4 Dangerous Myths About Financial Advisors

Choosing a financial advisor will have a major impact on your financial life. The right advisor will bring you closer to your financial goals; the wrong one could destroy your hopes of ever hitting those goals. And if you believe any of these four common myths about financial advisors, you're far more likely to choose the wrong one.

One of the most persistent myths about financial advisors is that anyone identifying as a "financial planner" must have met educational requirements, passed tests, have related experience, and so on. In reality, anyone at all can call themselves a financial planner -- it's not one of the regulated titles for financial advisors.

When you meet with a prospective financial advisor, look at the person's business card to see if it includes any letters after the name. If not, ask what the advisor's certifications are. The gold-standard certification for financial advisors is the certified financial planner (CFP); advisors have to meet heavy-duty educational and experience requirements to earn this coveted title.

Source: Fool.com