Interview Questions for Selecting a Financial Advisor
Identify Your Objectives
Prior to your search, take a few minutes to consider where you are in planning for retirement. Are you just starting to implement a savings and investment plan or are you closer to retirement age and wondering if you can afford it? Are you concerned with taxes, the cost of health insurance, or the potential need for long term care? How comfortable are you with managing your investment strategy alone? By identifying your needs up front, you will be better positioned to find a good match.
The First Meeting
Once you’ve met with the prospective advisor, notice how you feel about the meeting. Was there an easy rapport? Did they seem sincere and respond to your questions thoughtfully? Did they have a comfortable office? Collaborating with a financial planner is a long-term relationship. You should make sure you feel at ease and assured they can best serve you.
Questions to Ask in the Interview
Tell me about your firm.
It may be helpful to know how long the firm has been in business and the size of their company. How do they work together? Ask about the education and credentials of the professional staff. Will you have a primary contact or will you just be a number, never knowing who you will end up speaking with? Make sure you are provided with regulatory disclosures like Form ADV Part II.
Are your services a good fit for me?
You should ask questions to understand the firm’s investment philosophy and how they view risk and reward to make sure it aligns with your values about money. The advisor should provide examples of the projections and reports that you can expect to receive. Find out if they have served other clients that have situations similar to yours.
How often will we meet?
Retirement planning is not a one time exercise - it requires ongoing adjustments to keep up with life and economic changes. You want to make sure the advisor will be available when you have questions. Ask if they are proactive in scheduling routine meetings or if they plan for you to contact them.
What are your fees?
A trusted advisor is transparent when it comes to how you will be billed. They should provide you with a written estimate of fees based on your accounts. Also make sure that the firm is fee-only, meaning that their compensation comes only from you (the client), not sales commissions and sales incentives from investment products.
Call Professional Financial Management Today
We’d love to sit down and share our story with you. We’re confident that we can create a retirement roadmap just for you. Call us today to schedule a no-obligation meeting to learn more about how we can help plan your financial future.