15 Questions to ask when Choosing a Financial Advisor

Choosing the right advisor or advisory firm takes time.In our last episode, we explored the four criteria for evaluating the value of financial advice: competence, coaching, convenience & continuity. We’re taking it further today and exploring how you can assess the process of hiring an advisor. A good evaluation goes beyond an advisor’s financial performance. A thorough evaluation should give you a sense of their processes, structures, and how they will help you attain your goals. To help you to get the most out of your due diligence, we’re sharing our insights on which questions you should ask when trying to figure out who is the right advisor or firm for your financial circumstances. In this episode, Marcelo and Keith talk about how to do a self-evaluation to gain clarity on the type of investor you are and which services you need, what makes a good investment philosophy, how to test if a firm’s practices align with what they say, common mistakes investors make when evaluating advisors, and so much more.Thank you for listening!Key Topics:Why we're talking about choosing an advisor (1:48)Determining what type of investor you are and which services you need (2:35)Reviewing the competence of the advisory firm (5:15)Defining and aligning your investment philosophy (6:37)How to ask a potential advisor about their investment philosophy (9:07)Assessing an advisor or firm’s consistency across their client base and over time (12:00)Common mistakes investors make when evaluating advisors (14:06)Getting clear on how an advisor or firm works (17:02)The advantages of an advisor/coach over a facilitator (20:31)What excellent service should look like (23:25)Why your advisor needs to have a plan in place for continuity of advice for your whole family (25:40)Understanding your advisor’s succession plan (28:41)What to expect from effective discovery and proposal meetings (29:48)Our final takeaways (34:50)And much more!Thanks for Listening!Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at [email protected] or 514-695-0096 ext.112Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more!Follow The Empowered Investor on Facebook, LinkedIn, and Instagram