subject: Five Financial Planner Interview Questions That You Should Ask [print this page] If you are in the market for a financial adviser to help you manage your assets, here are some financial planner interview questions you might consider asking them before signing up for their services. We believe a good financial planner will offer you the widest range of investment options and help you craft a customized financial plan based on your financial goals and particular savings needs. And since your life conditions may change, they will also offer you routine consultations during which you can discuss updates to your plan. Here are some of the questions we recommend you ask any financial planner you are considering hiring:
1. How much experience do you have? Discuss with the planner how long they have been practicing as well as which companies they have been associated with. Also talk with them about their work experience and how it informs their current practice.
2. How do you approach financial planning? We feel this is one of the most important financial planner interview questions you can ask since it will determine whether or not you will feel comfortable working with the planner. Some planners like to offer advice on particular areas of financial planning while others combine all your financial goals to develop a plan. In addition, is the financial planner too aggressive or too cautious for your taste? And does the financial planner require a certain amount of net worth before they will take you on as a client?
3. What is your investment discipline and strategy? Many planners take a passive approach to investing. They recommend or sell investment and don't actively monitor clients' accounts rather they'll just move on to the next sale. In today's challenging and often volatile financial marketplace it may be important to you work with planner who proactively monitors your portfolio.
4. Will you work on my account exclusively or will others work with you? The financial planner may ask advice from other specialists on particular areas, such as tax lawyers and insurance agents, or ask their help in carrying out the financial planning recommendations on your behalf.
5. How are you compensated? There are several ways a planner can be paid: by salary from the company they are working for, fees which can be based on an hourly or a flat rate or as a percentage of your income, commissions, or a combination of these methods. You should also ask for a ballpark estimate of how much they will charge you for their services, as well as any additional and ongoing fees they may bill.
Make sure that you interview several financial planners before you choose which one you will hire. Check out their qualifications, background and record of their disciplinary history through government agencies such as FINRA and your state securities and insurance departments. The financial planner should be able to provide you with their ADV Part II disclosure form.
Securities and Investment Advisory Services may be offered through NFP Securities, Inc. (NFPSI), Member FINRA/SIPC. NFPSI is not affiliated with Universal Partners.
by: Chris Nichols
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