A good financial advisor is a trusted partner who understands you, knows your goals, and gives you the best guidance to build your financial future. If you're meeting with a financial advisor, here are a few critical questions to ask.
Who else might be working with me?
You wouldn’t expect your general practitioner to be your dentist, would you? Ask if your advisor will bring in specialists if needed. They should recognize when your situation might require niche expertise in insurance, lending or other areas.
What are your qualifications as an advisor?
In some financial institutions, advisors have no specific accreditation. But what’s their background? What markets have they been exposed to? Find out what kind of experience and perspective they’ll be bringing to the table.
Besides me, who benefits from your recommendations?
In other words, does the advisor receive any kind of rewards when clients use certain products? That’s not necessarily a bad thing, but honesty is key to making sure that your advisor always puts your best interests first.
How many clients do you deal with?
If your advisor has a thousand other households on file, how well can they really look after you? Be sure to ask if there’s a maximum. Believe it or not, some brokerages and advisors have no cap on the number of clients they look after.
How will I pay for your services?
Ask to discuss how the fee is calculated: Is it a fee for service, or is there an embedded fee? The good news is that the industry is moving away from embedded fees, and transparency is on the rise across the board. That’s great for everyone.
Your best financial life is ahead of you. Get in touch with our wealth management team to explore what’s next.