1) Request background information on the firm.

2) Ask if they have been subject to any disciplinary actions or have received any client complaints in the past.

3) Ask for a copy of the firm’s compensation, fee and/or commission schedule(s).

4) Ask for references, specifically from clients who have similar goals as yours.

5) Inquire about the financial advisor’s experience, education, professional affiliations, credentials and general background.

6) Make sure the financial advisor is properly licensed, bonded and insured in the states where they do business.

7) Review the advisor’s methodology prior to committing your investment.

8 ) Ask if the financial advisor is using an institution to “clear” or execute trades.  If so, become familiar with that institution and double-check the fees associated with this activity.  There may be hefty ”commissions” involved.

NOTE: Some experts recommend contacting 2-3 financial advisory firms, so that one may compare/contrast each firm, thus making the best-qualified choice.

What Is Fiduciary Duty?  A fiduciary duty is a legal or ethical relationship of confidence or trust between two or more parties, most commonly a fiduciary or trustee and a principal or beneficiary (Wikipedia).

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