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Top Questions to ask your Financial Adviser

Top Questions to ask your Financial Adviser

Questions to ask your financial adviser

The process of selecting a qualified, competent financial professional who can meet your expectations can be daunting and confusing to both young and old alike. There are so many financial planners around, each with different areas of expertise. Finding one who can meet your demands can be a challenge.

What To Look For In An Adviser

Basically, a financial planner should be someone you can trust; a confidant professional to put you in a secure financial situation. Additionally, you should feel comfortable with his/her expertise and business style. Before you embark on this journey of hiring an adviser to build your finances, you should be well prepared for it. Some things you should know and keep note of prior to looking are knowing your financial goals, what kind of planner you want, why you need to hire a financial adviser, and what kind of questions to ask your financial adviser. Sometimes, you may discover that you don’t even need to hire someone to take care of your finances!

Here are some of the top questions you can ask your adviser:

1. What kind of financial services and products do you offer?

Generally, a financial planner should be able to offer many services. However, this will depend on the license, their area of expertise and their credentials. A solid financial adviser should be able to offer more than just investment advice and guidance.

Why? Wealth and investment become complex when your finances grow hence calling for a comprehensive set of services. Having a financial planner who can provide more than investment advice helps keep your finances under control and save you unnecessary surprises.

2. What is your rate?

Financial advisers can be compensated in many ways; These can be through fees, commissions or both. Fees are calculated based on a flat rate or hourly rate and are independent of the income your investment makes. Commissions are derived from the product or investment and could come off your earnings.

3. What are your years of experience?

Find out how many years of experience your financial adviser has and how many companies they have worked for. In addition, find out their educational background and past work experience. These are important since a financial planner who has seen both the good and bad times in the industry should steer you through the bull and bear markets with ease.

4. Are you licensed?

As a consumer, have your planner licensed and regulated by state laws. This creates a sense of confidence and security. Planners must pass an examination and register with both state and federal agencies to be issued a license. Ask your financial planner to provide their registration status and counter check if they are properly registered and regulated.

5. Who will I work with?

It is most likely that most financial advisers are institutional and will not be a single person. Ask your adviser who will you be working with and if need be are there other people in the office to assist you with your activities. Do a background check on the people you will work with and if possible, you can meet them in person.

Having all these questions ready to be asked, you should be able to get the most out of your financial adviser.

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