Joe Soto here! “Have you ever thought about hiring a financial advisor and where to find one?

There are so many options like the Chase Bank, Wells Fargo's, etc. People wonder what's the difference between these firms?

I hear the same stories like “I signed up for this, they over promised and under delivered.”

My firm turns the cards on Wall Street, I use Wall Street to serve as custodians to protect my client's assets, and they do a service for me, and I pay them they don't pay me. Thus, I’m considered “a fiduciary advisor,” because we do what’s in your best interest. It difficult to fight the system when the system is writing the check. 

So why is it that not everybody works as a fiduciary? A lot of financial advisors are afraid to come on the fiduciary side. And, I can't blame them. It's the road less traveled. 

Why do clients get taken advantage of? They assume because somebody looks affluent or works for a big name corporation, they must be great at what they do. 

So when you're looking for help of a financial advisor, it's important to understand the regulatory bodies that supervise financial advisors, such as FINRA or the SEC. 

A Non-fiduciary advisor sells products often doesn’t put the client first. They are usually regulated by a combination of FINRA and the SEC. Many advisors wear multiple hats few can call themselves fiduciaries. 

Common mistakes investors make when hiring a financial advisor are:

1. Whenever a friend recommends them an advisor, they automatically assume that that person is competent and trustworthy.

2. Not doing their due diligence. 

FINRA and SEC have a website to check if that person has a history of complaints, lawsuits, etc., often it will be documented in there.

A good financial advisor is like a good doctor. Anyone can invest, it takes skill, practice, knowledge to build a financial plan. If I had to take an educated guess, 90 percent of the people that are investors today don't know what you learned in today's show. I So take advantage of it.

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