Council Post: 13 Things To Discuss With Your Financial Advisor (Besides Your Retirement Date) (2024)

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Council Post: 13 Things To Discuss With Your Financial Advisor (Besides Your Retirement Date) (2024)

FAQs

What is the best question you can ask of a financial advisor? ›

In your initial meeting, ask questions about the types of services they provide, their investment philosophy, how much they charge, whether they have a fiduciary duty, what investment benchmarks they use, whether they offer robo-advisor services or access to new technologies, what custodian they use, whether you can ...

Should I talk to a financial advisor before I retire? ›

You don't necessarily need a financial pro to help you plan for retirement. If you don't already have a basic understanding of investing, take some time to learn about stocks, mutual funds, and other places to put your retirement savings. Make sure you understand the types of investment vehicles and their rules.

What to tell a financial advisor? ›

  • Goals. The first thing a financial advisor needs to know is why you're coming to them. ...
  • Values. Your financial advisor needs to know what you care about so they can devise a plan that you'll be excited to follow. ...
  • Challenges and Concerns. ...
  • Previous Experience. ...
  • Risk Tolerance. ...
  • Income. ...
  • Expenses. ...
  • Assets.
Sep 8, 2023

How do I prepare for a conversation with a financial advisor? ›

Before your first consultation, you'll want to reflect on and be prepared to discuss:
  1. Your values about money and your vision for your future.
  2. What life events are happening or could potentially happen.
  3. Short- and long-term life and financial goals.
  4. Investment questions.
  5. Your current financial situation.

How much money should I have to meet with a financial advisor? ›

Generally, having between $50,000 and $500,000 of liquid assets to invest can be a good point to start looking at hiring a financial advisor. Some advisors have minimum asset thresholds. This could be a relatively low figure, like $25,000, but it could $500,000, $1 million or even more.

How do you know if your financial advisor is doing a good job? ›

Here are five steps you can take to gauge your financial advisor's performance:
  • Step 1: Evaluate the performance of your investment portfolio. ...
  • Step 2: See if the financial advisor conducts an annual tax review. ...
  • Step 3: Check if the advisor is aligned to your risk appetite. ...
  • Step 4: Ensure your financial advisor listens.
Jan 23, 2024

What to avoid in a financial advisor? ›

These 10 statements can help you identify an advisor who is better to walk away from:
  • "I offer a guaranteed rate of return."
  • "Performance is the only thing that matters."
  • "This investment product is risk-free. ...
  • "Don't worry about how you're invested. ...
  • "I know my pay structure is confusing; just trust me that it's fair."
Mar 1, 2024

What type of financial advisor is best for retirement? ›

If you're looking for help building a retirement nest egg, you most likely want a certified financial planner (CFP) with expertise in retirement planning. Other financial advisors who may specialize in retirement planning can be identified by various credentials following their names.

What questions to ask about retirement? ›

General Retirement Questions
  • What is the maximum Social Security retirement benefit payable?
  • How do I apply for Social Security retirement benefits?
  • What is full retirement age?
  • How do I earn Social Security credits and how many do I need to be eligible for benefits?

Should you be friends with your financial advisor? ›

With your money at stake, doing some due diligence on your advisor, friend or not, is always a good idea. "Certainly, it's important to have an advisor you can trust, but you still want to keep the relationship professional," Notchick adds.

At what point should you talk to a financial advisor? ›

“Regrettably, most people don't start working with a certified financial planner until there is an 'event' in their lives, like getting married, having a child, getting divorced, changing jobs, buying a house and more. It's best to start as soon as you can.

What are the best questions to ask a financial advisor? ›

Questions to ask a financial advisor
  • How will we work together? ...
  • How will you communicate with me, and how often? ...
  • What services do you provide? ...
  • What's your investment philosophy? ...
  • How will you track my investment performance? ...
  • What professional experience do you have? ...
  • What resources will I have when working with you?

How many times should you meet with your financial advisor? ›

You should meet with your advisor at least once a year to reassess basics like budget, taxes and investment performance. This is the time to discuss whether you feel you are on the right track, and if there is something you could be doing better to increase your net worth in the coming 12 months.

What information will a financial advisor ask for? ›

Whomever you choose to work with may eventually want information on your income, investments, and other assets, as well as your current debts, insurance, and tax situation. This article will discuss all of the documents you might need. Still, perhaps more important than any documents are your goals and expectations.

What is the most important thing for a financial advisor? ›

Key Takeaways
  • Getting clients and having them stick with you and then later recommend you means putting them first.
  • Meanwhile, you must have a deep understanding of the markets, analytical skills and training, and a passion for finance.
  • Soft skills are as critical as hard skills, like investing skills and market timing.
May 9, 2024

How do I prepare for a financial advisory interview? ›

General interview questions for a financial advisor
  1. Why did you choose to work in finance?
  2. Why do you want to work for this company?
  3. What do you look for in a company?
  4. Describe your work ethic.
  5. What compensation are you looking for from this job role?
  6. What motivates you?
  7. What work environment is ideal for you?
Dec 5, 2023

Who is the best financial advisor to go with? ›

You have money questions.
  • Top financial advisor firms.
  • Vanguard.
  • Charles Schwab.
  • Fidelity Investments.
  • Facet.
  • J.P. Morgan Private Client Advisor.
  • Edward Jones.
  • Alternative option: Robo-advisors.

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