Picking the right financial adviser

Picking the right financial advisor can be tricky.
Picking the right financial adviser can be tricky.

You’ve thought about getting a financial planner or adviser, but how do you pick one who is reliable, trustworthy — and who will make the most of your money?

Listen to Steve Lockshin, one of the top three financial advisers in the nation according to Barron’s. In his new book, “Get Wise to Your Advisor,” Lockshin reveals how some of the biggest Wall Street institutions push their advisers to sell products that are not in customers’ best interests — and tells you how to get the unbiased service you deserve.

Do most people need a financial adviser?

It’s possible to handle your investments and savings on your own if you have one thing: discipline. Much like dieting, you know how to eat well and how to exercise; yet often you need something or someone to help you stick to your plan. A good financial adviser can help with discipline, and an online adviser can do the same, by automating good habits for you.

How much should an adviser’s fee add to your all-in costs?

You can get very good financial advice for as little as 0.15 percent of your assets, or about $150 for $100,000. Always ask what you’re paying — and how the adviser is paid — because the industry is riddled with conflicts of interest, buried fees and unnecessary complexity. However, by asking a few questions, and doing just a bit of homework, you can find the right fit. A good adviser can be worth their fee if they help you make great decisions (and keep you from making poor choices). The cost shouldn’t exceed 1 percent of your assets under advisement.

What is a fiduciary, and how do you know if your adviser will fulfill that role?

A fiduciary is an important distinction investors should rely upon. A fiduciary is required to give advice that’s in the client’s best interest, not their own. Before you decide to work with someone, simply ask: “Do you make commissions on my account, or do you make more by selling me one product over another one?” Beware the adviser who claims to be a fiduciary and who is still paid commissions that differ by product. Most fiduciaries won’t even accept commissions as a compensation tool!

How does automated investing fit in with the traditional advisory model?

Software-based investing is still a new field, but it’s poised to serve a wide variety of investors at a low cost. Software (like Betterment’s) uses automation to help you do things you might not want to do on your own, like saving steadily or rebalancing your portfolio.

Whether you choose a live adviser or an online adviser, it helps to have that extra reinforcement so you can reach your goals.



News
Entertainment
Sports
Lifestyle
Local

Winning $7 million New York lottery ticket sold…

The only $7 million winning New York Lottery ticket for Monday's Cash4Life drawing was sold at a Queens 7-Eleven, officials said on Tuesday.

Local

Brooklyn man charged in roommate's stabbing death

A Brooklyn man accused of violently stabbing his roommate to death on Monday is in police custody and faces murder charges.

International

Dinosaurs could have survived asteroid strike

It turns out there is a good and a bad time for the planet to be hit by a meteor, and dinosaurs were just unlucky.…

National

OkCupid admits to Facebook-style experimenting on customers

By Sarah McBrideSAN FRANCISCO (Reuters) - OkCupid, a top U.S. matchmaking website, intentionally mismatched users to test its technology, the IAC/InterActive Corp service said on…

Gossip

Playing the Field: Valentine's Day coupling edition

  It’s Valentine’s Day, a day created by Hallmark to make couples spend loads and loads of money on candy, flowers and gourmet dinners. Or…

Movies

Interview: Brendan Gleeson on the way 'Calvary' depicts…

Brendan Gleeson talks about how his new film "Calvary" began over drinks and how his character here is the opposite of the lead in "The Guard."

Movies

'Get on Up' producer Mick Jagger on the…

Mick Jagger, a producer on the James Brown biopic "Get on Up," talks about the time had to tell the singer some bad news and his favorite JB record.

Television

'Glee' star Lea Michele to appear on 'Sons…

"Glee" star Lea Michele has been confirmed as a guest star in the final season of "Sons of Anarchy."

College

Playing the Field: Valentine's Day coupling edition

  It’s Valentine’s Day, a day created by Hallmark to make couples spend loads and loads of money on candy, flowers and gourmet dinners. Or…

MLB

Angelo Cataldi: Ryan Howard deserves better from Phillies

Just last week, Ryan Howard endured the embarrassment of a benching that was inevitable, and yet still shocking.

NFL

Larry Donnell has inside track in Giants tight…

Little-known Larry Donnell of Grambling State currently has the inside track, as the second-year player has received the bulk of the first-team reps.

NFL

Computer to Jets: Start Michael Vick over Geno…

Jets general manager John Idzik says the choice of who starts between second-year quarterback Geno Smith and veteran Michael Vick will be a “Jets decision.”

Career

What do you wear to a career fair?…

Getting that gig starts with presenting the most polished and memorable version of yourself, so refer to our expert fashion advice.

Style

Editors pick: Margiela's finger armor ring

These cool rings from Maison Martin Margiela are designed to overlap over the finger, covering each joint like armor.

Style

Givenchy champions diversity

Riccardo Tisci's uses a variety of ethnically diverse ladies for his spring campaign including Erykah Badu.

Wellbeing

Don't settle for the hotel fitness center with…

Travelers who want to skip the hotel fitness center in favor of local gyms that may offer better equipment, classes and amenities can turn to…