Expert Q&A

After contacting an Advisor, be prepared to have a candid and open discussion about your
needs and financial/investment situation. At your initial meeting, Advisors will discuss your
immediate financial planning needs and follow-up with next steps, the data needed, and
when the work will be completed.

The first step is to log on to the advisor’s website. Compare websites to understand what the advisor feels is important. For me, it is as much about performance as relationship. I post my actual performance numbers for stock client accounts, during good times and bad.

Do your homework. Most reputable advisors should be online, have their own website, do a google search.

First step as a client would be to understand what you are looking for. Then target a few advisors that you feel would meet your needs. Have conversations with the advisors to understand their business and how they might be able to help you. Narrow your search to a few and then interview them in person. This process takes time but you are hiring an advisor to help with your money so you want to hire the right advisor.

Ask all of the following initial questions, (add your own as you prefer):
a. What type of planning do you “specialize in”? (Is it conducent to your financial objectives? – i.e. If your concerns are about financing college expenses for your child, – then look to someone with that “specialty”. If you are planning for retirement, look to those advisors who have a large contingent of “senior” clients.
b. How long have you been in practice? (This is a judgment call. There have been some extremely bright financial advisors who done exceptionally well for their clients with a little less than 3 years of experience, <also usually coming from some other financial and/or professional background – i.e. – Attorney, CPA, MBA, PhD. However, statistics show, “the more experienced the better”).
c. What professional “credentials” do you have? (CFP, or ChFC, or others – these indicate a desire to be “above average” in providing the information and services that they will give to you over the course of your relationship).
d. What Continuing Education (CE) Courses and Conferences HAVE YOU attended this year? (Note: All states require a minimum amount of CE, – however we have found that it is the “exceptional” advisor that spends his/her own time and funds to attend one or more advance planning and strategy conferences and courses each year. These courses may ultimately benefit that advisor’s clients. -—-P.S. – Don’t be afraid to ask to see “books and materials” from those conferences and courses. – By the way, – if those books “crack” like their being opened for the first time? Hmmmm)!
e. Who will “handle” my account? (Will it be the person with the ChFC, or CFP, – or will it be someone who just got their securities license)?
f. . How many clients do you have? (If over 300, – consider whether or not he/she will have enough time to oversee your account.
g. Do you have a minimum value for “Assets Under Management” (AUM)?
h. How are you compensated? (i.e. – Commissions, Fee-Only; Both)?
i. Other questions can be more specific to your own situation, (i.e. – for retirees, – “Do you provide IRA and Retirement Plan Income Services”; – or for beneficiaries of Qualified Retirement Plans, – “What is the best way to take these distributions”)?