Atlanta Financial Planner Matt Hudgins on Most Important Question to Ask a Financial Planner

Top 10 Questions to Ask

 

2.  I acknowledge I am a Fiduciary: Yes ____ No ____

      That I am legally obligated to put my client’s interest First; That I must disclose any conflicts of interest.

      Am I First or am I Last in our relationship?

 

3. How many clients do you / your team service? _____________

Who will provide the service?  You? Your assistant / staff?

 

4. What type / how often will I receive communication from you? ________

          How will I be contacted? Phone___; Email ___; Face-2-Face Meeting___

How often per year? Phone___; Email ___; Face-2-Face Meeting___

 

5.  Full Disclosure of Compensation – Will you fully disclose any & all ways in which you receive compensation from me?  Both seen & unseen by my monthly statements.

 

What percentage of your current compensation (from existing clients):

Commission / Trailers      ______%

Fee Based                        ______%

 

My minimum fee requirement for planning is: $_______________

My minimum asset requirement for investment services is: $ _____________

 

My method(s) of compensation are as follows (Check all that apply):

Planning Services:            Asset-based fee               ______

Fixed fee                         ______

Hourly fee                       ______

Commission / Trailers      ______

 

Investment Services:        Asset-based fee               ______

Fixed fee                         ______

Hourly fee                       ______

Commission / Trailers      ______

 

I provide financial services for the following amount of assets: $____________

 

6. Sources of Financial Education

 

I have the following degrees or years of college:

• Name of School/Degree or Years: _______________________

• Name of Graduate School/Degree or Years: _______________

 

I have the following years of Financial Services Experience: ___________

 

7. I hold the following certifications/designations (check all that apply):

 

      CFA                       ____

      CFP                       ____

      CPA                       ____

      Other                     ____

8. I am a member of the following associations:

 

      CFA Institute          ____

      FPA                       ____

      NAPFA                             ____

      Other                     ____

 

9. Licensing and Compliance History

 

I am a Registered Investment Advisor (RIA): Yes ____ No ____

Name of RIA (None or Name): ____________________

 

Name of Broker/Dealer (None or Name): ______________________________

 

My CRD/IARD number: _______________________

Compliance record disclosures: _______________________________

Criminal record disclosures: __________________________________

 

I hold the following securities licenses: __________________________________

I hold the following insurance licenses: _________________________________

 

Name of Insurance Agency (None or Name): _____________________________

My insurance license number:________________ State:_____

10. Services Provided

 

I provide the following planning services (Check all that apply):

• Financial             ____

• Retirement          ____

• Education           ____

• Estate                 ____

• Tax                     ____

• Charitable           ____

• Other                  ____

 

I provide the following investment services (Check all that apply):

 

• None                                      ____

• Investment strategy                ____

• Written investment policy       ____

• Asset allocation                      ____

• Manager Selection                  ____

• Asset management                 ____

• Performance reporting           ____

• Tax efficient strategies           ____

• Other _________________________________

 

Typical Client Profile

Describe your typical client: __________________________

What services do you provide?

How are you compensated in that relationship?

 

 

Certification

I certify that all of my responses in this questionnaire are complete, accurate, and current.

 

Advisor Signature: ________________________

Completion Date: _____/_____/_____

 

www.BestAtlantaWealthManagement.com/blog

Matthew J. Hudgins, MBA, CFA

404.405.8080

MHudgins@Mosaicw.com

 

 

BONUS 1: Questions You Should Ask Yourself

 

Before seeking a financial adviser, you should think about your answers to these questions to better understand your goals and preferences.

 

v      What other special circumstances affect my investments?

 

v     What kind of communication do I want with my adviser?

 

v     Are my needs best met by formal reports, by telephone conversations, or by face-to-face meetings?

 

v     Do I need an adviser who works nearby, or am I comfortable communicating with someone in another location?

 

v     What are my investment objectives?

 

v     What growth in my savings is needed to achieve those objectives?

 

v     When will I need to draw out money?

 

v     How much risk am I willing to take?

 

v     What are the individual's professional credentials?

 

v     How will I evaluate performance?

§         What do I value and want most in an adviser?

 

v     Ethics and trust?

 

v     Knowledge and experience?

 

v     Analytical strength and independence?

 

v     Someone who manages all of my assets and financial concerns?

www.BestAtlantaWealthManagement.com/blog

Matthew J. Hudgins, MBA, CFA

404.405.8080

MHudgins@Mosaicw.com

 

 

BONUS 2: Top Questions a Financial Adviser Should Ask You

 

When meeting with or screening a prospective adviser, the questions he or she asks − or doesn't ask − will tell you a lot about his investment approach and how attentive she is going to be to you. Remember, it's the adviser's job to understand your investment objectives, tolerance for risk, investment constraints, and special needs.

 

Here are some questions you should expect a financial adviser to ask as you develop your investment goals and strategy:  

 

v     What are your investment goals?

 

v     What does "risk" mean to you?

 

v     What personal and professional circumstances affect your financial situation?

 

v     How much decline in your portfolio are you willing to accept in a given year?

 

v     What are your household income and current savings?

 

v     How will losses affect your lifestyle?

 

v     What is the time horizon for meeting your goals?

 

v     What amount of assets do you want me to manage?

 

v     What is your tax situation?

 

v     Do you work with other advisers, such as an accountant or estate attorney? Do you need these services?

 

v     Do you have any tax and/or legal strategies in place that affect your investments?

 

v     May we coordinate with your other advisers?

 

v     How much communication do you like to have with your wealth manager?

 

www.BestAtlantaWealthManagement.com/blog

Matthew J. Hudgins, MBA, CFA

404.405.8080

MHudgins@Mosaicw.com