I consider myself lucky. In 2008 and 2009, we had a financial advisor who gave us warnings and solid advice based on our needs. She had many of the attributes of a good financial advisor that John Woodman describes in his little book How to Pick a Financial Advisor (or evaluate the one you have).
In just 78 pages, Woodman gives non-financial people like me good clues to protecting our assets from the very people who claim to have our best interest in mind. Some chapters are only one page long. Each chapter has clear and simple explanations of the various professionals, investment opportunities, and fees involved.
Woodman doesn’t shy away from calling a shyster, a shyster. He spells out the type of advisors and investments, and how each one should function. In addition, Woodman provides information about what can happen with even the best-sounding advice. This is one area of our lives where this little bit of information can go a long way.
While Woodman provides lists of what to look for when choosing a financial advisor and types of investments, I would have appreciate a checklist of questions to ask in the initial meeting.
If you are like me and don’t understand all the details of the financial world, buying and reading How to Pick a Financial Advisor will be your first good investment. If you know a little bit and want to sharpen your knowledge before selecting your adviser and investments, this book will offer the necessary details.
How to Pick a Financial Advisor (or evaluate the one you have)