Choosing an investment adviser

This is a very important step. I am sure that most people can find someone to work with, but this does require a lot of diligence.
People to avoid include security traders and salesmen. Traders find it difficult to deal with clients, and their decisions are often compromised by rules and regulations putting the client first. So you will never participate in their best ideas.
There are three types of salesmen. Institutional security salesmen are often completely over the top, and in my old environment were forbidden from advising private clients as they were such a liability. Many private client businesses also employ sales people – they talk the talk but often could not hack it as portfolio managers. So the pertinent question is “If I come to you as a client, who exactly will be looking after my account ?” If the manager is already in the meeting, talk to them – if they are not in the meeting this is a bad omen.
Then there are the salesmen who market all sorts of investment plans including hedge funds, tax saving plans, lump sum investment plans, etc. They take an upfront commission and sometimes draw in accountants to successful people, as the commissions are high (paid from your money of course) and the days of brown paper envelopes stuffed with cash which can be given to introducers are not yet over. Avoid like the plague. They certainly will be nowhere to be seen if there is an outbreak of investment Ebola.

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