As a follow-up to our discussion yesterday on financial planners, here's Suze Orman's suggestion for finding a financial advisor you can trust:
The best ones tell you right up front how they make their money, and they'll ask you something besides "How much do you have to invest?" Want to find a good adviser? Go into his office and tell him you have $25,000 in credit-card debt. See how he responds. A good one will say, "Let's set up a plan to get you out of debt and only then, when you're out of debt, will we put you into some good investments." That's how you'll know if they want to help you or only make money off you.
I'd like to take that $25k debt to an asset-based-fee advisor. Let them take 1% of that to manage it. :-)
Posted by: Thomas | June 20, 2008 at 02:32 PM