Look for honesty, ability first in adviser.(BUSINESS & MONEY)(The Rational Investor)(Column)

Byline: Dr. Robert Stepleman

I like to manage my own investments and believe many investors could do quite well managing theirs. However, many investors prefer for a variety of sound reasons to delegate this task to an investment adviser.

Selecting a "good" investment adviser can be a difficult task.

The most important criteria are honesty and competence. Unless an investor is positive an adviser possess both, they should run, not walk away.

One way to get some indications of honesty and competency is to check if the person is a Registered Investment Adviser or "RIA."

This designation requires that the adviser file a Form ADV with the SEC or the state, which is available at www.advisorinfo.sec.gov. Aside from information on education and …