Because there aren’t any hard-and-fast guidelines to define advisors’ roles, you will have to make more of an effort to find an advisor that fits your particular needs. A lot of that involves asking the right questions. You’ll find many a guide out there giving you “ tough questions you should ask your financial advisor .”
When to talk to your spouse about your finances?
It’s time to have a difficult and serious talk about your finances with your spouse. Tell your spouse about any feelings you have about lying or being lied to about your finances. Your concerns, guilt, anger, panic, sense of being betrayed, embarrassment, helplessness, etc. You need to be heard by your spouse.
What to say if someone asks you a question you don’t want to answer?
You can also refuse to answer the question, but be sure to be polite. “Say, ‘I appreciate that this is of interest but we don’t feel sharing the information is appropriate, especially at this time. But I’d be glad to answer other questions if you have them,’” says Sullivan. “Appreciate the interest but draw lines.”
Is it a problem to have a financial planner?
Money is almost never a problem in and of itself. It’s a tool to help you get what you really want out of life. Dick Wagner, in his book Financial Planning 3.0, put it best when he said “so much of the financial planner’s work takes place in conversations about feelings, dreams, meaning and purpose.”
10 questions to ask financial advisors
- Are you a fiduciary?
- How do you get paid?
- What are my all-in costs?
- What are your qualifications?
- How will our relationship work?
- What’s your investment philosophy?
- What asset allocation will you use?
- What investment benchmarks do you use?
What kind of questions should I ask a financial advisor?
When you are first chatting with a financial advisor, make sure to ask them about their own investment philosophy. Ideally, you want to hear how they view long-term investing, the kind of investments they choose for clients, and that they invest based on your personal goals.
When to ask a financial advisor if they are a fiduciary?
When a financial advisor acts as a fiduciary 100% of the time, you don’t have to wonder if they are recommending an investment just to meet a sales quota. When in doubt, ask your financial advisor – or one you are considering – to put their fiduciary status in writing.
Is it easy to get a financial advisor?
For a low fee, these computer-based services choose and manage an investment portfolio for you. Some also offer access to financial advisors if you have questions about your investments or your goals. Robo-advisors often have low or no account minimums, so it’s easy to get started.
What’s the difference between a financial advisor and a financial planner?
These companies provide complete investment management and holistic financial planning; the major difference is that you’ll meet your advisor virtually — by phone or video chat — rather than in a local office.
