When it comes to finances and long-term security, planning is key. However, life is busy, and unless you have a strong background in financial planning, you could miss out on great opportunities for success. That’s why hiring a financial advisor is well worth the investment. However, that first meeting can be intimidating, and you likely have a lot of questions on your mind you’d like to have answered. As you prepare to meet with a potential financial adviser, it’s important to know these five questions not to ask to make the most of your meeting.
1. How Open is Your Schedule?
Most would agree that a sign of success is a large clientele. A financial advisor with an open schedule is often a sign they haven’t yet achieved the trust of clients. While this isn’t always the case, keep in mind that a busy schedule is often an indication that the advisor you’re considering has proven their expertise. You should value this level of experience and professional prestige.
2. Can You Give Me What They Have?
Whether you’ve been referred by a friend or heard of a strategy employed by an advisor for a coworker, it’s important to understand that financial plans aren’t one size fits all. Everyone has their own unique circumstances to consider, and what’s best for one may not work at all for someone else. While it’s okay to ask about a certain plan, a better way to phrase this question would be: Would this strategy be feasible in my situation?
3. Who Are Some of Your Clients and What Are Their Investments?
Financial investing requires a commitment of confidentiality. Similar to health records and the secure manner in which they’re protected, clients have the expectation that their advisor won’t share their decisions with anyone else. After all, you wouldn’t want your advisor to share your investment decisions with others. If you ask this type of question, don’t expect to receive any information.
4. Can You Get Me to The World Series?
Whether you want an easy trip to the Superbowl or some other popular event, don’t plan on any special handouts from your financial advisor. You’d be surprised at how often they receive such requests. In fact, if they were to agree, this should be a red flag as they aren’t allowed to offer gifts as incentives. This type of unethical behavior is prohibited, and there’s no telling what someone willing to break these types of rules would do to actually put your finances in danger at some point in the future.
5. How is Your Performance?
While this may seem to be the most logical question to ask, it’s important to understand how difficult this is to answer with accuracy. There are a variety of circumstances that must be taken into consideration, and strategic planning must be carefully performed before jumping into a financial investment. If they were able to answer that question, they’d be the talk of the town as they made everyone a millionaire.
A Relationship Built to Last
Deciding on a financial advisor is an important decision. After all, this is a relationship that needs to stand the test of time, and they’ll be helping you make significant decisions for many years to come. While it’s important to ask the right questions during your initial meeting, it’s just as crucial to know what not to ask. By considering this list, you can be better prepared to achieve a successful meeting and begin the development of a relationship built to last.