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This means its likely time for millennials to pick afinancial advisor if they havent already.
Here is how millennials canchoose the right financial advisor to fit their needs.
However, only 29% … said saving for retirement is a priority.
We do not always know how to best set ourselves up for financial success, Campanale explained.
Since time works in your favor thanks to compound interest starting early is crucial.
Begin with what you’re able to afford and increase contributions as your financial situation improves.
They must recommend financial products suitable for a clients risk tolerance and goals.
However, a suitable product may be the one that pays the broker the highest commission, Adams said.
Thats an important step to ensure no disciplinary actions or significant complaints have been filed against them.
But it doesnt just stop at checking credentials.
You should feel comfortable talking to your financial advisor and sharing your unique financial goals, Palmer said.
Know that you dont need to choose an advisor who looks like your Dads golf buddy.
If you arent comfortable talking about your financial goals with your advisor, this is a red flag.
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Reviews and recommendations can also be helpful in choosing an advisor.
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