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How to evaluate possible financial advisors

Radio Transcript, 60 seconds, for use during week of April 28.

This is an Invest Wisely minute brought to you by Iowa State University Extension.

There are several things you can do to evaluate possible financial advisors.

First, find out about fee structures. Some advisors charge a commision on the products they sell. Others work on a fee-only basis. Others charge a combination of fees and commissions.

Also, you’ll want to find someone you feel comfortable sharing all your financial information with. This is needed to provide good advice.

You can check an advisor’s background by calling the Iowa Insurance Division at 877-955-1212. That number again is 877-955-1212.

Invest Wisely comes from Iowa State University Extension through a grant from the Investor Protection Trust providing investor education on the web at investorprotection.org.

 

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Updated April 24, 2008