Choosing an advisor. (Ask B.E.).Q I would like to find information on how to select a financial advisor that is right for my needs. Can you help?--M. McCalla Via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the A BLACK ENTERPRISE addressed this issue last November in an article titled "Can You Trust Your Financial Advisor?" (November 2002). The stow detailed a number of things to consider when trying to locate someone to manage your money. Perhaps the most important point to remember is that you must choose someone who you know has your best interest at heart--and the best way to do that is to interview several advisors who were referred to you by satisfied friends or business associates. To find out more about the different types of professionals who can manage your money, check out the Certified Financial Planner Certified Financial Planner (CFP) A person who has passed examinations accredited by the Certified Financial Planner Board of Standards, showing that the person is able to manage a client's banking, estate, insurance, investment, and tax affairs. Board of Standards Inc. (www.cfp-board.org); the Association for Investment Management and Research (www .aimr.com), which certifies chartered financial analysts Chartered Financial Analyst (CFA) An experienced financial analyst who has passed examinations in economics, financial accounting, portfolio management, security analysis, and standards of conduct given by the Institute of Chartered Financial Analysts. ; and the U.S. Securities and Exchange Commission (www.sec.gov/investor/brokers .htm). There is no comprehensive listing of black financial advisors. The newly formed Association of African American African American Multiculture A person having origins in any of the black racial groups of Africa. See Race. Financial Advisors (www.quad-a-association.com/home.htm), however, may be helpful. Other things to keep in mind as you go through the process of choosing an advisor: * Do a background check on the advisor before you commit. Ask how long he or she has been in the business and get a sense of his or her track record. * Ask how the advisor gets paid. Make sure the advisor's compensation isn't driven by sales commissions on trades or insurance products because he or she may try to sell you products you don't need. Remember, you have to be comfortable with the arrangement because it's your money. Mail your money management questions to Ask B.E., BLACK ENTERPRISE, 130 Fifth Ave AVE Avenue AVE Average AVE Alta Velocidad Espanola (train between Madrid and Seville) AVE Alta Velocidad Española (Spanish: High Speed Train) AVE Audio Video Entertainment AVE Advertising Value Equivalent ., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10011, or send an e-mail to scottm@blackenterprise.com. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion