Your Money Minute with Dennis Staaland

Financial Advisors

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Last week we focused on moving forward as the recession ends and posed the question, "Now what do I do?"  If you do not have the experience or knowledge of how to invest your money, the first step to success is to choose a financial advisor. 

Qualified advisors are trained help you set financial goals and priorities, and then recommend specific steps to meet them.  They will give advice on how you should allocate your investments, and explain how certain moves may affect your taxes or estate.

Choosing a financial advisor is an important step.  There are a few things you should consider and be aware of when making your decision:

• 1. Experience matters. Ask about credentials. Check out your advisor!
• 2. Back up. What happens if your advisor dies or leaves?
• 3. Get a solid recommendation from someone in similar financial circumstances to yours. Ask your friends.
• 4. Ask how your advisor is getting paid. It is a conflict of interest when an advisor profits from putting you in or taking you out of an investment.

My advice to you: get close to your money.  Educate yourself on investing.  This is your money and your future.  Make sure you understand what your risks are and be comfortable with them.

Let's face it: making financial decisions is hard.  There's a lot you can figure out on your own, but we can all use help when it comes to something as important as how to save, invest and plan for the future.