{"id":231,"date":"2022-12-01T08:00:01","date_gmt":"2022-12-01T08:00:01","guid":{"rendered":"https:\/\/www.planningmadesimple.com\/?p=231"},"modified":"2022-12-05T16:26:06","modified_gmt":"2022-12-05T16:26:06","slug":"7-questions-you-should-ask-a-financial-advisor","status":"publish","type":"post","link":"https:\/\/www.planningmadesimple.com\/resources\/7-questions-you-should-ask-a-financial-advisor\/","title":{"rendered":"7 Questions You Should Ask a Financial Advisor\u00a0"},"content":{"rendered":"
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There are many kinds of financial advisors, but not all will be right for you. The key to finding your financial advisor is to look for someone that matches your needs and specific financial situation. Do you need help with a budget? Do you want help investing? Would you like to create a retirement plan? Are you looking to get your estate plan in order or create a trust? While these are all things a financial advisor can help with, not all advisors specialize in these areas.<\/p>\n
With those goals in mind, you will interview potential financial advisors. Yes, interview! An advisor is working for you, and you want to be sure they are the right fit for the job. There are questions you should ask in each interview you go into about things like services available, fee structures, and certifications.<\/p>\n
This is the first question you\u2019ll want to ask and perhaps the most important. A fiduciary is obligated to put their client’s best interest before their own which tends to make them more trustworthy. For example, an insurance advisor that is not bound by fiduciary duty may recommend a product that is suitable for you, but it might cost you a bit more because they receive a higher commission or other forms of payment for selling it to you. Working with a fiduciary is the difference between being suitable and best for you.<\/p>\n
Every financial advisor has their own fee structure. To help keep your financial planning simple, you might try to find a fee-only financial advisor who charges a flat rate no matter what. Other advisors may charge a percentage of your assets under management or upfront fees as well as a commission for selling additional products. This often leads to purchasing products you don\u2019t really need.<\/p>\n