Considering Hiring a New Investment Adviser?

Earlier this week, The Wall Street Journal reported that while the four major Wall Street brokerage firms experienced an outflow of $8 billion of assets in 2008, Registered Investment Advisers brought in more than $108 billion in new assets during the same period. This activity likely reflects a shift in investor preference from transaction-based broker relationships to fiduciary relationships.

Investors generally choose to have their financial affairs handled by someone they feel they can trust. Given the financial meltdown that has taken place over the last 2+ years, it is easy to see why investors would prefer to have a fiduciary manage their investments rather than a brokerage firm that has unavoidable conflicts of interest with their clients.

If you are considering hiring an investment adviser, another Wall Street Journal article also set out some questions that investors should ask financial advisers. Every adviser-client relationship is based upon different goals, and, as a result, each investor should ask different questions when interviewing a financial adviser. However, if you are looking for a list of standard questions, this is a good place to start.

It is important to know as much as you can about your financial adviser, stockbroker, etc. You can also find information about stockbrokers by checking FINRA’s BrokerCheck website and research registered investment advisers through the SEC’s Investment Adviser Public Disclosure (IAPD) website.

The Kueser Law Firm represents investors in securities arbitration and litigation. If you are concerned that your investments have been mismanaged, please contact us to learn more about your rights.


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Article by Jason M. Kueser

Jason M. Kueser has spent his legal career representing individuals, groups, and companies in litigation and arbitration. In addition, he has, and continues to represent clients in class action litigation. Jason is currently admitted to the Missouri Bar, the Kansas Bar, as well as the U.S. District Court for the Western District of Missouri, the U.S. District Court for the District of Kansas, and the Eighth Circuit Court of Appeals. In addition, he is a member of the American Bar Association, the Kansas City Metropolitan Bar Association, and PIABA (Private Investors Arbitration Bar Association). He currently serves on the editorial board of the PIABA Bar Journal. Jason has also written articles that have been published in law reviews, industry legal publications, and newspapers.
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