7 Essential Questions to Ask When Choosing a Financial Advisor
Common Sense Financial Podcast
Intro
This chapter explores the diverse responsibilities of financial advisors, stressing the need to align their expertise with clients' unique financial objectives. It challenges the misconception that investment advice is the sole focus, advocating for a holistic approach to financial planning.
In this episode, Brian Skrobonja breaks down the seven key questions you must ask your advisor before choosing to work with them.
He sheds light on why selecting a financial advisor is crucial for your financial well-being, the benefits of working with an experienced financial advisor, and why you should be wary of financial entertainers.
- How can people find financial advisors who can help them beyond just picking investments?
- Brian goes over seven key areas you must consider before working with an advisor.
- He explains how selecting a financial advisor is a critical decision that can significantly impact your financial future.
- Brian reveals the difference between having an advisor who can help you invest money and one who can assist you in living the best life.
- For Brian, a good financial advisor helps you achieve results, not just in terms of market performance, but by providing actionable steps to move you closer to your desired outcome.
- An advisor's experience is critical in providing sound financial advice--always consider their level of experience and whether they focus on clients like yourself.
- Brian explains how an advisors' licenses can reveal a lot about what they can do for you--regulations require different licenses for various products and services.
- Brian reveals why many advisors choose not to pursue additional certifications.
- An advisor is not just someone who gives advice. They also connect you with other professionals and services.
- Understanding whether an advisor operates independently or within someone else's firm can provide insight into their level of flexibility and the scope of services they may be able to offer you.
- For Brian, it's important to know that it isn't just one thing that makes an advisor good. It's the combination of many factors that benefit you as the client.
- When choosing a financial advisor, consider their area of focus and how it aligns with your financial needs and goals.
- Brian reveals why you should prioritize working with licensed advisors. A person can set up a company, share opinions on money, and even sell books, but not be licensed to offer advice.
- Be very cautious about receiving information from people who claim to be advisors or worse, financial entertainers who don't follow the same compliance requirements.
- Brian talks about the benefits of visiting an advisor’s website. If they lack disclosures, it might indicate that they are either not licensed to provide the services you would expect from them, or they are not following the regulations.
Mentioned in this episode:
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The Financial Fiduciary Standard Explained - article by Brian Skrobonja
Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.
Skrobonja Wealth Management, LLC is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.
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