EVALUATING A POTENTIAL ADVISOR
When evaluating a potential advisor, answers to the following questions will assist you in the evaluation process:
- How is the advisor compensated?
- What are the advisor’s professional credentials?
- What type of service does the advisor provide?
How is the advisor compensated?
It is a good idea to ask the following questions:
- Is the advisor compensated by a management fees or upfront commissions?
- Is the advisor independent and do they receive incentives to recommend proprietary products?
- Do the advisor’s recommendations directly impact their paycheck?
What is the advisor’s background?
- Find out if the advisor has expertise in your specific area (for example, retirement transitions)
- Understand whether the advisor or firm has an investment philosophy to help ensure your goals are being met
What type of service does the advisor provide?
- Ensure the advisor provides personal service, including meeting face-to-face regularly and as needed
- Assess whether the advisor really listens to what is important to you
- Insist on honest, direct communication, even if this includes delivering a tough message
- Verify the investment recommendations are not a “product sale,” but truly taking a comprehensive approach to your complete financial picture
Jones Kirkpatrick and Associates Financial Services, LLC is an independent financial services firm committed to working with you to determine a financial strategy to help meet your needs.