If you're like most people, you have a variety of financial goals. You might be able to achieve all these goals on your own, but you will likely find it a lot easier if you get help from a financial advisor.
Here are some question you might consider asking when interviewing a prospective financial advisor.
• What are your qualifications? Make sure you are talking to someone who at least has all the required licenses for selling securities. There are more than 40 different additional designations an advisor can earn. Just make sure the advisor has the ones most suited to your needs.
• What type of experience do you have? Don't rule out a person with a limited amount of experience. A new financial advisor frequently brings a great deal of enthusiasm to his or her work. A financial advisor's longevity is less important than whether he or she has had experience working with investors who share your goals and investment preferences.
• What is your investment philosophy? Does he or she favor a specific style of investing or a particular class of investments? If you believe the person you're talking to has a one-size-fits-all mentality, you might want to look elsewhere. Remember that investments are simply tools. However, the quality of the tool can vary greatly.
• How will you communicate with me? There's no one right way of communicating with clients. You need to feel comfortable that someone will always be available to answer your questions, review your accounts, evaluate your situation and make appropriate recommendations. Find out with whom you are likely to be communicating should you decide to become a client.
• What services do you provide? Investments? Investments and insurance? Is this a one-stop shop? Has he or she developed working relationships with legal and tax advisors? This team approach can be beneficial to you, especially when you get into the area of estate planning. Does the advisor holds regular client-education events?
• How are you paid? Is he or she paid by fees, commissions, salary or some combination of these methods? You should have a clear understanding of what type of compensation is being used. Don't be afraid to ask. Cost isn't the elephant in the room that you might think. High quality advisors want you to clearly understand this issue.
Your association with a financial advisor is one of the most important business relationships you'll ever have, so make sure it's a good one right from the start. For more information contact Justin Peek at (760) 635-1097.
Here are some question you might consider asking when interviewing a prospective financial advisor.
• What are your qualifications? Make sure you are talking to someone who at least has all the required licenses for selling securities. There are more than 40 different additional designations an advisor can earn. Just make sure the advisor has the ones most suited to your needs.
• What type of experience do you have? Don't rule out a person with a limited amount of experience. A new financial advisor frequently brings a great deal of enthusiasm to his or her work. A financial advisor's longevity is less important than whether he or she has had experience working with investors who share your goals and investment preferences.
• What is your investment philosophy? Does he or she favor a specific style of investing or a particular class of investments? If you believe the person you're talking to has a one-size-fits-all mentality, you might want to look elsewhere. Remember that investments are simply tools. However, the quality of the tool can vary greatly.
• How will you communicate with me? There's no one right way of communicating with clients. You need to feel comfortable that someone will always be available to answer your questions, review your accounts, evaluate your situation and make appropriate recommendations. Find out with whom you are likely to be communicating should you decide to become a client.
• What services do you provide? Investments? Investments and insurance? Is this a one-stop shop? Has he or she developed working relationships with legal and tax advisors? This team approach can be beneficial to you, especially when you get into the area of estate planning. Does the advisor holds regular client-education events?
• How are you paid? Is he or she paid by fees, commissions, salary or some combination of these methods? You should have a clear understanding of what type of compensation is being used. Don't be afraid to ask. Cost isn't the elephant in the room that you might think. High quality advisors want you to clearly understand this issue.
Your association with a financial advisor is one of the most important business relationships you'll ever have, so make sure it's a good one right from the start. For more information contact Justin Peek at (760) 635-1097.