Hiring a financial advisor can be a significant decision, and it can be daunting. It is essential you choose the right person for you…but how do you know? Well, here are some questions you can ask yourself and potential advisors to help you make the right decision for you.
Questions to Ask When Hiring Financial Advisor
The first question you’ll want the answers to is: what are their qualifications and experience? You can start by asking about their educational background, certifications, and licenses. Also inquire about their experience working with clients similar to you.
If you own a small business, ask if they have other clients that also own a small business. If you’re a standalone physician or part of a large hospital group, ask if they have those types of clients, as well.
Aligning On Your Investment Goals
What’s your investment philosophy? Really understanding their approach to investing can help you determine if their investment style is suitable for your needs and preferences. What services do they provide? Some financial advisors offer comprehensive financial planning, while others specialize in specific areas like retirement planning, or tax planning, or estate planning, so ensure that the services they offer align with your financial goals.
How do they get compensated? This is an important one. Financial advisors can be compensated in many different ways, such as through commissions, fees, or combination of both, so ensure that you understand their compensation structure and make sure there’s no potential conflicts of interest.
Do They Have References?
Lastly, can they provide references? Ask for references from clients who have similar financial situations to you. Talking to their current and past clients can really help you gauge their satisfaction with their advisor services.
Thank you for reading, and we hope some of these questions have helped you hone and find the perfect financial advisor for you.
For informational purposes only. Not intended as investment advice or a recommendation of any particular security or strategy. Past performance is not indicative of future results. Information prepared from third-party sources is believed to be reliable though its accuracy is not guaranteed. Opinions expressed in this commentary reflect subjective judgments of the author based on conditions at the time of writing and are subject to change without notice. For more information about Wealth Dimensions, including our Form ADV Part 2A Brochure, please visit https://adviserinfo.sec.gov or contact us at 513-554-6000. Please be advised that this material is not intended as legal or tax advice. Accordingly, any tax information provided in this material is not intended and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer.