Investment advisers can charge hefty fees for their services, leaving many investors wondering whether it's worth the price.
In The Globe and Mail, Ivey finance lecturer Chuck Grace says the biggest mistake investors make is seeking advice from family and friends instead.
“That’s the fallacy of looking for financial advice at a cocktail party – you’re assuming everyone you’re talking to has the same background, financial statement and dreams of the future that you do. That’s highly improbable,” he said.
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Grace gave seven criteria he said investors should consider when hiring an adviser:
- Licensing
- Certification
- Experience
- Compensation
- Process
- Resources
- Trust
Note: Paywall
