I am meeting with my first financial advisor – So..

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  • #83803 Reply
    Kailleen

      Any tips/advice for questions to ask/things to be aware of when working with one? What is something you wish you knew or asked?

      #83804 Reply
      Sid

        I would make sure they are listening to you more than trying to sell you. They should want to know what your goals are. Also, it is fair to ask them how they get paid, what their fee schedule is? They certainly should make money for the service, but should be very forthcoming with how that works.

        #83805 Reply
        Tom

          Ask them about whole life or universal life insurance. It’s not a good choice for the vast majority of people (and if you were one of the few, you’d know). If they try to sell you on that instead of simple term – run, they’re looking out for themselves and their pockets.

          #83806 Reply
          Lawrence

            CFPs that are Independent Registered, meaning that they charge a fee for your financial planning for their time, not a percentage. Independence removes their incentive to churn your accounts or sell you insurance products you don’t need, but don’t realize because of your lack of knowledge. You want them aligned with you not aligned to find ways to take advantage of you.

            Look up the CFP licensing agency to find these people and check recommendations that are independent, not the ones given to you by them who are cherry picked to give good feedback. Blessings!

            Don’t miss: Do people do backdoor Roth IRAs on their own or do they typically have a financial advisor do that for them?

            #83807 Reply
            Chris

              These are all great stuff. Coming from an advisor.

              It should be a good fit on both sides.

              Ask about their investment philosophy. How long they’ve been in the field. What should you expect. How often should you talk. What does their planning and advice entail?

              And of course. How much does it all cost. Every advisor and firm is a little bit different. Feel free to interview a handful to make sure you feel comfortable with your decision.

              #83808 Reply
              Cody
                • How do they get paid? Do they get paid if they recommend certain products or investments?
                • Are they willing to sign a fiduciary oath?
                • How many clients do they work with? (Some advisors juggle 200+)
                • What sort of professional credentials do they hold? Credentials aren’t a prerequisite for good service/advice but it shows they have a commitment to continuing education.
                • Do they require that you invest your money with them in order to receive advice?
                • Does the level of financial advice vary based on asset size?
                • Can they provide tax advice?
                #83809 Reply
                Chris

                  The common theme was the fee structure and rightly so. And there was one person who said come back and update the post with what they tell you for additional feedback which is probably a good idea. Any good advisor will understand your decision to do your homework before committing to anything.

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