Questions to Ask When Interviewing a Financial Advisor

Shannon Hickey February 7, 2018

We invest time and effort to find a worthy mate to share life experiences with. But we do not spend nearly enough time or effort to find a worthy advisor to protect and grow our life savings.
The main reason why people lack trust in an advisor is that they don’t know what to look for. They trustingly sign over their hard-earned dollars to an advisor they really don’t know too much about.
Choose the top three names from your research stage to make an appointment with. These next questions will be asked in-person.

1. What is your biggest mistake in this line of work and what did you learn?

This will show you if they can be open and honest. Determine if it is sincere, relevant, and real.

2. How do you get paid?

There are a number of ways one can be paid in the industry, such as salary, commission or flat-fee on sale, and percentage of assets. Also, ask, as an example, if you had $_________ to invest, how much would it cost me to invest?

3. What is one thing you would change about the industry?

There are things in almost every industry that could be improved. I personally have my opinions on the investment industry and it shows me where my values and passions lie.

4. Why did the last two clients leave?

Clients will inevitably leave; it happens. But what are the reasons? You want to know.
If you use these questions, believe me the advisor will be super-impressed or scared. You want the advisor who is sincerely impressed: this one will look out for you. You do not want the one who is scared of you knowing too much, though he or she may pretend to be impressed.

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