How To Choose a Good Financial Advisor

The five must have criteria for an advisor, ranked in order of importance.

(Click the drop down arrow for more info on each topic.)

1. Is the advisor a fiduciary (for all parts of the relationship)? - Must be a yes for all parts, especially investment management. Avoid the "drive-through" brokers who are not required to be fiduciaries: Ameriprise, Edward Jones, Merrill Lynch, Fidelity, Raymond James, Charles Schwab, and the like.

2. Does the advisor earn any commissions? For anything? Or charge other fees? - Find one that doesn't earn commissions or charge extra fees.

Michael McGill, CFA, MBA

My Website

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"As an advisor working in the industry for over a decade I've come to realize everyone wants to know the important criteria for selecting an advisor, but there's not a simple resource that explains how. That's why I created this simple, one page website."

If you have any questions about choosing an advisor, don't hesitate to reach out to me personally at the contact info listed here.

3. What is the investment management experience of the advisor? - Institutional experience and the CFA designation is ideal.

4. Does the advisor offer financial planning as part of investment management? - Find an advisor that offers planning included with investment management.

5. How long is the advisor relationship going to last before retiring or changing jobs? - Find one that can likely work with you for the rest of your life!

While finding an advisor that checks all the boxes above could be difficult, don't sell yourself short on finding the advisor that you can work with for the rest of your life!

If you're reading this and exploring for an advisor, I'd love the chance to connect and hear your needs and wants and help make sure you find the right advisor for your situation and, importantly, avoid advisors who will not maximize your wealth.

Give me a call or even a text - 330-256-4283