Ark Total Wealth: Questions To Ask When Choosing A Financial Adviser
When looking for a financial adviser it is important to ask the right questions to understand if they are the right adviser for you. Just like any other profession each different adviser has a specialty that they work in and a specific type of client that they deal with in a regular basis. To help you with your decision, we put together a list different questions you can ask your adviser in the initial meeting.
How long have they been an adviser? Now everyone will have a different comfort level around how long they want their adviser to have worked in the industry. But it is very important that you understand how long they have been an adviser for.
Do they have their own Australian financial services license? What this really means is, are they owned by a bank or are they independently owned. If they are independently owned then they have no restrictions on the strategies or products that they can recommend that are suitable for your specific situation.
Do they have expertise in direct property? Now if you are a wealth accumulator, there is a fair chance that actually a part of your strategy will include property, whether it is an investment or whether it is a home. It is important that the financial adviser has expertise in dealing with property so they can build it to your wealth strategy plan.
Do they have equity in the firm or are they a partner? If so then they are less likely to leave the firm, which means you don’t have to move all your finances from one firm to another.
Do they invest the same way that they recommend. This is really important because you would want to make sure the adviser actually believes in what they are recommending to you. Also what is important to ask what their typical client is? You would want to make sure that their typical client is just like you.
And lastly you want to make sure or ask what ongoing services you are going to get from that adviser. You need to make sure that the services they are promising actually matches with your needs and objectives. So these are a couple of tips that can help you with your first meeting with your financial adviser