Top 6 Mistakes People Make Choosing a Financial Advisor
By The Money Manual Hiring a financial advisor is a clear path to a brighter financial future. Never seeking professional advice – or making bad decisions about who to take advice from – could have negative repercussions for years to come.
According to a 2022 study by Northwestern Mutual, 71% of Americans said improvements were needed in their financial planning, with only 21% working with a financial advisor.*
Unfortunately, many of the 21% of Americans sensible enough to seek professional advice make bad decisions. Those who get it right maximize their future nest-egg, with some studies suggesting around 15% more money to spend in retirement.
Here are some of the basic mistakes people make.