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Questions to Ask When Choosing an Advisor

Questions to Ask When Choosing an Advisor

October 15, 2021
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Let these questions help you find your next financial advisor.

Having conversations about your finances and financial future can be a very personal topic. Find an advisor you can trust, who will provide sound advice and they have the knowledge to help you be successful in your goals.

We put together a few questions you should ask any advisor as a way of helping you decide if you’d like to continue working with them or find another advisor who may be a better fit.

  1. What kind of advising do you do?
    Similar to how there are specialties in almost every other profession, financial advisors can also have specialties. Some advisors focus on preparing for retirement, investing money or general wealth management. Finding an advisor whose advising experience aligns with your goals will help you both be successful.

  2. What kind of advising do you do? 
    It’s important to note how a financial advisor is more qualified to give you financial advice than anyone else. There are two notable certifications financial advisors can receive – certified financial planner and/or chartered financial consultant.

    There are other specialized certifications an advisor can receive that may make them more or less of a good fit for your goals. These can include personal financial specialists or certified public accountants.

  3. Do you specialize in helping certain types of clients? 
    While an advisor may specialize in one area of financial advising, other advisors may specialize in working with certain types of clients, whether that’s a specific stage of life, age group or other demographic.

    Find an advisor who can help you whether you’re needing some help in a specific life stage or if you’re looking for a long-term advisor.

  4. Are you a fiduciary? 
    Keeping in mind whether an advisor has a fiduciary duty is essential when finding the right advisor. Fiduciaries can only make recommendations in their client’s best interest.

  5. How do you charge for your services?
    How an advisor is compensated can depend on the type of service they’re providing. They may charge a flat fee for creating a financial strategy or they may charge an hourly rate for more advanced and ongoing services.

  6. What can I expect out of this relationship?
    After you’ve discussed what kind of services you’ll get from your financial advisor, it’s important to know what kind of relationship you’ll have. Ask questions about how often you’ll hear from them, how often they would like to meet with you, how you’ll get their recommendations about your financial goals, what kind of reporting they’ll provide and tax information.

Set yourself up for success by interviewing and using these questions to get to know an advisor before hiring them. Please contact the office at any time so we can discuss these questions together. Take care!