In last month’s article, I wrote on how to select an advisor. This is also a good primer for those of you who have not heard from your advisor for sometime, or for those whose advisor may not be a good match.What should you expect? In the first interview, you need to bring your questions. I would strongly suggest writing them down. Ask questions concerning the advisor’s background, certifications, training and how they are compensated for their time.A “pure” financial advisor is the quarterback or coach. They work as the “generalist” rather than having a specialty in the arena of financial planning. This planner is in the unique position of understanding all of the different “languages” that the other professionals and experts speak. Then, they translate this information to you, the client.Expect to be in a discussion with the advisor you choose concerning the type and scope of the services to be provided. This is a mutual decision and not all one sided. The advisor needs to respond that the planning that is requested is within their scope of knowledge and is appropriate for you. If you are a very conservative person, the discussion on pork belly futures will probably not come up.Plan on the following:
- Identify services to be provided
- Compensation arrangements
- Responsibilities of client and advisor
- Duration of the arrangement
- Any additional information that will further define or limit the scope of the engagement
- If the advisor is a Registered Investment Advisor (RIA) and/or a Certified Financial Planner (CFP), additional disclosure statements should be forthcoming.
- General family profile
- Name, address, telephone number
- Employer
- Assets and liabilities
- Cash inflow and outflow
- Insurance policy information
- Employee benefit/pension plan information
- Tax returns for the last three years
- Current investments
- Retirement plans
- Client owned businesses
- Wills/Trusts
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