when choosing a financial advisor, and one of the most important is picking someone who doesn't use too much jargon, someone who is easy to understand.
"When you are talking about your money, you need to be on the same level," says Mitch Slater of Merrill Lynch. "Yes you want that financial professional to have more knowledge maybe than you have, on the aspects of financial planning or investing but you should be able to understand what you are investing in."
While much investing advice may come via the telephone, that's not how most reputable firms get new customers.
"If you get called at home by a financial professional offering you advice, think twice, seriously think twice," says Slater. "Who would you want your money with. Someone that you know a friend, or a business associate has been dealing with for years or someone who just called you on the phone to tell you about the latest investment out there. It's your money think twice."
Choosing a financial advisor is an important decision, but it doesn't have to be a difficult one. Talk to someone who's been well recommended, will be responsive to your needs, and understands your overall financial goals.
In recent years, companies have flocked to the web to set up dot.com sites. Initially retail companies caught the attention of investors and consumers alike.
When to sell a stock is as important as when to buy a stock. The investor that goes beyond just looking at the financial pages will find that this kind of in-depth research will pay off in helping to make wiser investment choices.