Five criteria for finding the right financial advisor

A good financial advisor is worth its weight in gold. The problem is that it is difficult to find a good financial advisor. Of Robert Steininger*

This is due to two problems. that lack of regulation of the financial advisor market attracts many questionable people. At the same time, the need is very high – and so are the costs for excellent consultants.

Therefore, when looking for a financial advisor, five incredibly important criteria should always be considered: Independence, experience, skills, communication and personal relationship. A financial adviser is only worth his money if there is good quality in all these areas.


An independent financial advisor always has Customer goals in mind – not his own. These are first discussed in an initial conversation – but are usually also discussed repeatedly. Because goals can change, as can the financial requirements for investments.

Independence comes from having a financial advisor do not want to convey products from the start. The dubious consultants seem to know exactly what a customer needs after just a few minutes.

In addition, there is usually a very personal description of the product or experience. A friendly relationship is established – although fact-based and targeted advice would be important. Normally Reason for this in lucrative commission agreements.


Independence alone does not make a good financial advisor. This requires experience. Usually all consultants show it – you just have to look closer: Because often are used as experience points for the individual stores or called customers.

However, what is really a good sign is the time that has already been actively used and exploited in the financial sector. that individual counseling is an artit is not learned overnight. Experience from the financial sector and as a consultant is a basic requirement for reputable service providers.


These are also closely related to experience Professional qualifications. Again, individual successes are not sufficient proof of quality. Instead should solid evidence to be found. This includes a Education plus active time in the financial sector.

The competencies of all employees of a service provider should be recognizable. Because dubious financial advisors often cheat that the person on the website and in the initial meeting has experience and the right education – the other employees, on the other hand, are laypeople. A reputable consultant will have no problem demonstrating their training and experience (and that of their staff).


There are financial advisers who are independent, competent and experienced. Still, they are not the best choice. This is the case, when customers are treated from the top down. In the simplest case, the customer’s wishes and goals are met with a smile. Worst case will be Decisions against the will of the customer met.

The search for a financial advisor should therefore be specific. If you’ve never worked with a financial advisor, you don’t need to go to the big names in the industry. But the larger the assets to be managed, the more important it is that a communicative and attentive financial advisor is chosen who advises and does not teach.

personal relationship

A final point that is somewhat controversial is the personal relationship. Because this criterion will not be relevant to everyone. Some people looking for financial advice want to give as much as possible and need hard facts when deciding for or against a consultant.

But if you want to learn something about the market and always want to have an overview and control, you must also have a good feeling. It’s perfectly normal not to be on the same wavelength as everyone else. If in the long term you want to have an adviser by your side who is available for questions, then you should make demands. This includes it you meet at eye level and conversations do not become a burden.

*) Robert Steininger is a specialist author for, among other things, investment strategies and regularly publishes on specialist topics such as online and investment strategies, gambling, football, crypto and behavioral analysis.

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