Questions to Ask Your Financial Advisor (Part 2)

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The role of a financial advisor can play a big part in your financial life, especially when you have little knowledge of the ways to properly manage your finances. A financial advisor can be helpful when you are planning for retirement, finding the best way to finance a new home, saving for your child’s education, or simply putting your money in order. Whatever your needs, working with a qualified financial advisor is an important step in helping you reach short-term and long-term goals that will help ensure your future financial life.

Looking for the right advisor is crucial because your decision will almost specifically affect the security of your financial future. Below are some questions you can ask your advisor to determine his competence in financial management. These will help you find out his qualifications and business styles if they suit your needs.

1. What experience do you have?

In choosing any professional, the experience is one important factor to consider. You can as the advisor the years he has been in practice, the number and types of companies he has been associated with, and how his work experience is related to his present practice. Ask about his experience in dealing with clients in situations like yours, and whether he has specialized training. Pick a financial advisor who has at least three years of experience in providing advice on his client’s financial needs.

2. What are your services?

The services a financial advisor gives will vary and depend on their credentials, registration, areas of expertise, and the organization for which he works. Some advisors give financial planning advice on a range of topics but do not market financial products. Others may offer advice only in particular areas such as estate planning or taxation. Those who sell financial products such as insurance, stocks, bonds, and mutual funds, or who give investment advice, must be registered with provincial regulatory authorities and may have specialized designations in these areas of expertise.

3. What is your approach to financial planning?

The types of services a financial advisor gives differ from organization to organization. Some advisers prefer to make financial plans covering all of a client’s financial goals. Make sure to work with an advisor who considers your overall financial goals, values, and attitudes, even if they specialize in a specific area such as taxation, estate planning, insurance, or investments.

4. Will I only work with you?

It is usual for a financial advisor to work with someone in his organization to create and implement financial planning recommendations. You may want to meet and know everyone who will be working with you. Financial advisers often work with other professionals, including the ones you already us, such as your lawyer and accountant.

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