What Questions Should You Ask?

By: AARP Outreach & Service | Source: AARP.org | June 29, 2006

Conversations about money are difficult, so prepare before you interview possible 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. Remember you are hiring someone to help you plan for your future. This is no time to be shy. Only choose someone who fits your needs.

Basic Information

You'll want to be satisfied with the answer you get to each of these questions.

• 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 and who regulates your services?
• 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?

Check Client References
Some financial professionals will provide you with a list of clients who can vouch for them. Others 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, ask these questions:

• 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?

At the Interview

A productive relationship with a financial professional depends on good communicaiton. Along with a good professional fit, you'll want someone you will feel comfortable working with. 

• Did he or she wlecome your questions, or seem irritated by them?
• Are you comfortable with how the professional exchanges information with you?

Verify

Before hiring any professional, always check with the agency that regulates or licenses them. You will want to find out any complaint or disciplinary history.

Take Action

• Use the Certified Financial Planner Board of Standards' Checklist for Interviewing a Financial Planner.