How To Do A Background Check On Your Financial Advisor
How do I choose a financial advisor
When I went looking for a financial advisor I found it extremely difficult. How do you go about choosing a complete stranger to look after your financial affairs? Someone that you trust I mean. Let me tell you some of the things I learned along the way that might help you to make a decision.
Better the devil you know
There is a lot of truth in the old adage "Better the devil you know". It means that you are better of by using someone you know, even if they are a bit of a devil because at least you know what they're like. If you choose a stranger then you need to work a lot harder if you want to feel that you can trust them..
The first place to start is to ask your friends and relatives. Some of them will most likely have used advisors in the past and might be able to give you some recommendations. If they do then be sure to ask lots of questions about their experiences with the advisor so that you can get an idea of what they're like. The most important question is of course "Did they do a good job for you".
Ask the professionals
You could enquire about financial advisors at your bank but they are likely to simply refer you to their own in house staff so that they can sell you their own products. This may not be in your interest. You really want someone who's independent and funded in such a way that makes your interest a priority. This will mean that you will be paying the advisors fees but you may well do better in the long term as a result.
Asking people like accountants, lawyers and real estate agents might give you better results because they're more likely to give you impartial advice. Don't expect them to recommend anyone though because they'll be frightened of getting sued by you should the relationship not work out. The best thing to do is simply ask them who they use themselves. You can generally bet that if they use them then they're going to be ok. If they weren't they would soon get rid of them.
Online background checks are quick and easy
When you've found a financial advisor to approach you should do all that you can to check into their background to make sure that they are who they say they are and that they don't have a criminal record or worse. You can do this by using an online public records database like the one at Government Records. This is one of a number of exiting new websites that gives you power once reserved only for law enforcement agencies. Read about them in the article Government Records: How Do I Do Online Background Checks
First you should talk to your potential financial advisor and find out all you can from them. You should be able to get his or her name and address or the general area that they live in and a telephone number without too much problem. When you have some information you can go online and get a whole lot more from the public records database.
Find out if he has a criminal record
When you consult the online records database you can potentially find out all kinds of information about him including whether he has a criminal record or has warrants out for his arrest. I don't know about you but I wouldn't want a criminal handling my money.
So an easy way to do a background check on someone is to use an online public records database. Check out your financial advisor now.
Get a background check on practically anyone you want, whenever you want even if all you know about them is their telephone number. How to do a background check on someone