Smart Tips for Hiring a Financial Advisor

  • Shop around.
    Many people hire either the first person they interview or an advisor who has been referred to them by a family member, friend, co-worker or other acquaintance they trust. SmartMoney's Chuck Jaffe says this is a mistake: "His [the advisor's] spiel makes it sound like he can solve your problems, and you lack the know-how to tell if he can't and the comparison to any other adviser to establish how you truly feel about him.

    You have no clue if he is selling you a bill of goods, a one-size-fits-all plan that maximizes his take and minimizes your service, or if he truly is a cut above the other helpers in your area." If you interview multiple candidates, you can avoid these problems.

  • Check out the candidates.
    Referrals by community members, other professionals, or even someone you trust are not enough to verify that a potential advisor is a knowledgeable or trustworthy one. In order to protect yourself and your hard-earned money, you need to thoroughly check out any candidate you think you might hire. The SEC recommends that you read the most recent Form ADV of any potential advisor.

    The form comes in two parts and contains background information on the advisor, including past complaints, and information on fees and investment strategies. You can view the most recent version via the SEC's Investment Advisor Public Disclosure website.

  • Do not over-rely on "credentials."
    As discussed in a previous blog, while some credentials mean the holder has gone through an extensive and rigorous test, many do not. There are numerous new credentials that mean very little in terms of the education, financial knowledge, or ethics of the advisor. Make sure to conduct your own research to find out the extent of the advisor's qualifications.

  • Keep your goals in mind.
    An advisor whose client returns show overly "big" returns several years in a row may signal an advisor who is very good at his job or an advisor with an inherently risky investment strategy. Take the time to make sure your new advisor will work well with your goals.

The Meyer Wilson Way

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  • More than $350,000,000 Recovered
  • Voted Best Lawyers in America┬« for over Ten Years Running
  • David Meyer is the Immediate Past-President of Public Investors Advocate Bar Association (PIABA)
  • Over a Thousand Investor Claim Cases Since 1999
  • Exclusive Focus on Investor Claims & Class/Mass Action Lawsuits
  • Deep Bench of Skilled Attorneys and Staff Members

We Recover Investment Losses

Helping You Take Back What Is Yours
  • Jury Verdict Won Against Prudential Securities $262 Million
  • Recovered for 100-Year Old Widow $30 Million
  • Recovered in Retirement Losses $10 Million
  • Recovered for a Large Group of Individual Investors $6.5 Million
  • Recovered for Elderly Victim in Ponzi Scheme Case $3.8 Million
  • Recovered for Elderly Ponzi Scheme Victim $3.2 Million
  • Recovered for More Than 50 Families of Ponzi Scheme in California $3.2 Million
  • Recovered for 35 Families in Northeast Ohio $3.1 Million
  • Losses Recovered for 20 Retirees $3 Million
  • Recovered for Retired Physician Against Major Wall Street Firm Prior to Filing FINRA Arbitration $2.5 Million

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