Few jobs have the importance of a financial advisor, because whether it’s saving for retirement, long term health care, or a college tuition, they could control your financial fate. Pennygem’s Justin Kircher has more.
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00:00Few jobs have the importance of a financial advisor, because whether it's saving for retirement,
00:09long-term health care, or a college tuition, they could control your financial fate.
00:14If the prospect of finding a bad financial advisor isn't overwhelming enough, imagine
00:18the terror of working with one that ends up being a swindler and uses a scheme to spend
00:23your cash.
00:24It can happen, but there are some tidbits to help weed out anyone who may know how to
00:28run a Ponzi scheme.
00:30To make sure your future is financially sound, U.S. News and World Report suggests doing
00:34your homework.
00:35More than a Google search, ask family, friends, or colleagues if they have any recommendations.
00:40To be safe, the publication recommends going the extra mile in making sure your potential
00:44financial advisor is accredited.
00:46Once you meet with someone, Fordham University accounting professor Barbara Porco tells CNBC,
00:51you should find an advisor that will act as a fiduciary.
00:54That way they will have your financial interest above their own fee structure, their own company,
00:59or whatever entity they may invest in with your money.
01:01Even when you do settle on someone, the Fordham professor tells CNBC that customers should
01:06stay vigilant by checking statements, and if any questions come up, don't be afraid
01:10to ask.