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What is your Need? What you want from the XYZ?

Unless you get real clarity on what for you are looking XYZ most probably you will land up in something as you come across most attractive ad or profit story. You will be victim of herd mentality which closely influenced by regency bias. most attractive ad or profit story. You will be victim of herd mentality which closely influenced by regency bias.

Understand whom you are dealing?

People get confusion over financial planner/Advisor with stockbroker, Insurance Agent, wealth Manager, Chartered Accountants and so many others as everyone in a way or other offer services related to personal financial matters. so many others as everyone in a way or other offer services related to personal financial matters.

Tied Agent or Service Provider itself Tied agents/service provider may aggressively position only their product as best choice as they have targets and plumy remuneration directly linked /incentive directly linked to you buying products. You may have to compare their product with peers or alternates.For Example Insurance Agents. Insurance Agents.

Speciality Adviser

You can'tget comprehensive advisory and advisory comes with a fee. For Example Charted Accountants, Tax Consultants for Tax Planning, Law firms specialising in Estate planning , Law firms specialising in Estate planning,insurance broker cum Risk Profiler for Risk Management, Wealth Manager for Investment Investments Management, Financial Planner for Comprehensive Financial Planning. Execution Platforms and General Agents: Comparatively they have wider knowledge and expertise than Tied Agents. They give They generic suitable products. Usually they are not biased to one company or product as they can give you loads of altand options. If you know the product/service you alternates If you know the product/service you can use their service. There is a chance of offering you high yielding product. Example: Banks, Mutual Fund Agents. Big names can predominantly position/offer proprietary products.

There are 3 Categories of advisers:

Fee Only Fee – Based Commission agents / Brokers

Understand your requirement and find out which category of adviser can be more suitable and feasible.

You may come across very competent person.

Next questions is how to choose a right one?

Credential check Credential checi is one of the Vital Check. Most of us never do that. Look for industry/vertical specific credentials. Certified Financial Planner (CFP) is a most highly regarded in the personal Certified Planner (CFP) is a most highly regarded in the personal finance industry, like CA for Tax and ICWA for Cost Account. Check whether the credentials the Account check the credentials the person claims to have are true and more importantly its validity. Beware of the Quakes and Non serious people Quakes and Non whoskip renewing their licenses and play around with their old license. Experience and Community Recognition Go through his website. Does it has few static page prompting to buy a product in the guise of solution or having too much of general info or having linked into Media presence may be taken as recognition, reputation for their knowledge in the domain and quite interestingly same can provide lot of hidden facts, provide lot of hidden facts, qualities about your advisor

Do they have process?

Does your adviser has any process in place with respect to advisory like on what basis he chooses investments, how he measures risk profile, grievance mechanism etc. Process makes or breaks any business. profile, grievance mechanism etc. Process makes or breaks any business. Ethical Indeed Ethicality is what every customer look out consciously and unconsciously. Unfortunately this can't be measured by any means. This may be sensed by their behaviour with respect to advisory likeHow transparent are they and their intention to serve your need.

How responsible are they?

Crux of any advisory is taking responsibility. Most of them separate opportunity and responsibility.That's how innocent people taken for ride. Fiduciaryis the ultimate responsibility i.e. moral and legal duty to act solely onclients' interests. In India, All SEBI Registered Investment Advisors are having Fiduciary responsibility. Empowering Clients is a moral responsibility of an adviser in personal finance. They enhance clients' understanding through blogs, articles, Newsletters, content curations and interactions etc. It's time articles, Newsletters, content curations and interactions etc. It's time to say bye, If you are just receiving only statements and offer mailers!!!