7 Questions to Ask Before Hiring a Financial Advisor

Understanding the right questions to ask before hiring a financial advisor can save you time and money in the long run.

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► XY Planning Network's blog post:

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Timestamps
0:00 - 7 Questions to ask before hiring a financial advisor
1:03 - 1. Are you a fiduciary at all times?
1:49 - 2. How much does it cost to work with you?
3:34 - 3. How deep is your planning experience?
4:46 - 4. Do you use a third-party custodian?
5:44 - 5. Do you have a specialization?
6:37 - 6. Can you beat the market?
7:44 - 7. How are your personal investments managed?

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--- About Patrick King CFP® ---
Patrick King is a fee-only financial advisor in Atlanta and the Founder of Prana Wealth. Over his career, Patrick has helped CEOs, all-star athletes, Grammy-winning artists, and many others build their wealth, retire sooner, and create a legacy. Patrick enjoys yoga, mountain biking, golf, travel photography, and Clemson football.

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[PranaWealth]

Let me know if you think there are any other questions that need to be added to this list!

[hanwagu]

This is one of the best videos, because I hate, hate, hate the fact nearly anyone can call themselves a financial advisor. The lobbying dollars are almost entirely from insurance companies, who want to continue hide the fact that they are first and foremost insurance salesman attempting to couch their high priced and mostly unbeneficial products as investment and retirement savings. The dually registered is the biggest scam and predatory. There should be a clear delineation between Financial Advisor and Financial Planner.

I think your questions muddle managed versus unmanaged accounts vs financial plan.

One thing you did not mention discretionary vs non-discretionary services. I would say for 99% of people, never, ever, ever agree to discretionary management. You should be active in your finances and giving a scam artist financial advisor discretionary authority allows him to do anything with your money without first getting your consent. It is very easy for people, especially older people, to want to just give away the keys to the palace. My parents gave their advisor full discretionary authority, because they felt he saved them and owed him to stick with him. I first convinced them they needed to revoke the discretionary authority, until I could convince them to fire him. At least he was partially honorable and didn't cash out non-annuities in their account to purchase annuities he could earn a commission on before revoking his discretionary authority. So, trust your gut and don't let your emotions drive hiring a financial advisor or keeping one.

You should also ask what type of investments the financial advisor things need to be under management. If you are going to have a managed account with a financial advisor, you do not need all your assets under management. In fact, if the financial advisor wants annuities in your management account, especially ones they want to sell you, you should run away. An annuity does not need active management, and the advisor is simply charging you to manage an investment that does not need managing and that he already profited from selling you. That was the case with my parents. Also, I looked at the account history and saw that the advisor had done nothing with their account, but still charging them to manage that account. No reallocation, no revists of investments, no nothing. Charging 1.50% a year to manage a protfolio that he did nothing on for 10 years, was crazy to me.

[myrikaawoyera]

Thank you for the sound advice! Appreciate your candid, professional and succinct approach. Better to ask these questions beforehand than to experience disappointments down the road. 👌🏾

[schnell]

Thanks for putting this info out there. clearly and concisely explained.

[ninajohnson]

Thank you for these clear and direct questions. Excellent!

[lw]

Very thoughtful and valuable information! thanks

[cassandragonzalez]

I'm having a difficult time finding a financial advisor that can also speak to me properly about taxes. My advisor is a fiduciary. But having to make a separate appointment with my accountant (who sometimes has his own financial investment agenda), is frustrating. You can't talk about retirement without taking taxes.