5 Things to Consider While Selecting a Financial Planner

What client experience will be delivered?

Now we’re getting to the nitty gritty. This is why you are sitting in front of this financial planner. You want to know the WIIFM factor (What’s In It For Me). After all you are the one paying the fees and you want a return for Financial Planner your investment in this financial planner.

Just ask: What is the client experience delivered by you and the company?

If the financial planner replies ‘It is all about the exceptional investment returns that I get for my clients’, it could be a good time to leave the office. A financial planner selling future returns is normally selling false hope for all concerned.

You want the planner to highlight that the experience delivered is ‘all about caring for you as their client’. They will be there to help, assist, facilitate, guide and carefully invest your investment funds. You also want them to act like a good general practitioner (the local doctor), by engaging specialists to assist with all aspects of your finances.

A financial adviser that really cares for you will be more cautious and understanding of your situation. They will take responsibility for their actions and work in your best interests.

6. What fees will be charged for the services provided?

You need to know the fees no matter how much they may care for you.

Ask: Can you give me a schedule of fees for the services that you will provide?

The financial planner should also be able to provide the scope of their advice (what they are/are not advising on).

It is important to understand that fees tied to your investment account can eat into your investment returns and of course, you won’t get quality advice and service for free either. Your goal is to fully understand the fees and what you get in return for these fees. This way you can compare financial planners and make an informed decision as to which one is suitable for you.

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