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I'm actually a financial advisor and worked in a couple different firms. I've seen and worked with many great advisors who are ethical and look out for their clients' best interests. I've also seen sharks that sell whatever will make them the most money the fastest.
Alot of people ask, why hire a financial advisor? First, GOOD financial advisors are reading and watching not just the US market, but the global markets on a daily basis. If that's something you can and want to do, then fine but most people won't have the time or be interested. Second, a good financial advisor will be able to access products and investment strategies that the normal investor might not be able to get their hands on. Third, a financial advisor does more than just help you invest your money. A GOOD financial advisor won't just create wealth and retirement, but rather create a legacy where your money can be passed on to multiple generations and your money can be invested in a way where you will minimize taxes in the short and long run as well as minimize estate tax.
For the LONG term, I would advise you find a financial advisor who is a CFP. He will help you invest and be tax efficient. There's no point in generating a high return if you're going to give it all back in taxes. He will also help you build an estate so that you can make sure you won't be burdened by taxes when you start living in retirement and can pass down money to your children with as little estate tax if any as possible.
For the SHORT term, if possible, find an advisor who is or has access to a CFA. It's a good prequal. Also, interview multiple advisors. See how much time he takes to get to know YOU, your family, and not just your needs and goals, but your lifestyle. This interview meeting should go longer than an hour because HE'S asking good questions and building as large of a profile of you that he can so he can best suite your needs. Also, see what he pitches. If he pitches mutual funds and life insurance/annuities often and early, then stay away. That's the easy way out of financial advising and means he just wants to make a quick buck, not take the extra effort to be the BEST financial advisor he can be and put you in the best investments possible. Stay CLEAR of B shares and variable annuities unless you're really a good fit for them, which is about 5% of the population or less. Also see what their management fee is for an actively managed or wrap portfolio. If it is 1.25% or more annually, walk away.
Let me know if you have any more questions. Hope this helps!
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