Planning To Hire a Financial Advisor? Top 5 Questions To Ask

When it comes to money and money management, people are mostly concerned about the way their investments give results compared to the market costs. If something worries them then it is the kind of the financial advisor they need for the job. When it comes to money management, who is managing the money matters the most and so people put in their efforts to find the right advisor who fits in their needs.

No doubt there are a good number of Financial Advisor in Portland, Oregon. But, getting right answers for a few questions will help you find the best one.

The questions that you must ask are:

• How and how much do you charge for your services?

Mostly, a financial advisor in Portland, Oregon will offer you the charges for their services on their website but, a few times you may not find them. In that scenario, you must ask them whether you need to pay any initial planning fee for the services? Do they sell you any financial products and make money out of it? Or do they charge you a percentage of assets? The answers for this question will give you a better idea about how they will cost you and whether they are making any money out of the products that they sell you.

• What credentials, licenses or certifications do you have?

Of the different types of financial advisors, the designation of certified financial advisor is tough to get compared to chartered financial consultant. Make sure you look for a registered financial advisor to manage your money. In case you have a small business to take care of or you have high income then you will need a CPA - certified public account, who will be able to offer you advance tax planning. Such kind of advisors will be able to help you with comprehensive financial planning.

• What kind of services do you offer?

Different people have different needs and so they expect different kind of services from financial advisors. Some are simply investment advisors and they are capable of offering only investment advices. On the other hand, some financial advisors are capable of offering comprehensive financial planning to the clients which includes insurance, retirement, tax planning and estate planning. So it is up to you to choose the right one who is capable to offer you the services you want from them.

• What type of clientele do you have?

It is seen that financial advisors have a niche. Some are experts in offering retirement planning while others help with tax planning. So what kind of services do you want and where do you belong in the cycle of financial planning? By understanding the clientele of your financial advisor you will be able to decide the same.

• Can I get to see the sample of financial plan?

The way a financial advisor describes financial planning differs. Some may be capable to offer you a set of some snapshots which comprise of five pages to describe your financial situation while on the other hand, some will offer you a document which comprise of 50-pages and is very hard to understand. With the sample you will be able to know whether you need to understand the plan better or is it easy to grasp.

References

• https://money.usnews.com/investing/slideshows/10-questions-to-ask-before-you-hire-a-financial-advisor
• http://www.huffingtonpost.com/aj-agrawal/8-questions-to-ask-before_b_11799574.html
• https://www.moneysmart.gov.au/investing/financial-advice/questions-to-ask-a-financial-adviser