Four Questions To Ask When Interviewing An Advisor

Welcome to the Money Wisdom Podcast where Joel Johnson, CFP® of Johnson Brunetti, reviews retirement and investment topics weekly. Let’s get started…

Today’s Wisdom:

Choosing an advisor can be a challenging task. We’ll give you four questions you should be asking as you’re interviewing potential advisors.

What You’ll Learn:

3:49 – Are You Interviewing Your Advisor?

  • As you’re looking for an advisor, approach each candidate as an employer would a job prospect. After all, you’re interviewing them to discover whether they’re a good fit for your needs. You need to define the relationship and get to know them before agreeing to work with them.

4:11 – Determine How Your Advisor Gets Paid.  

  • As you’re interviewing a potential advisor, or even your current advisor, it’s perfectly acceptable to ask them how they’re getting paid. Certain services require fees, and others generate commissions. Regardless, you need to know how much you’ll be charged for your advisor’s services.

6:23  – Who Is Your Advisor’s Ideal Client?

  • This is an important question to ask during the interviewing process. You want to find an advisor who primarily works with people like you, as they’ll be better suited to meet your needs.

7:43 – What’s Your Advisor’s Specialty?

  • There are all sorts of doctors out there, and they each provide a unique type of service. Similarly, there are different types of advisors. Some might work specifically with business owners, while others might only focus on medical professionals. Your advisor’s specialty will help you determine whether they’re a good fit for you.

8:45 – Ask Your Advisor Whether They’ll Be Working With YOU.

  • Some advisory firms have large teams, and while the principal advisor might be the face of the business, they usually have several advisors working under them. You need to know exactly who will be working with you each time you visit their office.

13:28 – A Quick Game Of Trivia.

  • John quizzes Joel on how long the average human being spends waiting on a red light over the course of a lifetime.

13:57 – June Asks Joel Whether She Should Move The Money In Her TSP. 

  • June is a federal employee, and she has a Thrift Savings Plan (TSP). She’s retiring next year, and she writes into the Mailbag asking Joel what to do with the money invested in that account.

15:50 – A Question About Stock Market Growth.

  • Fred writes into the Mailbag. He wants to know whether we can expect two or three more years of stock market growth.

18:35 – Rita Wants To Know Why She Needs An Advisor.

  • She’s 61 years old, and she’s never worked with an advisor before. She wants to know why she would need to start working with one now.

Final Thoughts:

“Before working with an advisor, interview them. Get to know their personality, their practice, and their expertise on financial matters.”  – Money Wisdom

Additional Resources:

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Thank you for listening!