Below are a list of questions you should ask any financial advisor when you are considering working with their firm!
EXPERIENCE & QUALIFICATION
- How long have you been a financial advisor?
- What is your educational experience and do you have any industry certifications?
- Tell me about your experience, career progression, and previous employers.
- Have you ever had an infraction or been disciplined by a regulatory authority?
INVESTMENT SERVICES
- Can you describe your qualifications to manage money for other people?
- What is your investment philosophy and process?
- Will I receive a customized investment policy statement (IPS) that fits my risk tolerance and investment preferences?
- How often do you review your portfolios? How often do you provide investment reports and do you show performance on both a TWR and IRR basis?
- Are your investments managed in the same fashion as your clients?
- Do you use a recognizable third-party custodian to hold your client's assets?
PLANNING SERVICES
- Do you provide financial planning services, please describe.
- Are these services separately charged from your investment service?
- Do you sell life insurance or other annuities as part of your financial planning service?
FEES & POTENTIAL CONFLICTS
- How are you compensated and how much will my fee be?
- Will all fees that are charged by you and the products you use be disclosed to me?
- Do you accept commissions, revenue sharing, and/or soft dollars, will those costs be disclosed to me?
- Are you compensated for selling products, proprietary or otherwise?
- Are you an independent advisor or are you affiliated with a larger organization?
- Are you a Fiduciary and are you willing to take a Fiduciary Oath?
