Audition Your Financial Advisor – Your Trusted Advisor

10 Mar Audition Your Financial Advisor – Your Trusted Advisor

Your Trusted Advisor will work with you for many years, perhaps a lifetime. Along with every aspect of your finances, you will discuss personal issues, goals and challenges, and your future. This concerns all the money you have, a lifetime of hard work. Whether this is a first meeting or a review, how can you assess this person as Your Trusted Advisor? Here are some guidelines.

Before the appointment, you already received an outline or agenda. Check. Professional advisors begin with the purpose of the meeting and its benefit to you, and they always request permission to take notes. Are they filling in a questionnaire, or discussing matters with you? A good advisor is curious and interested beyond the numbers. When you ask a question, does s/he ask for clarification, answer you and make sure you understand the answer? Ask where s/he has helped other clients. Do they give an answer that shows they care? At the end of the meeting, will you receive a summary, next steps and a follow-up date for the next meeting?

Then ask yourself, was the meeting worthwhile and do you look forward to the next one?

References are only useful if you speak with them, and you know the references will be good. So be prepared and here are some questions you may wish to ask.

1. How did you meet your advisor and when?
2. What services are provided to you by the advisor and the firm?
3. How satisfied are you working with this advisor?
4. If you suddenly received a windfall (say $1 million) would you invest it through this advisor?
5. What reports and communication do you receive over the year, including review meetings?

Joel Rose

With over 35 years of experience, Joel Rose helps families – and their businesses – to prepare for the future. He offers guidance and support to help his clients create estate plans and succession plans that meet the needs of the whole family. Through his extensive professional and personal experience, Joel is known for his compassion and his ability to find a creative solution to meet each family’s needs.