Once you determine the kind of advice you’re looking for, here are some key questions to ask when interviewing the financial advisor.
What are the services I am hiring you to perform?
What are your conflicts of interest?
Identify for me all of the ways you or your firm are compensated by me or by any other party in connection with services rendered to me or my assets.
Do you have a fiduciary duty to act in my best interests?
Describe your insurance coverage.
We’ll add a few more of our own:
- What is your investment philosophy?
- Do you do your own investing or do you use outside firms?
- What kind of experience do you have?
- Are your other clients similar to me?
If you don’t get straight-forward answers to these questions, go on to your next candidate.
Feel free to ask us questions.