The ecosystem for a financial advisor is generally very complex. Today, we see almost everyone labelling themselves as a financial assistant, financial planner or financial advisor with bare minimum qualifications required. Thereby, it is increasingly important to be selective before handing over your integral financial data in the hands of a financial advisor. A good financial advisor helps businesses grow, protects your savings and drives ways for profitability.
Maria Cenisa Belardo Paterno from MCP is one of the preferred choices when it comes to a financial advisor as she does not only have the vision and insights, but with her in-depth industry experiences, businesses have thrived.
Here are a few things to take into consideration while choosing a financial advisor.
Education and Experience
Make sure to review the academic background and experience of your financial advisor. These details will help you gauge how someone can ace your financial situation. In general, look for someone who has the ability to practically apply the theoretical knowledge and design a strategy that garners results.
A good way to analyze is by studying the website and blogs of a financial advisor. MCP has all the relevant information on their website enabling you to make strategic financial decisions.
Certifications
Another way to judge the performance of a financial advisor is by the number of certifications they have. These certifications are a representation of the commitment they have with the finance sector along with the innate desire to increase their knowledge. Moreover, if you have the time, review the requirements and course outline of a certification to have a better idea regarding their skills and abilities.
For instance, having Certified Public Accountant (CPA) is a pinnacle of credibility in the financial circle denoting their impeccable understanding of the field.
Maria Cenisa Belardo Paterno from MCP is a well-qualified and result oriented CPA professional with more than 10 years of successful experience in the finance sector.
Standard of Care
As a general rule, registered investment advisory firms (RIA) serve as fiduciaries. This means that they have to vouch for the client’s best interests at all times regardless of anything. Similarly, those advisors that work at brokerages and banks go only to a suitability standard. Primarily. Suitability standard essentially means that the portfolio may not be the best for you, but regardless would suit you. Thereby, it is advised to ask what decisions, topics and other areas of advices are not held according to fiduciary standard.
Working Relationship
Before you opt for any financial advisor, make sure to understand how often and with whom you will be interact on a regular basis. For instance, a few advisors initially show up for the first upfront meeting and then follow up with clients once a year. On the other hand, some advisors are available all year round to support, plan, coordinate and implement any project including but not limited to insurance, accounts, audit, mortgage brokerage etc.
Apart from meeting and offering better service, transparency matters a lot. For instance, ask yourself whether your advisor is making the situation more complex, or he/she is coming up with pragmatic solution that help resolve conflicts garnering profitability. All in all, you need someone like Maria Cenisa Belardo Paterno from MCP, who ensures to give each client adequate time, designs result driven strategies that helps garners results.
Diligence Always Works
Finally, not all financial advisors are equal. A bad financial advisor could result in higher taxes and fees, or you might just lose all your money. Take your time, and do your thorough due diligence to find someone who will help in maximizing your financial goals.