The Big Investment Lie: What Your Financial Advisor Doesnt Want You to Know

One advisor could be a great fit for one client while a poor match for another.

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A fiduciary is a person who is legally and ethically required to act solely with your best interests in mind. Just about anyone can call him- or herself a financial advisor, but only certain professional designations are held to a fiduciary standard, such as certified financial planners and registered investment advisors. Others, such as stockbrokers and insurance agents, are not.

Everyone has different communication styles, including when working with a financial advisor. You might enjoy frequent phone calls and emails or prefer a more hands-off approach. Do you prefer to meet in person, or do virtual meetings fit better into your schedule?

Does your advisor meet with clients quarterly, semiannually or annually? Find out how your advisor prefers to communicate with clients and ensure it meets your expectations. According to Vid Ponnapalli, a certified financial planner and the founder of Unique Financial Advisors , different financial advisors have different investment philosophies.

Essentially, an investment philosophy is a set of guiding principles that helps advisors make proper financial decisions. For example, advisors might say their philosophy is to focus on long-term investing, a globally diversified portfolio and low-cost exchange-traded funds.

At the very least, he or she should have one and be able to explain it to you. Financial advisors typically create comprehensive financial plans for their clients, which cover all the major elements of personal finance, said Kevin Mahoney, a certified financial planner and the founder and CEO of Illumint.

Emotionally, breaking up with a financial advisor may be hard to do. Legally, switching financial advisors is pretty straightforward: Sign an agreement with your new firm, and notify your old advisor. However, there may be some financial ramifications. You can always leave.

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