What questions should I ask a financial advisor?
Question:
Answer:
First, ask if he/she is a certified financial advisor. Also, you want one that is fee only, and doesn't receive commisions on the product he endorses. You want an unbiased opionion of the invests he/she is suggesting.
I work with three financial advisors. I like to have differing opinions. The downside is that you have to do 3 times the paperwork at tax time.
- will the advisor be placing me in loaded funds? (funds with hidden fees)
- tell me more about the Roth IRA, and Roth 401K
Avoid advisors that suggest too many high-risk opportunities (penny stocks, startup businesses)
I recommend working with someone in a reputable firm.
Ask them how they get paid. Salary vs commission. also what drives them-Do they feel a scence of reward when YOUR money makes money?
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