Questions to Ask a Financial Advisor
Working with a financial advisor can be an excellent way to achieve your financial goals and improve your overall financial well-being. However, not all financial advisors are created equal, and it's important to ask the right questions to ensure you're working with the best possible advisor for your needs.
Here are some questions to ask a financial advisor before you start working with them:
What are your qualifications?
You want to work with an advisor who is qualified and experienced in the areas you need help with. Ask about their education, certifications, and licenses. Make sure they are a registered investment advisor or work for a registered investment advisory firm.
There are also many designations that advisors can achieve throughout their careers, including the Chartered Financial Analyst (CFA), which is more investment-based, and Certified Financial Planner (CFP), which is more financial-planning based. Certain designations can show an advisor’s specialization, experience, and dedication.
What is your investment philosophy?
Every financial advisor has a different investment philosophy, and it's important to understand their approach before you start working with them. Ask about their investment strategy, their risk tolerance, and how they typically invest their clients' money.
Most importantly, an advisor should be able to orient their philosophy towards what works for you and your unique situation. If it seems like an advisor won’t be able to prioritize your goals, they are probably not the right fit.
How are you compensated?
How do you communicate with clients?
How do you assess my financial situation and goals?
What services do you offer?
Some financial advisors specialize in certain areas, such as retirement planning or estate planning, while others offer a wide range of services. Make sure you understand what services your advisor offers and if they align with your needs. Some clients require highly unique solutions for their situations, so it can be beneficial to work with an advisor who has experience working with other individuals who have similar backgrounds.
Most importantly, make sure you feel comfortable with the advisor. You will have to keep them informed of all your life events, so you will want to feel like you can trust them with both your money and sensitive information. Choosing a financial advisor is an important decision that can have a significant impact on your financial future. Asking these questions can help you find an advisor who is qualified, experienced, and a good fit for your needs.
Reach out to Chicago Partners to set up a meeting and assess whether we can be the right fit for you.
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