Mark Hauser: 4 Tips for Choosing a Financial Advisor
Mark Hauser, the co-managing partner at Hauser Private Equity, has provided expert advice on how individuals can choose the best financial advisor for their needs.
Financial advisors are not regulated by the United States government, which means that advisors need to be cautious about who they choose. Here is some advice Mark Hauser gave regarding choosing an advisor:
1. Verify Credentials
Since financial advisors aren’t regulated by the United States, the first thing you’ll want to do is verify the advisor’s professional credentials before choosing to work with them. You can verify credentials via the CFP Board website.
2. Compensation Method
Mark Hauser also states that individuals should determine the advisor’s compensation method. When working with a fee-only financial advisor, they only receive compensation from their clients.
With that said, the financial advisor is looked at as the fiduciary that acts in each client’s best interest. On the other hand, a commission-based advisor benefits from recommending certain products to clients.
Whenever you’re thinking about working with an advisor, be sure to understand their compensation method.
3. Choose an Empathetic and Focused Advisor
Mark Hauser also states that you should look for an empathetic and focused advisor. Any advisor your choose should understand your goals on a personal level and will be ready and willing to support you in your financial journey.
4. Choose an Education-Focused Adviosr
similarly, your financial advisor should be education-focused. This means that the advisors have a record of investing in continuing education. Keep an eye out for advisors who specifically receive training on tax issues regarding retirement savings, complex 401(k), and individual retirement accounts.
Mark Hauser ultimately states that individuals should do their due diligence when it comes to choosing the right financial advisor. Be sure to take these tips into consideration.
