If your financial adviser didn’t ask you these 6 questions, it may be time to give them a call
If your financial adviser didn’t ask you these 6 questions, it may be time to give them a call
Alisa Wolfson Fri, March 4, 2022
These questions can be a good way of fully understanding a client’s needs, setting ground rules, establishing trust and learning whether you will be a good fit.
You may know all the questions you should be asking your financial adviser , but did you know a new adviser should also be asking you questions? “I tell clients and prospects it is like going to the doctor and taking a full physical exam.
I like to call it a financial physical,” says Grace Yung, a certified financial planner and managing director at Midtown Financial Group. “When I meet with new prospective clients, as part of making an overall financial plan, there are several questions that I ask.”
Indeed, you’ll want an adviser to look at your finances, and then get to know you. The financial advisers we spoke to all said that questions are a good way of fully understanding a client’s needs, setting ground rules, establishing trust and learning whether you two will be a good fit. Here are six questions financial advisers may want to ask clients to get to know their financial goals, expectations and more.
1. What was your experience working with advisers in the past like — and what would you like this experience to look like?
Keith Moeller, wealth management adviser with Northwestern Mutual in Minneapolis, says this is a great way to uncover what has worked well for a prospective client and what hasn’t, and what they want moving forward.
“This question helps the client verbalize what they’re looking for and it gives the advisor a sense of their expectations and provides an opportunity to help the client understand what they should expect from an adviser,” says Moeller. Indeed, some clients may only want help with specific issues, like investing for retirement, while others may want a more holistic approach. (You can use this tool to get matched with a planner who meets your needs.
2. What are your short-term and long-term goals?
When building strategies for clients, Yung says it’s important to know what the short-term and long-term goals of clients are. “Of your invested funds, when will they need to tap into the account to meet various goals? This is important to note because some strategies are better off if they don’t get interrupted prematurely,” says Yung.
3. What does success in retirement look like for you?
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