As you try to make a good decision about who to trust in guiding and protecting you in the investment markets, there are hidden sources of information about an Independent Wealth Advisor that most people overlook.
Rhoads Lucca Wealth Advisor in the Financial Press
In Part I, we covered the first 5 ways of learning more about an Independent Wealth Advisor before hiring them. Here are the first 5 ways:
- Wikipedia Biography
- Linked In Profile
- Books and Publications
- The Companies They Keep
- Financial Press Features and Quotes
To read about these often overlooked sources of information, read Part I of this series at: Choosing Wealth Advisors Part I.
In Part II, we finish the final sources of overlooked sources that you should examine.
6. Securities and Exchange Commission
In the internet age it is easy to go right to the source and do an Investment Advisor search at the SEC Website. By clicking on that link, you can enter the name of the advisor or the firm and review the SEC information. In keeping with this article, here is a link to my own information and the information about Rhoads Lucca Capital Management. Click here to view what the SEC says about us.
7. Social Media – Facebook, Twitter, etc.
Many people participate in social media, which typically includes Facebook.com, Twitter.com and MySpace.com. By searching the name of the advisor, you may find a personal webpage with information that does not appear on their company website, but which may give you insight into the type of person he or she is. I do not participate in online social media, but millions of Americans do.
8. Pay for a Full Background Check on the Wealth Advisor You Are Considering Hiring
There are not online background check services that will give you extensive history and criminal background checks. You could also do the full-blown background check by hiring an agency that specializes in this type of work. Is it necessary? No. It is available, if you have unanswered questions. To my knowledge, no one who ever approached our firm did a background check before hiring us. This is usually because our reputation is well known and they were referred to us by a trusted source. Still, it is a resource to use if you believe it to be necessary.
9. Finally, One of the Best Sources of Information is to Ask Existing Clients
Most reputable firms will make arrangements for you to speak with an existing client or two, after protecting the privacy of their clients by asking them for permission to use them as a reference first. Almost all are agreeable. Some do not want their identity revealed to anyone else. This is why we always ask first and not presume. Since most existing clients know what it is like to be in the position of making a decision about hiring a wealth advisor, they are more than happy to help by answering a few questions.
What can you ask? Be reasonable. Do not violate their personal privacy. It will be up to the client to decide what he is willing to reveal about his own situation. Generally, you are trying to determine if the advisor is trustworthy, true to their word, etc.
Again, if you’ve not read Part I of this Article, you can read it at: Choosing Wealth Advisors – 9 Ways to Learn More First – Part I – the first part of this article on hiring an independent wealth advisor.