How do you advise I research a new financial advisory firm?

I am looking to change financial advisors. The firm I'm with now constantly changes my advisor. How do I go about finding a new firm. I am not looking for your typical large firm: Schwab, Edward Jones, etc. Also, how do I research these firms?

Choosing an Advisor
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June 2017
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If you are looking for a small independent fee-only firm, a Registered Investment Advisor (RIA), like myself, is the best place to start is www.NAPFA.org. All are CFPs, all have to perform a financial plan screening process, all sign a legal fiduciary oath, and all are required to have extensive continuing education. I have been doing this for over 15 years and you won't find a better group of people.

You can also run your own quick and easy background checks. The middle of the front page of my website has links to government websites -- you can run searches on anyone. You can use mine as to what a clean record should look like:

www.SonaFinancial.com

When doing your search make sure your advisor will sign a Fiduciary Pledge for every they do for you, not just some advice. Many advisors now are "dual registered", meaning they can act in your best interest some of the time but not all. They can take the fiduciary hat on and off as they please. They actual practice this with real hats in training! as you probably guess, this makes the fiduciary role meaningless. 

You want someone you will ALWAYS put your best interest first, not just legally but in practice too.

Good Luck!

Mark Struthers CFA, CFP®

www.SonaFinancial.com

For Sona’s Educational Series KnowThis! KnowThat! go to:

http://sona-financial.thinkific.com/

This is for informational purposes only. Your specific situation would need to be taken into account. All information is subject to change. Not to be considered investment, tax, or legal advice.

June 2017
June 2017
June 2017
June 2017