On The Agenda:

Before meeting with an advisor for the first time, people often Google “questions to ask a financial advisor” and come in with a list of questions that they find. Are these good questions? Is there anything different you should ask? And what answers should you look for?

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Episode Show Notes:

On this episode of How Money Works, we’ll share some common questions people ask financial advisors and whether those questions are actually helpful.

Are you a fiduciary?

This is a good question, but it’s an overused phrase. A fiduciary is a financial professional that is tasked to act in your best interest. I’m a certified financial planner, and CFPs always have to be a fiduciary. It’s a duty of loyalty, a duty of care.

This term is tossed out all the time, but it just means the person is working in your best interest, not just selling you something so you get paid.

How much are your fees?

This is a totally fair question. You need to know what you’re paying for what you’re getting. When you’re looking at a fee, be sure you understand the entirety of what you’re getting.

There’s a lot more to our job than just managing money. We also help with tax planning, estate planning, business advice, retirement projections, education funding, etc. we can give you a step-by-step plan to help you get into retirement.

What is your investment philosophy?

It’s important to know what you can deal with from a risk perspective. We’re all aggressive until the market goes bad and then we’re a bunch of cowards.

One thing to take into consideration is your age. As you approach retirement, your time to recover from a prolonged, significant market decline is not as long. You don’t want to run out of money during your retirement years.

Listen to the full episode or use the timestamps below to jump to a certain section. Thanks for listening.

Important Points:

0:42 – Are you a fiduciary?

2:00 – How much are your fees?

4:13 – What is your investment philosophy?

8:51 – What will our relationship be?

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