5 Questions to Ask a Financial Planner Before Working Together
Finding the Right Financial Planner For You Means Knowing What You Need—And How They’ll Help
Why Do You Need a Financial Planner?
If you’re searching for your ideal Financial Planner, the reason is just as important as who you hire.
Financial Planners are certified financial fiduciaries who help individuals achieve financial security and freedom. Whether you want to bring them into your business team—or help with your personal finances—it’s good to consider what role your Financial Planner will play in your finances.
You could need a Financial Planner to help you with your:
Personal taxes
Business payroll
Retirement and estate planning
Investment strategy
Insurance
Spending and savings plan
As you look for the right Financial Planner for your needs, here are five questions to ask during an interview before you hire them.
1. “What Type of Financial Planner Are You?”
You may notice financial professionals have different titles depending on what their qualifications and area of expertise is.
It’s common to see titles like Money Coach, Wealth Manager or Investment Advisor. What matters most is does the Financial Planner have the right knowledge and values for the job?
For example, Fyvie Financial is a holistic financial service that values our clients’ entire financial needs, not just one niche. If you’re someone who needs financial guidance, but wants to work with someone who cares about your money mindset and your financial preparation, our services could be for you.
2. “What Are Your Credentials?”
In the U.S., you don’t need any qualifications or training to be a financial advisor. However, if you’re trusting someone to both give you money advice and handle your money, it’s best to work with someone who is educated and experienced in the subject.
You should ask if they are Financial Industry Regulatory Authority (FINRA) registered, as well as if they have any of the following credentials:
Certified Financial Planner (CFP)
Certified Public Accountant (CPA)
Bachelor's degree or higher in finance and/or other relevant financial majors
3. “How Do You Get Paid?”
How you pay your Financial Planner could affect how they manage your money. This is not to say that Financial Planners don’t consider the needs of their clients, but the right one for you will always put your needs first.
A few ways Financial Planners can be paid are the following:
Hourly wages
Fee-only
Percentage of assets that they manage
4. “What Services Do You Provide?”
It’s important to know what services you’ll receive when you pay.
Some Financial Planners may have packages with a list of services, but depending on your needs, there may be some that you require that aren’t included.
Find out what you get for your money, including any extra costs or fees you may have all-in. This will save you time and money as you decide which Financial Planner can provide the best services for you.
5. “How Will We Work Together?”
It’s good to know what your working relationship will look like in advance so you have a clear picture of how much contact you’ll have with your Financial Planner.
How hands-on is your ideal Financial Planner? You can determine this and pick the right Financial Planner by deciding how often you want to communicate with them.
For example, if you know you’d prefer regular contact (i.e. emails or phone calls outside of appointments) alongside monthly money meetings, it’s best to work with a Financial Planner who is available to meet you at your support level.
Put Your Financial Goals In the Right Hands
Picking a Financial Planner can be a tough process as you’re searching for a responsible and educated money advisor who can help you reach your financial dreams.
At Fyvie Financial, we take pride in making your financial needs our priority. Your goals are our goals, and we’re happy to work with you on accomplishing them.
Book your complimentary discovery call today!
Citations:
Dias Jr., C. (2018, May 25). 7 Questions to Ask Before Hiring a Financial Adviser. Kiplinger. https://www.kiplinger.com/article/retirement/t023-c032-s014-7-questions-to-ask-before-hiring-financial-adviser.html
Livingston, A. (2020, May 12). 14 Questions You Should Ask a Financial Advisor Before Hiring. Money Crashers. https://www.moneycrashers.com/questions-ask-financial-advisor-before-hiring/
Coombes, A. (2021, April 20). 10 Questions to Ask a Financial Advisor. NerdWallet. https://www.nerdwallet.com/article/investing/10-questions-ask-financial-advisor
