| Financial Advisors debate ? |
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lfshadow
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| Financial Advisors debate ? |
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I have two financial advisors that I have interviewed. Would it be unreasonable for me to ask them to have a "debate" to help me choose between the two?  Has anyone ever done this?
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Wed Aug 17, 2005 9:32 am |
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financechoices
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I would say a test is a standard part of a job interview but I'm not sure a debate is the best form of test.
Get them to do what you expect them to do in their jobs and see who you think does it best and hire them 
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Wed Aug 17, 2005 10:32 am |
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lfshadow
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| It's the info they leave out...... |
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This is my situation - I recently inherited some money. It's not a huge amount, but I would like to put somewhere safe. I don't know that much about what my options are, although I am trying to learn as much as I can about it. There are so many options and so many different people telling me so many different things that it gets confusing.
Basically what it comes down to is they each have a different "product" to "sell" and they each have their sales pitch for why their ideas are better than anyone elses. It's the information that they leave out that always seems to be the problem, and I don't know what that information is. So, I figured if I could get one to question the other, then nothing can be left out.
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Wed Aug 17, 2005 3:25 pm |
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financechoices
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You might find it hard to get them in the same room but you could always play them off in other ways. For instance you could ask advisor 1 what he thinks of the product advisor 2 is selling and vice versa.
Whichever convinces you most go with.
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Wed Aug 17, 2005 3:33 pm |
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Kenstill
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I suggest finding a financial advisor who charges for his service. If you're working with a "free" advisor, it's because they are making their money another way. Hard to trust someone when they're getting an extra 10% if they sell you a particular product.
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Wed Aug 17, 2005 9:05 pm |
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Lambert
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| Re: It's the info they leave out...... |
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quote:
Originally posted by lfshadow
This is my situation - I recently inherited some money. It's not a huge amount, but I would like to put somewhere safe. I don't know that much about what my options are, although I am trying to learn as much as I can about it. There are so many options and so many different people telling me so many different things that it gets confusing.
Basically what it comes down to is they each have a different "product" to "sell" and they each have their sales pitch for why their ideas are better than anyone elses. It's the information that they leave out that always seems to be the problem, and I don't know what that information is. So, I figured if I could get one to question the other, then nothing can be left out.
There are a few things you need to look for in a financial advisor. They are not there to SELL you anything. Even if they have something to sell, that is NOT their purpose. Their purpose is advice.
Here's some guidelines you may want to follow. I won't take credit. I got this list from someone else much smarter than I am.
1.) Natural Fit:
Trust yourself. If your instinct tells you this is not the right person for you, now is the time to listen to your little voice.
2.) Who's The Boss:
While you understand your advisor is hopefully more knowledgeable than you are in the area of investing, you are always the boss. This means your interests, fears and goals are the only ones that are important here. If you feel as though you are somehow there to help the advisor, you aren't. YOU ARE IN CONTROL.
3.) Professional Listener:
One key characteristic of anyone that will be advising you is that they listen to you. It is impossible for someone to advise you of how to achieve your financial goals if they do not listen to them. You are unique, and so are your dreams. The best advisors are good listeners.
4.) The Heart of a Teacher:
Never invest in anything you don't understand. You have a responsibility to understand your investments well enough to explain them to someone else. If your advisor can't explain them well enough for you to do this, how can you be sure he or she fully understands them? Understanding the basics of your investments will facilitate communication between you and your advisor. It will also lower the surprise factor. When it comes to investing, surprises are no fun.
5.) Experience:
The longer your advisor has been helping families invest, the better. While even the best advisors had to start somewhere, seasoned professionals will provide a better-rounded understanding of investing.
.6.) Ask for a Recent Client Referral:
Ask for five. You pick the ones you want to call. Ask them tough questions like: "Does your advisor return your phone calls?" "If you were starting over, would you use this advisor again?" "What do you like best about this advisor?" "What would you change about him or her as your advisor?" This combination of questions is likely to give you a strong feeling about whether or not the advisor is right for you.
Remember, YOU are ultimately responsible for making prudent decisions when it comes to YOUR money.
Hope that helps.
Good luck and God bless
marC
Because the Law of Gravity Doesn't Apply to Credit Card Balances!
www.ExperiencingFreedom.com
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Tue Aug 30, 2005 7:56 pm |
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Vishenda
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I think it is not possible. Maybe you can debate on one adviser using the advice of the other person. And vise versa. And see which one will give you a better debate.
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Wed Mar 03, 2010 6:15 am |
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namratasnv
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Hello !!
I don't think so that Debate will help you eighter you can select them on their performance basis like first you can alot them a project and ask them to complete them individually and on the basis of quality you can select.
Thanks
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Sat Mar 06, 2010 8:02 am |
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Stacy26
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You can give them a financial case study/ puzzle/problem to solve and then decide about choosing the one who has given the most appropriate answer.
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Thu Mar 11, 2010 12:21 pm |
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