Hire the Right Personal Financial Advisor and Give Boost to Your Entrepreneurial Ventures a Boost

By Charles Hopkins Published 09/19/2006 | Finance

Hire the Right Personal Financial Advisor and Give Boost to Your Entrepreneurial Ventures a Boost

Running a business is all about making profit. Just like in running a household you need to make a budget and save the extras, in business also you have to follow a predefined financial plan chalked out for a specified period of time. The success of your business to some extent is conditioned by foolproof financial planning and only a professional financial advisor can guide you in the ways of adopting the right plan for your company. So, hiring the right financial advisor is as important as finding more sources of capital. If you are armed with the right tips it is not difficult to find out the right person to chart you out a plan for pursuing financial success.

Never make the mistake of hiring the next professional that happens to appear for an interview in your office. If you want to get the right personal finance advisor, you have to consider more than one offer.

References are a good thing for short listing the probable candidates. But do not completely trust those referrals. Referrals from the persons whom you trust and who belong to the same position as you are is just the first step for reaching towards a group of probable candidates from whom you can pick up the most competent professional. But beware of the fact that your friends might be biased in favor of a certain person, so place all the candidates under the scanner of a rigorous interview process.

However, if you are too skeptical about your friends references, you can take the help of the various financial agencies to find out the right financial advisor for your firm. You can consider these agencies which have a nationwide view in the matter: The National Association of Personal Financial Advisors, The Financial Planning Association or The Certified Financial Planner Board of Standards.

Now that you have created a short list of possible candidates, never shy away from asking a number of questions at the time of interview. After all, the financial future of your business is going to be associated with the person and it will be one of the biggest decisions for securing the health of your company in both the recent and remote future. It is better to do some homework before starting the interview. What questions are best to judge the financial advisor candidate can be obtained from the websites of Financial Planning Association (www.fpanet.com) or the National Association of Personal Financial Advisers (www.napfa.org).

After you have zeroed in on a certain candidate, never make the mistake of escaping a background check which will prevent you from getting involved in any kind of financial scams. It requires little efforts like contacting the concerned security regulators. To get the contact information you can check with these websites: www.nasaa.org, www.nasd.com or the www.naic.org.

After you have chosen the candidate, make it clear to the person, that you will not let him control your money. Take his expert opinion, but only after he has made a proper explanation about his intended steps. But you should allow some flexibility in certain cases, otherwise, no use in hiring a financial advisor. But never hesitate to terminate a financial advisor if you feel he is not reliable.