9 Questions to Ask Before Hiring a Financial Advisor 1. Do the vision and values of
the firm align with yours? Ask to see a copy of the firm’s vision and core values BONUS: statement.
What does the internet say about them?
2. Do they truly
plan or do they Search their name and take a cookiecutter approach see what you find. Do with their clients? they show up on the Ask to see a first page? Lookout sample plan. Are for negative all areas of planning feedback. addressed?
3. Do they have an organized,
streamlined planning process? Ask them to demonstrate the process from start to finish on a piece of paper.
20
Financial Insights • 2022
4. What are they expecting
of you and what can you expect from them? Request a detailed engagement letter.
5. How are they compensated? Ask them what value you will receive for what you are paying.
6. What language are they
speaking? Are they able to explain complex concepts in simple ways?
9. Who is on the team and how will you be interacting with each person throughout your time with the firm? Will you get face-to-face time with the advisor or just a junior associate? Conclusion: Be an advocate for yourself and your family. Ask the important questions and the answers you receive will be telling on how you and your loved ones will be treated and respected.
7. Do they offer to coordinate
aspects of your planning with your other trusted professionals? Ask who else is part of the team.
8. Are they specialized and
focused on specific niches? Watch out for more than 3 specialties.
Bonus
“We have two ears and one mouth so that we can listen twice as much as we speak,” said Epictetus, a Greek philosopher. Do they listen more than they speak? Do they focus more on talking about themselves or listening to your biggest concerns, challenges and desires?
