At SACA, we understand the importance of protecting your assets. We also understand that having the right knowledge to hire an advisor goes beyond a personal recommendation of who someone else uses. There are plenty of stories of the same financial advisor scamming multiple people for YEARS!
You want the ability to check on your accounts without having to depend on your financial advisor. Ask for a number to the brokerage firm or get online access to your accounts and check your balances periodically.
Some financial advisors have direct access to your assets while other firms use independent third parties to hold them. Verify that the custodian is reputable and if they are affiliated with or independent from your financial advisor. Using an independent custodian can help avoid misappropriation of funds.
Some advisors work directly for their broker/dealers and others are independent. There are pros and cons of both so do some research on the firm to make sure they are reputable. Sometimes, financial advisors who are affiliated with broker/dealers may have proprietary products they are incentivized to sell you because they will earn a higher commission even if it’s not in your best interest.
Some advisors get paid a flat fee, some get a commission per transaction, and others get a percentage of assets they manage. Know how your financial advisor gets paid and understand why they chose that model.
You want to know how much you will be paying. You wouldn’t go buy a car without knowing the price first so figure out what your financial advisor’s fee is beforehand.
You should know your financial advisor’s beliefs about investing. You may hear words like “growth” or “value.” Just make sure they can explain it to you in terms you understand.
Professional athletes have different financial situations than other professions so your financial advisor should be comfortable handling your unique circumstances.
We totally understand!
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