6 Key Questions to Ask Before You Hire a Financial Adviser

Investigating an adviser I came across this website a while ago. Basically, it looked like an adviser had to pay money to Paladin in order to get listed or (pre-screened). I could pre-screen the credentials and disciplinary history myself at FINRA.org. What scared me is that Paladin "recommended" me (by email) advisors in my area. And of course, the only advisors recommended were those that paid to be in paladin's database (or pre-screened as Paladin calls them). Were all those advisors truly reputable, of good character and good at what they do? Nope. I was shocked when I read the name of the advisor I was ready to dump (with 15 years of experience in the business, pre-screened and all). He was recommended by paladin, yet he was known in my community as being not of good character, had cheated on his wife, etc, etc, etc,. So, if you want to give an adviser your hard earned money because paladin "pre-screened" him (received money from him), you might be waiting for an accident to happen. No way Jose. Websites like this only sell ads to advisors. Please do your homework, talk to your family and friends and investigate the person not only the professional. Credentials are simply credentials, even Maddof had them. You will not find integrity on a website, but you can find plenty of sales people or websites that sale ads to sales people.

From paladins site for advisors:

Dues & Fees (For Advisors)

Referral members pay monthly dues that are based on marketing zone classifications:

Class I Marketing Zones $175 per month

Class II Marketing Zones $100 per month

Class III Marketing Zones $50 per month

Credential members pay monthly dues of $40 or a fixed one year fee of $395 (17% discount) with an annual renewal option.

FADD (Members) pay a one-time fee of $395. FADD (Non-Members) pay a one-time fee of $295.

James of GA 11:41AM June 16, 2010