From: 1031 DST Solution
Date: December 20, 2020
DST Advisors – Finding the Right One
Finding the right DST Advisor for your 1031 Exchange can make or break your investments. When it comes to finding the right investments and meeting deadlines to maintain the eligibility of your exchange, it is absolutely crucial to find an advisor that has the drive to get to know you, and provide suitable investment opportunities.
Here are some tips to find an above average advisor:
A Great Advisor Knows You
A great advisor will take the time to get to know you and develop a personal relationship that goes beyond a mutual knowledge of your financial statement. FINRA, the industry’s regulatory advisor, requires advisors to “know their customer,” and for a good reason; a valuable advisor will take the time to understand your past financial situations, as well as your goals and needs for your present and future ones. Additionally, they will have done this before they start presenting investment options, that way they can cater towards your specific needs.
A Great Advisor Avoids Conflicts of Interest
Good advisors avoid putting you or themselves in a situation that may present a potential conflict of interest. If your advisor or their company has any affiliation with the investment opportunities they are sending you – such as sharing ownership in it or sponsoring it – you should seriously consider whether or not they have your best interest in mind or their own. Advisors who avoid situations like these tend to maintain integrity in the way they conduct business and will be less biased in the investments they recommend.
A Great Advisor is Not Promissory
Advisors with integrity and experience will not use promissory language guaranteeing success or certain outcomes with their clients. FINRA states that NASD Rule 2210(d)(1)(A) prohibits promissory language in communications with the public, and NYSE Rule 472(i) specifically prohibits promissory statements. As someone who fully understands market volatility, a good advisor will provide information and guidance based on solid evidence and track records– although even these are not always a guarantee of future performance. They will do what they can with what they know, and not make speculations or implications solely to sway you into a course of action that may better suit their own preferences.
A Great Advisor Does Extra Due Diligence
Before investing in a property, it should be fully investigated to understand the risks and benefits associated with that specific property. Many financial advisors that offer DST 1031 properties do limited due diligence. If your advisor solely relies on the sponsor-provided Private Placement Memorandum (PPM), then they are lacking important information about your investment and what’s in it for you.
1031 DST Solution presented by Corcapa 1031 Advisors – DST Advisor for your 1031 Exchange
There are many advisors out there and finding the right one can be tricky. By considering the above recommendations, you can narrow down your options and find the right one for you. If you’d like to speak to an advisor at 1031 DST Solution presented by Corcapa 1031 Advisors, please call (949) 722-1031 or visit https://corcapa.com/corcapa-1031-advisors/.
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