This series covers the 21 Questions to Ask Your Financial Advisor.
Answers to Jason’s questions I read from other advisor websites lacked depth.
Yes, or No, sometimes needs more context and a greater explanation into the whys.
The goal of this series is to target the essence of what I think Jason was trying to protect you from, and help you make a better educated decision.
21 Questions to Ask Your Financial Advisor
- Are you always a fiduciary, and will you state that in writing?
- Does anybody else ever pay you to advise me and, if so, do you earn more to recommend certain products or services?
- Do you participate in any sales contests or award programs creating incentives to favor particular vendors?
- Will you itemize all your fees and expenses in writing?
- Are your fees negotiable?
- Will you consider charging by the hour or retainer instead of an annual fee based on my assets?
- Can you tell me about your conflicts of interest, orally and in writing?
- Do you earn fees as an adviser to a private fund, or other investments that you may recommend to clients?
- Do you pay referral fees to generate new clients?
- Do you focus solely on investment management, or do you also advise on taxes, estates, retirement, budgeting, debt management, and insurance?
- Do you earn fees for referring clients to specialists like estate attorneys or insurance agents?
- What is your investment philosophy?
- Do you believe in technical analysis or market timing?
- Do you believe you can beat the market?
- How often do you trade?
- How do you report investment performance?
- Which professional credentials do you have, and what are their requirements?
- After inflation, taxes and fees, what is a reasonable estimated return on my portfolio over the long term?
- Who manages your money?
- What is your professional background?
- What do you value most in client relationships?