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How to Choose a Financial Advisor
The Wall Street Journal Advises:
Look for a financial adviser who is a certified financial planner (CFP). They're licensed and regulated, plus take mandatory classes on different aspects of financial planning.
Consider the planner's pay structure. A planner who earns money based on commission rather than a flat, hourly rate could have an incentive to steer you in a particular direction.
Read the code of ethics that your financial planner adheres to. Look for the word "fiduciary" and language that requires planners to look after your best interests.
“Financial Planners who take commissions have a built-in conflict of interest...even with disclosure, my choice would be a Fee-Only planner.”
Newsweek - Jane Bryant Quinn
“Start with the general practitioner...a Financial Planner (whose) compensation should be from fees alone.”
“The most important matter is how the planner is compensated. Hire the planner who...has no financial stake in (your) investments.”