Where can I find a good financial advisor in New Zealand? This is similar to interviewing potential employees. You are the employer, and the advisor is your employee. Based on your work with financial professionals, you can provide some guidelines for estate planning.
Here are few things to remember when interviewing candidates for your company:
1. Qualified Referral: Was the candidate referred to you by a qualified friend? What is meant by "qualified referral"? Is the candidate someone you recommend based on their success with clients or someone you trust who is referring them to you? Advisors work in a business that relies heavily upon referrals. In NZ Financial Advisors also work in "sales." Advisors are also in "sales."
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2. Compensation-Driven Advice: Those in financial positions might be hesitant to ask for advice from other industries. Advisors are responsible for ensuring that financial recommendations are acceptable. This is largely determined by whether or not the product has passed a "suitability test". Therefore, the SEC has built-in consumer protections into its regulations. The financial industry can be very clever when it comes to making product recommendations, which can bypass suitability restrictions. Know how much your advisor is making and what percentage of the compensation his or her company is. Advisors have a reputation for making recommendations based upon compensation.
Your advisor should take responsibility for any bad suggestions and be humble about the good ones. This indicates someone who is more accountable and less defensive or ego-driven.
There will be good and bad advisors. It is important to choose the right advisor for you, as well as someone who is "good." It is crucial that a professional recommends the best products for you to achieve your goals and protect your funds. It is important to do your research on financial products, even if you are seeking advice from an advisor.