April 16, 2018

So you’ve already got to the point where you recognize you could benefit from a conversation with an experienced financial advisor. Along with a CPA and an estate planning attorney, a financial advisor can become an important component of your team of trusted professionals. You’ll want to interview several different options for a financial advisor and look into their backgrounds and references from other clients before making a final decision. 

The initial interview can help you clarify whether or not this person has served as a fiduciary before, their individual certifications, and the types of services they offer. You can also ask more about their specialties and areas of focus.

The advisor’s minimum investable asset requirement is something you should also ask about during the initial interview. Anyone will want to know exactly how they will be charged by a financial advisor, including how much you’ll pay for advisory services and fees associated with underlying holdings if this person manages your portfolio. Advisors charge by different models, including by the hour or as a percentage of assets under management.

You can verify that the appropriate planner has the CFP certification if this is important to you, and it is strongly recommended that you consider working with someone who has done the extra work to achieve this certification. Hiring an experienced financial advisor is just one piece of the puzzle. Make sure you identify a knowledgeable estate planning lawyer so that the documents and strategies you put together can all be reviewed in full and work with one another.