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By doubting we are led to question, by questioning we arrive at the truth. – Peter Abelard
- What are your qualifications and background in financial planning? – As much as possible you want to check and investigate the credentials of your potential adviser. Trust is the currency of relationships. If you think their competencies won’t work with you. Be honest and decline their services.
- What services do you provide? Financial Adviser is a general term that offers a lot of services such as providing a detailed plan for insurance, estate planning, debt resolution and even coaching. They are preventing you from getting scam. Understanding what they offer will lead to growth of your asset and finding a long term resolution to your existing problem.
- How does your faith affect your investment philosophy/strategy and recommendations for clients? Advisers are summation of values, beliefs, habits and life experiences. Extracting this will give you an idea whether your potential advisers have biases that might not be beneficial for you. If it make sense, it will make sense.
- How are you paid? Knowing how your potential adviser will be compensated from their expertise is essential to maintain really good working relationship with them.
- How much do you typically charge? This will reveal if you can afford them. Knowing the process on how they charge will give you more ways how to maximize your advisers expertise. Prepare for this so you can gain more from it.
- What products do/don’t you put clients into? Advisers are expert into looking in a macroeconomic issues and risk mitigation. Advisers should be updating you what current risks you may have. Diversification to gain risk will help you to win long term.
- What is your average portfolio size? Don’t hesitate to ask this because advisers will share their current achievement thru this way. Many people trust them so this means it is a plus factor that you just don’t give your money to someone who will run it whenever they want.
- What resources do you have to address issues outside your area of expertise? I love people who are creative when it comes to maximizing their resources. Asking this will reveal how they will exceed your expectations in the long run. Will they be happy to collaborate with someone just to simply make you happy?
- How do you communicate with clients? How often? Constant follow up will play a big role when it comes to building your wealth. As a client you would like to have an excellent customer service thru communication especially when your investments in stock market or mutual funds are going down. Informing you the best strategy will help you to be more equip.
- Will I work with anyone else in your office? Collaborating with other people in taking care of clients is good but with proper endorsement this will be excellent. Your potential advisers may not be jack of all trades but they are master of something and that is what you want. Your adviser knows a lot of people so he/she can ask someone too work with you to win long term.
David Isaiah Angway is a Financial Evangelist