How to Find a Qualified Financial Advisor
So here is my personal take on the questions you should ask to find your qualified Financial Advisor!
1. Do they have “Fiduciary Responsibility – are they bound by the “Prudent Person Rule?” This means every advisor should have a fiduciary responsibility to put the interests of their clients first. Registered Investment Advisors and Investment Advisor Representatives do have this fiduciary responsibility and should have their Series 65 or 66 licenses.
2. What is their experience? In what types of markets have they worked? In today market environment, experience matters.
3. Are they a full time or part time Financial Advisor? Do they have other jobs or functions where they cannot dedicate full time to be a Financial Advisor?
4. Are they working for an “Independent Firm or Proprietary Firm”? Do they offer to variety of investment options or are you limited to only their firm’s investments?
5. How many clients do they manage? Too many clients may take away from the attention that you need.
6. How long do they plan to be the business? If they are going to retire in the near future, what are the plans for their clients? Will you be looking for a new Financial Advisor again?
7. How often will you have face-to-face meetings per year? I personally meet with my clients two to four times per year.
8. How will they manage your investments? Are they “active or passive,” “tactical or strategic”? This will show how the Financial Advisor is involved in your investments.
9. Will they know everything about your needs and wants before making investment recommendations?
10. Do they have multiple strategies of investment options for you to choose from or just a product specific investment?
11. How do they get compensated? Are there management fee or commission based pay or both?
12. Do they have five areas of financial planning in place for you? They are Retirement, Income, Insurance, Estate and Investment planning. You need all five areas to have a well-rounded plan.
Your decision should not be based on fees or the lowest costing investments. It is about what gets you best Total Net Return. After all of the fees and expenses are accounted, what goes directly into your pockets!
In essence, do one thing and do it well. Stick to it. This is what qualified full time Financial Advisors specialize in – being very good at what they do. At the end of the day however, remember that it is your money and you do have a final say so in what your future will look like.
Curtin Wealth Management is located at 25060 Avenue Stanford, Suite 240 in Valencia. For more information, please call 661-200-3423.
Securities and advisory services offered through SagePoint Financial, Inc., member FDIC/SIPC. Insurance services offered through Curtin Wealth Management, who is not affiliated with SagePoint Financial, Inc.
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