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Thursday, February 16, 2017

Financial and Wealth Mgr Visit 2/16/2017

Today was my visit with a Wealth Mgr and Financial advisor . I was prepared with several questions to ask them and I will post those questions below if anyone wants to use them:
1. Can you tell me about your current relationship with your coach / mentor?  Look for his responses: a. is he open to answers b. look for honesty. c. is the vulnerability there.
2. How do you invest for yourself? This is more directed towards education not money.
3. Whose responsibility is it to keep connected? a. what about meetings?      b. are they quarterly or annually? c. who's responsibility is it to schedule those meetings.
4. How are you compensated ?
5. What's your education? a. did you get a college degree b. is the degree related to offering financial services c. its ok to be intelligent but educated is important.
6. Has there ever been any complaints against you or your services ? a. watch for honesty b. how he handles the answer
7. Do you own the same investments and insurance products that your recommending for me? a. if no, why?
8. What will happen to my accounts if something happens to you? a. #1 fear especially if point of contact is by phone. b. who's the next point of contact with.
9. How much do you charge? a. Don't be shy- bring this up, no surprises.   b. If fees aren't clear, ask more questions. Compensation varies greatly.
10. Are you a fiduciary ? (fiduciary means legally appointed, authorized to hold assets in trust for another person) He puts clients needs aheadof his own, regardless of the situation.
11. Can you give me examples of your clients commitments? a. He'll either give clues about motivation b. he works only the collect a paycheck. c. and there are those truly dedicated and passionate about what they do. Committed long term.
12. How long as he been in this line of business.  Is he licensed, look at credentials.
Always make sure they are listening to you and not interrupting you giving a pitch.
My last question was for him was:  Have you ever lost a client or fired from a client.  This may give you a better sense of the advisor values and shows what type of client he work's with.
 
I did search for questions other then the ones I already had wrote down. Hope this helps those that are unsure of what to ask when you go in. You want them working for you not against you ..

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