What should you consider when selecting an investment advisor?

What will be an ideal response?

No right answer exists on how to select an investment advisor. The key is to do your research and "interview" different investment advisors. Find the company or broker that makes you feel the most comfortable. Remember, you can always 'fire' them later if you change your mind, or if they suddenly seem more interested in achieving their long-term goals than in helping you achieve yours. As always, before you make a selection, find out how the advisor is compensated. You also have to determine how comfortable you are in making your own decisions and investing on your own. You could spend less by choosing a company that offers little or no support. However, if that costs you just a few percent per year in average returns, that could mean thousands of dollars lost over time just to save a few hundred dollars. On the other hand, a broker that charges too high a fee will definitely cost you thousands of dollars over time as you sacrifice earnings each year.