My Selection Criteria

One way to protect your financial future from bad advice is to learn what not to do. This list of "do nots" will help protect your financial future from the disastrous consequences of bad advice.

• Don't turn your assets over to advisors who solicit you. They may "sound" good, but quality professionals do not market their services this way.
• Don't select advisors because they are nice. Personalities have nothing to do with competence and integrity. In fact, the nicest advisors may be the most dangerous because they use their personalities and sales skills to hide weaknesses.
• Don't turn your assets over to sales representatives. Their recommendations are designed to sell investment products and not help you achieve your financial goals.
• Don't pick advisors who tell you what you want to hear, for example, high returns and low risk. The advisor is using sales skills to gain control of your assets.
• Don't select an advisor simply for a brand name. When you think about it, most of the major fines for abusing investors have been paid by brand name companies. You are hiring an advisor not a company.
• Don't select an advisor who can't "prove" he or she is a competent, ethical professional who has investor-friendly business practices.
• Don't select an advisor who won't document his or her credentials, ethics, and business practices in writing. Verbal information is too easy to deny later.
• Don't select advisors who won't document all of their compensation from your assets in writing. Hiding compensation is a favorite tactic of commission sales representatives. This is where you find your "free" financial plan really cost you $5,000.