Hiring the first financial planner you meet with is akin to marrying a girl based on a good blind date. It’s inevitable that you are going to run into a number of problems down the road. There are just too many important aspects to consider in making the decision of hiring an investment advisor, for you to approach it lightly. Yet so many do. The majority of those looking for help with their finances often hire the first advisor they meet, usually based on the reference of a friend or family member…..again, like marrying that girl you hardly know.

When considering using the services of a financial advisor in Naples, avoid making the following common mistakes to ensure a fruitful and happy relationship.

  1. Only considering one candidate. You can trust that that referral that you got from your best friend or from your sister-in-law is a valid one but one size rarely fits all when it comes to finances. Will that financial expert recognize your needs and desires as different from your associate’s or will he approach it with a generic approach. Interview several professionals before committing to anyone.
  2. Not doing your homework. Now that you’ve completed your initial meetings, don’t fall for being too impressed by the alphabet of acronyms that follow each name. Credentials are great but valid research is gold. Check with the state boards for complaints or charges of fraud; ask for and contact references, of which you can ask intimate questions, and check with the Better Business Bureau for further information.
  3. Letting the advisor control every area of your finances. Remember that it is your money and you need to work with your advisor as a partner in order to reach your goals.
  4. Focusing on the cost or payment style. Worrying about how much you’ll initially save may end up costing you much more in the future.