AARP and the North American Securities Administrators Association have launched an online tool designed to help the investing public find a financial adviser suited to their needs.
The national group for seniors and the state securities regulators' body said the tool, which is free, "is designed to take the guesswork and mystery out of the process of interviewing and hiring a financial adviser."
The site walks the user through a short series of suggested questions to ask a financial professional as part of the hiring decision process. The questions include those about the adviser's qualifications, methods of compensation and whether the adviser acts as a fiduciary.
Also included is a sample script an investor can use to help start a conversation with a financial adviser.
"Many people can benefit from working with a financial professional, but they just don't know where to start when it comes to selecting one," said Joseph P. Borg, NASAA president and director of the Alabama Securities Commission, in a release.