BOSTON (MarketWatch) -- I have given countless talks over the last 15 years to groups of people interested in hiring financial advisers or working better with the helpers they have, and I typically poll my audience to learn about their experiences.

I ask that people who are working with an adviser -- or who have had one they stopped using -- raise their hands. Then I ask them to keep them up if they hired the first financial adviser they met with or if they hired someone recommended by family or friends. Virtually all hands stay up.

Next, I ask them to keep their hands up if they did a background check on the adviser -- and talked to an independent reference -- before they agreed to work together. I have never had a single hand stay in the air.

Full Story: http://www.marketwatch.com/story/7-mistakes-investors-make-in-hiring-advisers-2010-05-20