Finding a Good Financial Advisor and Avoiding the Bad Ones


Every profession has them: Sharks, bad actors, and scammers. The financial industry is no exception. In the arena of financial planning and wealth management there are good, poor, and, in some cases, downright bad advisors.

So, how do you find an excellent financial advisor New York NY? Look for the following characteristics when evaluating the potential of working with a financial advisor:


You’ll want to narrow down your field to those advisors who have been in business for a while. How long is a while? They should be in business for many years at least, preferably a decade or more. You want an experienced advisor who has seen a thing or two in the markets. To put it in New York parlance, “They’ve been around the block a few times”. You want an advisor who is focused on the long-term.


Financial advisors come in two flavors: Those who take a percentage of your worth at regular intervals and promote sales to generate house commissions versus those who work for you only for a fee. Why let the advisor take a percentage of your money? Demand fee-only financial advisors.

Great Track Record

How well have the advisor’s investments-under-management performed? Not simply last year, but over five-, ten- and twenty-year intervals. What is their investment style? Would you be comfortable with that record of investing?


Interview several potential advisors. Are you comfortable when talking to them? Do they foster education and believe in transparency? Do they invest the same way with their money as they would propose for you?


The main reason to work with a financial advisor is to help you achieve your financial goals. A good one will help you get your financial life organized and increase your wealth without you having to work any harder than you already do.

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