In India the term financial advisor is used to describe a person who is either selling or advising on one or many financial products. The lines are blurred when it comes to a clear understanding of how a financial advisor operates or how competent he/she is in providing financial advice. This article aims to make a person aware about what to look for in a financial advisor.
What is it that you want from a financial advisor? You would look for an advisor who can guide and help you in taking the best financial decisions. You want an advisor whom you can trust and depend on. There are three broad areas that you need to evaluate to find a good advisor.
- Competence or ability to deliver the best advice
- Intent in terms of working in your interest
- Business practices adopted by the advisor
Let us understand in detail how to go about evaluating a financial advisor: