An advisor who believes in having a long-term relationship with you—and not merely a series of commission-generating transactions—can be considered trustworthy. Ask for referrals and then run a background check on the advisors that you narrow down such as from FINRAs free BrokerCheck service.

How do I know if my financial advisor is honest?

5 Signs You Can Trust Your Financial AdvisorYour advisor talks openly about risk. You understand what fees youre paying. Your advisor tries to educate you about investing. Your advisor asks to meet regularly to review your portfolio. Your advisor remembers your goals (and cares about them)21 May 2016

When Should I dump my financial advisor?

Key TakeawaysConsider changing your financial advisor if you are unhappy with weak portfolio performance or if you have difficulty with your existing financial professional.Find out how your current firm handles transfers and whether your fees will be prorated.More items

How do you know if your financial advisor is doing a good job?

Financial advice should be collaborative, non-judgmental, compassionate, smart and holistic. In order to deliver this type of quality advice, we believe a financial advisor is doing the best job possible for their clients when they are: Asking questions about a clients whole picture before recommending solutions.

What percentage of millionaires have financial advisors?

Seventy percent of millionaire households used some sort of financial adviser, and the average length of that relationship spanned 10 years, the survey found. The average age at which a wealthy investor first established a relationship with a financial adviser was 43.