The Holy Grail…Screening for Smart Advisors You Can Trust

Jeff Camarda (), Steven James Lee () and Jerusha Lee ()
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Jeff Camarda: Family Wealth Education Institute
Steven James Lee: California State Polytechnic University
Jerusha Lee: Claremont Graduate University

A chapter in The Financial Storm Warning for Investors, 2021, pp 209-231 from Springer

Abstract: Abstract This chapter unearths one of the most perplexing aspects of realizing your financial goals: selecting an honest and expert financial advisor who looks out for you. The task is easier said than done, since the financial services industry largely obscures important knowledge consumers need to screen for bad actors and expensive products. Tips for navigating the advisor landmines include checking if your candidate is a fiduciary, avoids conflicts of interests, is properly trained, and actually delivers what is promised: advice—not commission products. After due dilligence, he key to managing your manager is to monitor and check-up on them periodically. Just as you must commit to lifelong financial education, so too must you engage in lifelong due diligence on your advisor. Even if your advisor means well in promoting your best financial interests, their employing firm may not.

Keywords: Financial advisor selection; Fiduciary; Conflicts of interest; Due diligence; Financial education (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-77271-0_20

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DOI: 10.1007/978-3-030-77271-0_20

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