When your budget won't let you give gifts to everyone in the world—which is always, by the way—who should you give...
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If you’ve heard it once, you’ve heard it a thousand times: You need to invest for retirement.
That means, at some point, you’re going to need an investing professional—someone who can explain complex investments in terms you can understand.
Finding the right pro may seem intimidating, but it’s not that difficult. You just need to remember a few things.
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Manage Your Own Money
No one else will feel the regret and pain of losing your hard-earned money like you will. Some celebrities and pro athletes lose their entire fortunes because they let other people manage their investments for them. It’s your money and your future, so don’t be shy about taking charge of it!
A good professional is smarter than you are about investing but knows you still call the shots. If an investing professional wants you to do something simply “because they said so,” find a new pro to partner with. You aren’t hiring a parent—you’re gathering counsel.
Hire Someone Who Helps You Make Smart Decisions
You can’t make an informed decision with your money if you don’t understand what you’re investing in. That’s why it’s important to look for a professional who takes time to help you learn about your investments.
Avoid sales-minded pros or “experts” who make you feel dumb for asking questions. The right investing professional will explain every detail to you until you get it—no matter how long it takes.
Know How Your Pro Is Paid
When evaluating a potential pro, make sure you know how they will be compensated. In other words, are they on a commission or are they fee-based?
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There are positives and negatives to each approach, and investing professionals on either side have extreme levels of integrity. Just watch for possible conflicts of interest. If a pro won’t give you a straight answer about how they’re paid, then you may have a problem.
If It Doesn’t Feel Right, Walk Away
If something doesn’t feel right about a potential investing professional, then keep looking. Hiring a pro can be difficult, and you have to feel good about the relationship. Interview as many pros as it takes to find someone you can trust.
Keep all of this in mind when you are hunting for the right investing professional, and you’ll be on your way to building a retirement strategy you can feel good about.
Not sure where to start? Try SmartVestor! It’s a free and easy way to find investing professionals near you.