What Questions Should You Ask?
Course Section
Conversations about money are difficult, so it's wise to prepare in advance when you are interviewing candidates to help you with your financial matters. Although you may feel like you are grilling the professional, there's not a question here that they should feel uncomfortable answering. It is not unusual for you to feel somewhat intimidated by a financial professional. However, remember you are hiring someone to help you plan for your future. This is no time to be shy. Listen to your own inner voice and only choose someone who fits your needs.
Background Check
You can address the most basic screening questions over the telephone. Also, if
the professional has a web site, you may find answers to your questions
there.
- Exactly what financial services will you provide me?
- Is your use of financial products and services limited at all?
- How are you qualified to provide those services?
- How will I pay you for financial products or services?
- What are your educational qualifications and specific areas of study?
- What professional licenses do you hold?
- Have you ever had any disciplinary problems in this field?
- What is your work history and experience with clients like me?
- What hours do you work and when are you not available?
- How often will you contact me?
Client References
Some financial professionals are willing to provide you with a list of clients
who are willing to vouch for them. Some may not be able to do so due to privacy
concerns. If you are able to speak to a current or past client of this
professional, questions you can ask a client include:
- How long have you worked with this professional?
- Are you satisfied with his or her services?
- What are the professional's strengths and weaknesses?
- How often do you hear from your professional regarding your situation?
- How quickly are your calls returned?
- Would you recommend this professional to a family member?
In closing, remember that a productive relationship with a financial professional depends on good communication—and your interview process is the first step on that important road. As you ask your questions, take note of the professional's demeanor. Does he or she welcome your questions or seem irritated by them? Are you comfortable with how information is exchanged? It's important that after the interview that you feel all your questions were fully and honestly answered. After all, this could be the professional you will be looking to for help planning your financial future.
Take Action
- Use the Certified Financial Planner Board of Standards' Checklist for Interviewing a Financial Planner.
