Investing

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CHOOSE THE RIGHT FINANCIAL ADVISOR

Handing over your investments and finances to someone else is a big deal – it takes a lot of trust, so picking out the right financial advisor for you and your needs is important. Luckily, with a little insight from the National Association of Personal Financial Advisors (NAPFA), we outlined the process step-by-step.

1. Set a Goal: Talk to family members about what you want to accomplish by working with a financial advisor, whether it’s general investment advice, guidance in paying for college or a house, or planning for retirement.

2. Research: A great place to start is asking for recommendations from friends, family, and colleagues so you have some candidates to choose from. Make sure you do some digging on potential advisors’ websites and bios.

3. Meet: Typically, a face-to-face meeting with each candidate before sign-up is the way to go, but if you don’t feel comfortable with or cannot arrange in-person interviews, make sure you set up a video call. Come armed with questions like those below, and use NAPFA’s Financial Advisor Diagnostic tool online to evaluate their answers.

  • How are you compensated?
  • If you accept commissions, will you itemize the amount of compensation you earn from products that you recommend to me?
  • Do you accept referral fees?
  • Are you held to a fiduciary standard at all times?
  • Would you sign a fiduciary oath committing to putting my financial interests first?
  • Do you have many clients like me?
  • Have you ever been disciplined by the Securities and Exchange Commission or the Financial Industry Regulatory Authority?
  • Do you provide comprehensive financial planning or just investment management?
  • How will you help me reach my financial goals?
  • What happens to my relationship with the firm if something happens to you?

Keep Tabs: Finally, once you choose your advisor, be sure to evaluate their performance on an ongoing basis.

 

TOP RHODE ISLAND STOCKS

Right now more than ever we’re about shopping local –  and that doesn’t stop at retailers and restaurants. Check out the by-numbers breakdown of the Ocean State’s top stocks (and consider investing). *Prices and data are as of November 30, 2020

Citizens Financial Group (CFG)

Headquarters: Providence

Employees: ~18,100

Share Price: $32.66

Market Value: $14.58B

Price-earnings Ratio: 14.79

52-week Range: 14.12-41.29

 

CVS Health Corp. (CVS)

Headquarters: Woonsocket

Employees: ~295,000

Share Price: $67.79

Market Value: $88.84B

Price-earnings Ratio: 11.19

52-week Range: 52.05-76.44

 

Hasbro, Inc. (HAS)

Headquarters: Pawtucket

Employees: ~6,000

Share Price: $93.03

Market Value: $12.65B

Price-earnings Ratio: 32.53

52-week Range: 41.33-109.50

 

Textron Inc. (TXT)

Headquarters: Providence

Employees: ~35,000

Share Price: $45.10

Market Value: $10.73B

Price-earnings Ratio: 38.13

52-week Range: 20.26-51.53

 

United Natural Foods Inc. (UNFI)

Headquarters: Providence

Employees: ~19,000

Share Price: $17.25

Market Value: $1.01B

Price-earnings Ratio: N/A

52-week Range: 5.00-23.38

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