Choosing a financial advisor is an important first step to gaining confidence in your everyday and long-term financial decisions. The financial advisor you choose will make a drastic difference in your investment strategy, the fees you pay, and your overall confidence in your financial future.
Because this is such an important step to take, it’s imperative to take your time to find the right advisor for you. When you are ready to start your advisor search, here are 10 questions to ask the potential candidates.
There’s a reason this is the first question—its importance cannot be overstated! An investment advisor who serves in a fiduciary capacity accepts a responsibility to put his or her clients’ interests first and foremost. A fiduciary is legally required to disclose or avoid conflicts of interest in their recommendations and advice.
How can you know for certain that an advisor you’re interviewing is a fiduciary? The firm will either be listed as a Registered Investment Advisor or the advisors on the team will hold certifications that hold them to the fiduciary standard, such as the CERTIFIED FINANCIAL PLANNER™, Chartered Financial Analyst®, or Certified Public Accountant professional designations. Keep in mind, if the advisor doesn’t fit those descriptions, they may still act as a fiduciary in certain situations, like sharing a recommendation, but not necessarily when selling products.
At Wealth Advocate Group, we are CERTIFIED FINANCIAL PLANNER™ professionals committed to a planning-first philosophy for clients that always includes education and transparency. We take a meticulous approach to every detail that can impact your financial life.
We take credentials seriously, and we think you should too. Credentials and education play a critical role in your advisor’s competence. There are hundreds of designations in the financial services field, and some are more applicable to your needs than others. (1)
The Wealth Advocate Group team is made up of CERTIFIED FINANCIAL PLANNER™ professionals and Wealth Advisors, and as a firm, we pursue education and credentials because of how dedicated we are to providing unparalleled client service.
Use a designation-check database to learn more about the credentials financial advisors can earn, and ask the advisors you are researching what they do to continually hone their skills and stay up to date in the industry.
It’s important to work with an advisor who shares a planning and investing philosophy similar to your own. Does your advisor stick to a scientific, evidence-based approach? Do they believe in buy-and-hold or do they move to cash when the market looks shaky? Talk with an advisor about how they guide clients’ investing and financial decisions.
At Wealth Advocate Group, we know that a sound asset allocation strategy is a key way you can turn your wealth into new ways to live your best life. Our investment strategies are customized to your unique goals and needs so you can seek to maximize your growth while preserving your wealth.
Financial planning and investment costs can be confusing. And too often financial advisors don’t readily disclose their fees. As advisors, we want clients to always know what they’re paying, what they’re receiving for their hard-earned money, and to feel comfortable with their strategies.
Some financial advisors focus on serving a specific demographic or level of investable assets, so you’ll want to find this out before choosing an advisor. Why is this important? Because you deserve advice and services tailored to your unique needs. Wealth Advocate Group focuses on meeting the wealth management needs of pre-retirees, retirees, senior executives, and those going through major life transitions. We know the unique challenges of these demographics and have fine-tuned our services to better meet their unique needs.
At some firms, you may work with multiple financial advisors depending on your appointment time or needs, which doesn’t give you the time to really build a strong client-advisor relationship. How can you trust that a financial advisor you have barely ever met has your best interest in mind? At Wealth Advocate Group, we collaborate on each client relationship, which means we can spend a lot of time getting to know our clients and their goals.
Not all financial advisors can provide comprehensive financial planning. Some cannot invest in insurance products or securities, such as individual stocks or bonds, if they don’t have the appropriate licenses. Ask a financial advisor what services they provide, whether or not they have a focus, and if they offer a broad spectrum of solutions to meet your needs. When creating a plan together, be sure to ask your advisor why they are recommending particular services and solutions over others. Our comprehensive services include income tax and estate planning, equity compensation, business succession planning, risk management, client portfolio and asset allocation, and employer-sponsored retirement.
We know you have plenty of options to choose from, but there are a few things we do differently:
We believe it’s important to see the big picture and all the moving parts of your financial life. When you decide to work with us, you will have access to a financial dashboard offering through eMoney, as well as access to your accounts online regardless of which custodian we use for you. You’ll receive a login where you can see all your accounts in one place, view performance reports, and check your financial plan documents. You can access these platforms through our website or by downloading the apps.
When selecting your advisor, the relationship should feel right and you should never feel pressured to make a decision quickly. We offer a complimentary introductory consultation, where you can ask questions, evaluate our processes and services, determine if our personality is a good fit, and give you the information you need to make an informed decision.
An advisor should be happy to answer these questions and any others you may have about how they operate. If you don’t know where to start, ask friends and family for referrals to set you down the right path.
At Wealth Advocate Group, we take a meticulous approach to the biggest and smallest of details that can impact one’s financial life. Our collective experience has shown us that when we deliver more than people expect, we are better positioned to increase the probability of their success. And that’s why we’re here. If you’d like to learn more about our answers to these questions or any others, feel free to reach out to us at 440-505-5704 or email jbrown@Wadvocate.com to schedule an appointment.
John Brown is a wealth advisor at Wealth Advocate Group, LLC, an independent, fee-based wealth management company. With over 10 years of experience in the financial industry and a background in accounting, John provides sophisticated and specialized services to his senior executive clients who need the expertise of someone well-versed in concentrated securities, stock options, and restricted stock strategies, as well as the risk and tax burdens that come along with their compensation. John has a bachelor’s degree in accounting and financial management from Hillsdale College and is a CERTIFIED FINANCIAL PLANNER® professional. John is known for his thorough approach, often asking questions and bringing up details his clients have not considered. He strives to address every piece of his clients’ financial picture to make sure they are on the path toward their goals and financial confidence. In his spare time, John and his wife, Christina, enjoy traveling and staying active. You can often find him spending quality time with his friends and family. To learn more about John, connect with him on LinkedIn.
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(1) https://www.finra.org/investors/professional-designations
