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The Top Questions To Ask Your Financial Advisor

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The Top Questions To Ask Your Financial Advisor

During the hiring process, you want to pick out 2-3 financial advisors that are intriguing and work well with your needs. Once you book a consultation to learn more about them, it’s time to ask questions that are important to you.

Here are some of the questions a client should ask when it comes to their financial advisor.

What Can You Do For Me?

Start with something as simple as what they’re going to do for you. Each financial advisor will have a specialized view when it comes to their skill set and what they’ve managed to do in the past. For example, certain financial advisors work better for larger accounts while some may prefer going with an average-sized account.

Based on your needs, it’s always best to go with someone that specializes in your type of account.

It will save time and is going to ensure the advice is legitimate. Sure, a financial advisor can manage any case but it’s always going to come down to peace of mind. You want to choose someone that’s not only qualified to help but has real-life expertise with your type of case. It will ensure things progress in the manner you want them to.

How Will You Charge Me?

The payment structure associated with your sessions is going to go a long way in determining the quality of a financial advisor. In general, you want to go with someone that has a set fee. This is easier to manage and is going to provide a clear price attached to their advisory services.

Don’t hire someone with a commission-based strategy because it’ll filter into their advice.

For example, some may prefer the idea of referring you to a specific mutual fund because they get a commission from it. This isn’t a good way to go because it may lead to poor decision-making and will often cost you in potential returns!

What Are Your Qualifications?

This is an integral question before starting.

You want to know what the financial advisor is all about, their professional background, and why they are the ultimate fit for your needs. Their qualifications will matter in setting a foundation for you to move forward from.

Too many financial advisors are not as qualified as you want them to be. Don’t assume the financial advisor is going to have the qualifications you want them to!

What Separates You From The Rest?

This is a unique question and is just as important as the rest.

You should always look to sit down with the specialist and determine what they’re all about like a pro. Are they someone willing to go the extra mile for your needs? Do they have someone unique to offer that isn’t available anywhere else? This is a great way to determine whether or not you are in the right place with the right professional.

Sometimes, you may realize the financial advisor is qualified to help but doesn’t have the differentiating factor necessary to help you out. This alone can be a reason to move on and look for someone else for assistance. You should always get advice from someone that is the best at what they do!

Final Thoughts

Each question is an integral part of your communication with a qualified financial advisor. It’s not enough to go with someone calling themselves a “Financial Advisor” because there are many professionals not good enough to help out. In such cases, you want to come prepared and ask questions that will help improve your overall experience.

Remember, going with a financial advisor is a great decision but it’s important to go with someone worthy of your time as a client.

About Me

Don Larson, CFP® is the owner and founder of Larson Wealth Management. Don started in the investment advisory industry in 1999 after he graduated from Arizona State University with a Bachelor of Science degree in Business Finance.

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