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The Holy Grail…Screening for Smart Advisors You Can Trust

In: The Financial Storm Warning for Investors

Author

Listed:
  • Jeff Camarda

    (Family Wealth Education Institute)

  • Steven James Lee

    (California State Polytechnic University)

  • Jerusha Lee

    (Claremont Graduate University)

Abstract

This chapter unearths one of the most perplexing aspects of realizing your financial goals: selecting an honest and expert financial advisor who looks out for you. The task is easier said than done, since the financial services industry largely obscures important knowledge consumers need to screen for bad actors and expensive products. Tips for navigating the advisor landmines include checking if your candidate is a fiduciary, avoids conflicts of interests, is properly trained, and actually delivers what is promised: advice—not commission products. After due dilligence, he key to managing your manager is to monitor and check-up on them periodically. Just as you must commit to lifelong financial education, so too must you engage in lifelong due diligence on your advisor. Even if your advisor means well in promoting your best financial interests, their employing firm may not.

Suggested Citation

  • Jeff Camarda & Steven James Lee & Jerusha Lee, 2021. "The Holy Grail…Screening for Smart Advisors You Can Trust," Springer Books, in: The Financial Storm Warning for Investors, pages 209-231, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-77271-0_20
    DOI: 10.1007/978-3-030-77271-0_20
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    Cited by:

    1. Neilson, Ben Oakley & Lee, Steven J., 2024. "Identifying the properties and impact of education on misconduct: Evidence from Australian financial advisers," International Journal of Educational Development, Elsevier, vol. 105(C).

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