<iframe title = “What Questions Should I Ask A Financial Advisor?” width=”580height=”385src=”https://www.youtube.com/embed/vbLasNjM5rw?autoplay=1&cc_load_policy=1&modestbranding=1frameborder=”0allowfullscreen>iframe>
<br>Today were going to talk aboutBefore you hire a financial advisor, what questions should you ask?” Some you may have heard before, others maybe not.

So, what questions to ask an advisor before hiring them. First, what licenses do you hold? The important thing here is, do they have securities license? Because weve had a lot of circumstances with clients working with insurance agents selling certain annuity products who called themselves financial advisors. So make sure they have securities license 7, 66, and 65.

Next, are you a fiduciary? There has been a lot of talk about this. Recently the FCC passed a new ruling on this, still trying to figure it all out, but what it basically says is always put your clients interests first.

Next, how long have you been in the {18}? I think this is important. Obviously you want to give everyone an opportunity but a little gray hair never hurts.

How do you get paid for your services and how much does everything {90}, all in? There are a couple of things to consider here. You have the {90} of the investments. You could have mutual funds, check those fees. You can have individual stocks and bonds which youre not going to have fees for but you will have trading costs. And then you have ETFs, {20} Traded Funds, which is what we use, which are very low {90}.

How many households do you work with? For us, our stated goal is 100 households. We know we cant no more than that. So make sure you ask because you want to ensure that you get the attention you deserve. With that number of households, how often can I expect to hear from you?

How would you manage my {72}? There are those that use the Buy and Hold method. Youve got tactical, making changes throughout the markets, something we do. We feel were end of cycle right now so we add in things like utilities, REITS and bonds. Then you have TPMs, Third Party {72} managers.

How do you manage taxable accounts? Important, Ive seen a lot of horror stories. {72} gets moved over, they {106} out of positions and {50} huge tax bills. Not a good idea. We always make sure to set the expectations, if were going to {106} anything, how much tax bill can you handle each year and put together a plan.

What other services do you offer? I talked about financial planning, insurance, {101} insurance, long term care and consulting. For us, we do that with our clients, especially our {18} clients, because of my background.

How will you consider my assets that are not held directly with you? So, if youre still working and have a 401K or a 403b, whatever the case might be, we need to know that because were looking at the entire financial picture. As a feebased client we dont charge you to have this information. However, if you hire us specifically to {50} a financial plan and once a year we make an allocation change, that would be constitute a charge.

Next question. What happens if I, your client, become incapacitated or pass away? Well, one we want to make sure when you come in, as part of our service, that you have the proper documents. Living wills power of attorneys etc. Were going to adhere to that, whatever that says is what were going to do. Same with the custodian, whos holding your {72}.

So last question is, what certifications do you have? This could be a little controversial. One is the CFP. We get a lot of questions about that which is certified financial planner. Then you have some others for the insurance {18}. CHFC, CLU.

Personally, I dont hold these certifications for several reasons. One, when a CFP puts together a financial plan theyre using the exact same {24} that everyone uses, including me. But more importantly I feel my experience on the corporate side of the financial world, where I managed a very large organization, multiple million dollar budgets that were very complex, balance sheets, and forecasting taught me all the things that you learn in a financial planning class, but with real world experience.

The last thing is, this is a relationship {18}. Its not a question, its a matter of can you get along. Do you have a lot of same qualities because this is a deep relationship thats personal and will last years. You want to make sure you get along with that individual and that you are on the same page.

As always if you have questions or concerns please feel free to leave comments below!
Loftus {57} Strategies
Michael P. Loftus
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