QUESTIONS TO ASK A FINANCIAL ADVISOR
1. ARE YOU A FIDUCIARY?
A fiduciary has a duty to provide you with advice that is objective, unbiased, and in your best interest. They must always put your interests ahead of their own. Non-fiduciary advisors are held to a lower standard of care known as the suitability standard. These advisors only need to recommend investments based on your goals and risk tolerance. There is no requirement for their recommendations to be the best or most cost-effective option for you.
By working with a fiduciary advisor, you can have greater confidence that your advisor will act in your best interest and not be influenced by other financial incentives.
QUESTIONS TO ASK A FINANCIAL ADVISOR
2. WHAT SERVICES DO YOU PROVIDE?
While many financial advisors may offer similar services, the key factor that sets them apart is the approach to delivering these services. Having a well-defined process is critical for advisors to meet the specific needs and goals of their clients.
A good advisor should be able to clearly articulate their services and the process they use to implement those services.
QUESTIONS TO ASK A FINANCIAL ADVISOR
3. WHAT QUALIFICATIONS DO YOU HAVE?
There are several important designations that you should be aware of when selecting an advisor.
1. CERTIFIED FINANCIAL PLANNER™, CFP®
2. Chartered Financial Analyst, CFA®
3. Certified Public Accountant, CPA
At Selective, we implement a team-based approach to ensure consistent quality across all planning activities. At least twice a year a CFP® professional, CFA®, and CPA conduct a dedicated VIP Session together with the sole focus of capturing wealth-maximizing opportunities for you and your family. While each team member is individually talented, the combined effort of a dedicated session produces tremendous results that drive long-term value over the life of your plan.
QUESTIONS TO ASK A FINANCIAL ADVISOR
4. How will my assets be invested?
Before making any investment recommendations, it’s crucial that an advisor considers a client’s existing holdings, tax bracket, risk tolerance, and time horizon.
It’s more important that an advisor can clearly speak to their guiding investment principles. For example, at Selective we believe in investments that are easily understood, transparent, diversified, and tax efficient. Every advisor will have different principles by which they select their investments. We recommend finding one that resonates with you.
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