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Understand compensation

Know how advisers are compensated.

Advisers should disclose any conflicts of interest (or perceived or potential conflicts) that could impact their recommendations.

Find out if a potential adviser is paid an hourly rate, a flat fee, or a commission on the value of assets managed for you or on the securities they sell.

Also ask for a copy of their Form ADV Part II,which outlines an adviser’s services, fees and strategies — or look it up yourself on the SEC website.

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