7 Questions To Ask When Interviewing a Financial Advisor
In our previous article, we explored the benefits of personalized financial planning and wealth management: a custom financial roadmap to help you achieve your unique life and financial goals, a trusted expert on your side for ongoing guidance, and greater clarity and transparency into your services received for your cost paid.
To help you determine whether an advisor offers this kind of approach (or not), here are 7 important interview questions to ask:
How will you personalize an investment strategy to my needs?
What customization do you offer within the portfolios you manage?
What does your financial planning process look like?
How will you determine my appropriate level of risk?
How often do you want me to reach out with questions or life updates?
What tools and software will you use for my recommendations?
What financial documents of mine will you review for my recommendations?
If an advisor can answer these questions thoroughly and easily — in a way that indicates obvious personalization in their processes and guidance — that’s a good sign they’re more likely to fall on the left side of our handy chart below.
If you’re interviewing more than one advisor, different answers to the above questions will provide valuable insights (and valuable comparison) between advisors, too.
Lastly, seek an advisor who asks smart, thought-provoking questions about what matters to you, and who listens when you talk.
With the overwhelming amount of options, advertisements, and companies out there, it’s crucial to educate yourself so you can choose the right advisor to help with your unique needs.
Being armed with the right interview questions is an easy place to start!
