Improving Customer Satisfaction at Your Business

« Back to Home

3 Questions To Ask A Wealth Advisor

Posted on

Trusting someone else with your hard-earned savings can be a difficult but necessary exercise for people who are looking to reach their financial goals. Yet there is no reason to blindly trust a wealth advisor, even one who is a proven expert with years of experience. Instead, it is best to ask a variety of probing questions. Read on below for just three crucial ones that you should ask before deciding to work with a wealth management advisor.

What will my portfolio look like, and how much can I customize it?

This is perhaps the most important question you will want to ask, as it will give you a broad outline of the financial instruments that a wealth advisor plans to use in order to grow your wealth. The firm the advisor works for may have a standard portfolio they offer clients of certain ages or net worth, or they may work with you to develop a truly customized portfolio that is only informed by your personal goals. Whatever the case, it is absolutely essential that you pin down the degree of control you'll have over your portfolio and what it will look like in the short and long term.

How will you work to minimize my costs?

A wealth advisor and wealth management firm are of little use if profits are eaten away by a series of fees and taxes. As a client, one of your first questions should be how your money will be shielded (as much as possible) from these costs. A knowledgeable and experienced wealth management advisor will have no problem showing exactly how your profits will be protected, whether for wealth transfer, retirement, estate planning, or tax services.

What kind of access will I have to account services?

One big question many people have about handing over control of their savings is also a simple one: What's next? A financial planner should be able to tell you in detail how you can access your account on a variety of platforms so that it doesn't feel like your money has somehow disappeared. They should also be able to provide contact information so that you can get in touch with them at a moment's notice. This can give you peace of mind that even if your assets are being managed in the context of a portfolio, you can access information about them just as easily as you can a checking account.

Contact a wealth management advisor today for more information.