Questions to Ask a Financial Advisor (Before Working With Them)
Mar 4, 2025
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Considering a financial advisor? Discover the five essential questions to ask before making a choice. Learn from Jackie Cummings Koski's inspiring journey to a $1.8 million net worth by age 54 and her perspective on generational wealth. Additionally, dive into the significance of financial literacy for children and effective strategies for managing retirement funds. Enjoy a fun money quiz and personal anecdotes about family budgeting and vacations, all while highlighting the importance of empowering financial futures.
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Quick takeaways
Asking the right questions, such as fiduciary status and fee structures, is crucial when selecting a trustworthy financial advisor.
Instilling financial literacy in children through engaging programs is vital for promoting generational wealth and informed money decisions.
Personal financial growth often arises from challenging events, empowering individuals to take control of their financial futures through education.
Deep dives
The Importance of Cybersecurity in Financial Management
Data security is crucial for individuals protecting their financial information against hackers. Personal data is highly valuable on the dark web, and without adequate protection, individuals risk falling victim to scams. Utilizing services like McAfee can help safeguard against suspicious communications and fraudulent websites. Such protective measures allow individuals to focus on their financial journey without constant fear of cyber threats.
Key Questions for Evaluating Financial Advisors
When considering a financial advisor, it's essential to ask specific questions that build trust and understanding. Key inquiries include whether the advisor is a fiduciary, the fee structures they employ, and the methods of client communication. Understanding how an advisor is compensated helps clients ensure that their interests are prioritized over sales-based incentives. This transparency in the relationship is vital for effective financial planning.
Building Wealth After Life Changes
Personal financial growth can stem from challenging life events, such as a divorce, which can serve as a catalyst for change. The journey toward financial empowerment often involves gaining insights into one’s financial situation and making informed decisions regarding investments. By becoming educated about finance, individuals can take control of their economic futures, as demonstrated by individuals who have successfully navigated their paths to financial independence. This ongoing commitment to self-improvement and education can lead to significant net worth increases over time.
Generational Wealth and Financial Literacy for Kids
Instilling financial literacy in children is essential for fostering a prosperous future and promoting generational wealth. Programs like The Sensibles offer engaging resources for children aged six to twelve, helping them develop money-smart habits and understanding basic economics. By equipping the next generation with financial knowledge, parents can ensure their children make informed decisions about money and investments. This proactive approach not only prepares youth for their financial futures but also lays the groundwork for lasting family wealth.
Retirement Planning and Income Management
Effective retirement planning involves strategic income and investment management, ensuring that individuals can sustain their living expenses post-retirement. This includes understanding various financial accounts, such as 401(k)s and Roth IRAs, and knowing how to utilize them during retirement. Individuals may choose to access their investments while also managing new income streams from passion projects or part-time work. By having a clear plan in place, retirees can navigate market fluctuations confidently and maintain their financial stability.
Considering working with a financial advisor? Here are 5 questions to ask a financial advisor before working with them. Getting answers to these questions will help you become informed and empowered on your investing journey.
Second, we’re back with our Net Worth Win segment. This month, we’re featuring Jackie Cummings Koski from the Catching Up To FI Podcast. Jackie has grown her net worth to $1.8 million by 54 years old. We’ll learn how she did it and what generational wealth means to her as a mother.
Last, my son Calvin will be reading the month's review and I’ll quiz him with some money questions. We're talking about Women's History Month, net worth, and visiting Cancun!
Jackie Cummings Koski is a financial educator, author, and F.I.R.E. advocate who achieved a $1M+ net worth despite earning under six figures. Raised in a modest household, she pursued financial literacy, earning a master's in Personal Financial Planning. As a single mother, she wrote Money Letters 2 My Daughter to teach financial principles. Now a CFP, AFC, and Certified Health Savings Advisor, she co-hosts the Catching Up to FI podcast and has been featured on CNBC, MarketWatch, and the Rachael Ray Show. Jackie is dedicated to empowering others through financial education.
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