Choosing a financial planner can be an intimidating process. Who can you trust to handle your finances and are they looking out for your best interests. Here are 5 questions you should ask:
1) How long have they been in the industry? Experience in important in financial services.
2) Do you have a Fiduciary responsibility to your clients? This is the new standard for working with clients. Having fiduciary responsibility means you are working in your client’s best interests and putting their needs a head of your own. Ask how and when they have a fiduciary responsibility and when they do not have a fiduciary responsibility.
3) Do they have any designations or degrees that are focused on financial planning? It is always good to know the person has the educational background to do the job you are hiring them to do.
4) How will they get paid? Understand the adviser’s compensation model can help you understand their priorities.
5) How often and with whom will you be meeting with? Some places put limits on how often you meet. Sometimes you meet with different advisers based on your assets or based on the topics you will be covering.
In general, you should be interviewing a number of potential advisers until you find one that feels right for you. You need to be comfortable with your advisor and can tell them all the details of your financial world. We often say financial planning cannot be done to you, but can be done with you. Are you willing to work with that advisor over time to get you to your goals?
Investment Advice offered through Bickling Financial Services, Inc., a registered investment advisor. Securities offered through Purshe Kaplan Sterling Investments, Member FINRA/SIPC Headquartered at 80 State Street, Albany, NY 12207. Purshe Kaplan Sterling Investments and Bickling Financial Services are not affiliated companies.