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How to Choose the Right Financial Advisor: 4 Key Questions to Ask

Updated: 1 day ago

Choosing a financial advisor is more than just finding someone who knows the numbers. It's about finding a partner who understands your goals, values, and unique financial journey. Here's how to determine if an advisor is the right fit for you.


Philosophy

Ask: "What is your approach to wealth management?"


An advisor should always align with your goals, whether it's building wealth, retiring comfortably, or creating a legacy.


You'll want to look for a philosophy rooted in transparency, and clear strategies to deliver long-term results.


Services Offered

Ask: “What’s included in your scope of services?”


Why It Matters: Your advisor should offer comprehensive services that cover your financial life—from investment strategies to appropriate planning beyond just selling a product. The services should include -


  1. Wealth Enhancement: Portfolio management, retirement planning, and mortgage advisory.

  2. Wealth Transfer: Estate planning, wills, and advanced medical directives.

  3. Risk Protection: Insurance advisory and asset protection.


The Process

Ask: “How will we work together?”


The process you’re looking for should be a clear, step-by-step process that ensures transparency and alignment. Look for the following.


  1. Discovery Meeting to understand your goals and important considerations.

  2. Roadmap & Recommendations for a tailored report to achieve your aspirations.

  3. Proper Implementation to set your roadmap in motion with precision

  4. Post-Implementation Reviews that address both investment, and non-investment goals.

  5. Annual year check-Ins to ensure alignment of your portfolio with your evolving life.


Fees

Ask: "What am I paying for, and how is it structured?"


Understanding the fees involved helps you to see the value of the services provided. The fees are typically broken down into 3 parts, as listed below.


  1. Planning: A one-time fee for a personalised financial roadmap.

  2. Implementation : Covers portfolio creation based on your roadmap.

  3. Ongoing Management : Regular advisory to adjust strategies and ensure long-term success.



This is an article by InvestAble.


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