Finding the perfect financial planner is not as easy as some might suggest. One must be realistic and objective when selecting one. Avoid greed or unrealistic expectations besides asking about the person’s professional credentials and references.
Here are the 7 questions you should include in your interviewing/search process…
Find the Perfect Financial Advisor for You
Ask these seven questions to ensure that you find the right fit.
SO YOU’VE MADE the decision to see a financial adviser — great Together, you can work toward growing your savings and meeting financial goals like retiring comfortably.
But before you entrust your financial future to a total stranger, do your due diligence: Check the adviser’s background and have a meeting to determine whether his or her experience and qualifications are a fit for you. Meet with at least three people before you make your choice, and trust your gut. If you’re not totally comfortable, find someone else.
This is one of the most important monetary decisions you will make, so go in prepared to have a frank discussion; don’t settle for less. Here are some key questions to ask to help you create the fixture you want.
KEY QUESTIONS TO ASK
- HOW LONG HAVE YOU BEEN A PLANNER AND WHAT ARE YOUR QUALIFICATIONS AND PROFESSIONAL DESIGNATIONS?
Find out what the adviser’s credentials are. Check with provincial regulators to see if there have been any complaints lodged or disciplinary action taken.
- HOW WILL YOU SELECT INVESTMENT PRODUCTS FOR ME?
Will the adviser choose from a broad range of investments from different companies or offer only particular products, like mutual funds from certain companies? Does the adviser make more money by recommending one product over another? Will the adviser earn money every time he or she buys or sells a product?
- WITH WHAT SERVICES WILL YOU PROVIDE ME?Some advisers have a limited scope and sell only insurance and mutual funds, while others provide tax, financial- and estate-planning services.
- HOW MANY CLIENTS DO YOU HAVE WITH A SIMILAR FINANCIAL SITUATION TO MINE?
- HOW ARE YOU PAID?
Be clear on whether the adviser charges a fee for services or is commission-based.
- HOW OFTEN WILL WE MEET AND WILL YOU BE AVAILABLE BY PHONE AND EMAIL IF I HAVE QUESTIONS?
- DO YOU HAVE REFERENCES I CAN CALL?
If the adviser says no, take that as a sign to politely leave and find someone else to work with.
president and CEO of the credit counselling society. for more information, Visit MYMONEY COACH.CA.
Demo Dovolos, VP TD Financial, has been our financial advisor for many years. We are very pleased with his financial advice over these many years. No question is too simple, none is unaskable. Demo answers everything with clarity, detail and in a way that instils confidence and trust. His years of service and advice have been excellent for our family.
Ph: 905 707 6253
VP, TD Financial
220 Commerce Valley Drive West
Markham, ON L3T