You can see lot of distributor of products as advisors. And they call themselves by wealth managers. In addition, like counselors, financial coaches. It is difficult to make out real advisor and distributor of products. Hence, it is very important that you first understand who is an advisor. See how to find financial advisor you can trust. Therefore check professional standards for financial planners.
What are qualities you need to look in an advisor?
However, you need to find if advisor is register investment advisor with SEBI or not. And advisor charge fee and offer advice. Such person will not distribute products. If they distribute products so there is no point in dealing with them. But, they are not supposed to advice.
Even if they have delivery link with another entity. But they must offer choice to you. Furthermore, you need to choose to implement where ever you want to do investment with their entity. Hence, check top financial advisor. Because, before deciding to go with them you need to look qualities of advisor.
You need to ask them about advisor qualification. Because, some are not qualified at all but they give advice offer. So find out about their process and how will delivery service. And what are key deliverables etc. Moreover, find out if one person outfit or professional team to support operation.
Thus, it is important as team ensures better delivery of services. And there is no over trust on one person to do everything. Probably, ask them if they have any relationships with other entity. Moreover, how they do payment directly or indirectly. Further, ask if there are charge indirect fee or benefits accrue to them. Apart from any direct commissions or brokerages.
If advisor starts talking about products and start giving brochures. Then this person mostly product seller of his products. And you can clarify with advisor if you want to execute your investment wherever you want. Hence, if advisor says yes then he is proper advisor.
Furthermore, you need to find their experience in field. You must search for their articles, quotes, references, peer, reviews etc. Hence, check questions to ask a financial advisor before hiring. And also check Active manages funds
Why you have to pay fee?
As per above, true advisor does not earn through commissions. Because, they will advice right products. And advisor ensures that cost is minimizing by choosing right products. Probably, you must pay fee to true advisor who acts as trustee. This means they put your interests everything with their own.
Similarly, all costs including fee which is paid to advisor is cheaper. As per above good advisor suggests products that are fully aligned with their needs. Such as low cost and tax efficient with better fund management strategies. However, good advisor save your money from various investment.
You need to have trust and confidence regarding any financial matter. Because, you wrongly think that by paying fee you are losing money. Hence, what is Management Fees?
Finally, see best financial advisor firms. Therefore to know more details see what is financial planner. And you can also see how to choose financial advisor. Probably, check financial advisor cost. Hence for better understand see top wealth management.