Notes

Obtaining the Best Investment Advice - What you ought to Know About Your Investment Advisor
Looking for great investment advice? Here's what you must know: Is your prospective investment advisor in the day to day business of actually earning money? Or even, the advice you obtain will probably not be very useful and could get you in trouble. But that's just the end of the iceberg. Continue reading for more questions you must ask.

After all, investment advisors can be found in many flavors: insurance salesmen, stock brokers, financial planners, etc. They provide advice from property investing to estate planning. That's the reason why, should you be truly seeking "Investment" advice, you should find a person who actually understands how to make money by investing.

That someone should not be your relative. And you also definitely shouldn't base your investment strategies on a tip from the friend. Instead, find long island wealth management who is well educated in financial matters, properly credentialed, and, most of all, works on a fee ONLY basis.

Why fee only? Because either way, an advisor's income is directly tied to their advice. You want to make sure that they will benefit from providing you advice that benefits you, not advice that benefits them.

An advisor who works on a fee only basis could have the primary objectives not to lose portions of one's portfolio and to take the least amount of risk for a required rate of return. And believe it or not, if you work with a Registered Investment Advisor (fee only), he or she will have a fiduciary responsibility for you.

Most other advisors work with a commission. Which means, that they will always have their eye on how much commission they'll earn, which creates a built-in conflict of interest.

Of course, it really is up to you to get, investigate and know how your prospective advisor works. Specifically, how are they likely to manage your money...

For those who have invested for any length of time, you already know the difference between stocks, bonds, mutual funds and annuities. But everything you may not know is which forms of investments are truly best for the particular circumstances.

And whether you pay your advisor directly versus whether your advisor earns commissions for your investments will make an enormous difference in what ends up in your portfolio. It is best to inquire further about their "investment philosophy" i.e., how would they manage your cash?

Fee-only or not, there are a number of approaches to investing money. Many investment advisors have confidence in Modern Portfolio Theory and Asset Allocation. Some are strategic or tactical advisors, while others yet use fundamental or technical analysis.

Yes, that's quite a bit of jargon. I would not expect most people to learn the intricacies of each method. But what you should know and ask is which kind of system they use.
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