Questions to Ask When Interviewing a Financial Advisor in NY

By | 02/09/2017


There are many people that know they need professional guidance when managing their finances but are intimidated by the process of selecting the right professional. If you feel you need assistance with your finances, “buck-up,” and get the help you need. To make the search process easier, here are some questions to ask potential financial advisors to find the right one for you.

Are you a registered and licensed advisor? Someone can claim to be an expert but without the proper certifications they are not. When they are a registered advisor it is their duty to put their client’s wants and needs before their own so this is a key factor when making your decision.

How do you charge for your services? The methods of payment are typically either hourly, flat rate or commission based. Which works for you depends on your particular financial situation.

Can you tell me about your experience? Ask how long have they been in this profession and where they were last employed? Do they have specialized certifications and licenses? The answers to these questions will define their credibility.

What services do you/your firm offer? The answer to this can be answered by the credentials and licenses they have. It is also important to know what they specialize in. You want someone that is an expert in the area you need guidance in.

Do you have an approach you prefer to follow when planning? Some advisors look at your finances as a whole and create a plan that ties together all of your financial goals while other prefer to plan for each specific area as needed. You want an advisor that is not too aggressive but not too cautious. In addition to knowing about their successes you want to know about their misjudgments. Ask about the two worst investment decisions they’ve made with a client in their career and what they did to fix it.

Ask for references. You want both a professional reference and a client of theirs whose financial situation is similar to yours.

How often will we communicate? You want an advisor who will be available to answer your questions as often as they come. An advisor that does not make themselves available to their clients or are hesitant to answer are not the kinds you want to work with.

So they have answered your questions, are your confident they are the one? If not, interview someone else there are an overwhelming amount of financial advisors and you will find the right one for you. Certified financial advisors on Long Island are some of the best so if you are from New York your finances ill be in great hands. that thought alone should put your mind at ease.