Once you determine the kind of advice you’re looking for, here are some key questions to ask when interviewing the financial advisor.
What are the services I am hiring you to perform?
What are your conflicts of interest?
Identify for me all of the ways you or your firm are compensated by me or by any other party in connection with services rendered to me or my assets.
Do you have a fiduciary duty to act in my best interests?
Describe your insurance coverage.
We’ll add a few more of our own:
If you don’t get straight-forward answers to these questions, go on to your next candidate.
Arie J. Korving, a CERTIFIED FINANCIAL PLANNER™ professional, has been delivering customized wealth management solutions to his clients for more than three decades. Prior to co-founding Korving & Company, he was First Vice President with UBS Wealth Management and held management positions with General Electric.