When it comes to financial planning, most Americans take a do-it-yourself approach.
In fact, various surveys and studies over the years have shown that anywhere from 60 to 70 percent or more don't have a financial adviser.
But does that mean the remaining minority who do hire someone are more confident about what the future holds for them financially?
Maybe. But maybe not.
Most of those people say they don't completely trust that their adviser is always acting in their best interests, according to a poll by the American Association of Individual Investors.
That distrust could even be part of the reason some people decide to forgo using an adviser at all.
"People see headlines about shady practices that exist in the financial word, and as a result they become leery of working with any financial adviser because they no longer know who to trust," says Chris Hobart, a financial professional and financial commentator.
It was the shady practices of one such adviser that put Hobart on the path to a career in financial services. His grandmother placed her trust in an adviser who "advised her right out of her life savings," he says.
"I think it's important for those of us in the industry to demand more of ourselves, because investors deserve more from us," he says. "We must call out questionable practices when we see them."
But what can the average person do to improve the odds that they are working with an adviser they can trust? Hobart suggests a few questions to ask yourself about the person you rely on to handle your finances:
"Now, more than ever, investors are demanding honesty from not only individual advisers but also larger financial institutions," Hobart says. "There is no longer space within the industry for financial professionals who are motivated only by their own financial gains."
Read the article on Newsmax here