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Tips On Choosing A Financial Advisor

To view this presentation in PDF format, click here.

Being a Smart Financial Consumer & Tips on Choosing a Financial Advisor

23 July 2019

Jonathan Lachowitz, CFP®

Financial Planner – Investment Advisor

This presentation is not meant as legal, tax or financial advice to any individual. You are strongly recommended to seek the advice of a professional who understands your specific circumstances before relying on any of the information in this presentation. There may be mistakes and regulations may change or not apply in some circumstances. The presentation may be circulated but should be appropriately cited if used in a professional setting.

IRS Circular 230 Disclosure: Any tax advice in this communication is not intended or written by the author to be used, and cannot be used, by a client or any other person or entity for the purpose of avoiding penalties that may be imposed on any taxpayer.

Being a Smart Financial Consumer

  • Investment of your time – even if the subject is not interesting

  • Together with your spouse or partner

  • Educate yourself

  • Hiring a professional(s) where specialist(s) are needed

  • You will need to pay for most good professional advice

  • Being a good client – Most good advisors choose you as much as you choose them. Be respectful, honest, timely.

    • E.g. If you have had 5 new tax advisors in 5 years, the problem may not be the tax advisors

    • The Swiss expat community is small

  • Know your costs

  • Know your rights and obligations

  • Comparison shopping

Choosing a Financial Advisor

  1. Do you need a financial advisor or planner? Why?

  2. What is a financial planner?

  3. Whose interests do they put first? Are they a fiduciary, employee, salesperson?

  4. What are you looking for and what do you think you need? A financial plan? Investment advice? Retirement advice?

  5. Get references from people you trust – Ask the one thing your reference does not like

  6. What licenses, education registrations do they hold? CFA, CFP®, CHFc, or PFS (for CPAs) are some of the most respected.

  7. What experience do they have? Would you be a typical client?

  8. How does the advisor get paid?

  9. Is their advice objective? How do you know? Are they paid more to sell their company’s products? Can they choose any type of investment for your account?

  10. Will they consider or advise on assets not under their management?

  11. Ask them if they can beat the market?

  12. Have they or their firm been involved in any lawsuits consumer complaints or other disciplinary action?

Financial Advisor Checklist

  • Education and qualifications

  • Is your advisor a fiduciary – putting your interests first?

  • How is your advisor paid?

  • Is your advisor qualified to give comprehensive advice?

  • Is your advisor a salesperson? Do they advise on products they are not selling?

  • Is your advisor upfront about “beating the market”?

  • Will your advisor try to prevent you from making mistakes?

  • Has the advisor been involved in any lawsuits or consumer complaints?

Full article: 8 Things Your Financial Planner Won’t Tell You http://articles.moneycentral.msn.com/RetirementandWills/CreateaPlan/8ThingsYourFinancialPlannerWontTellYou.aspx

Tough Questions for Your Financial Advisor

  1. What was your largest mistake in the past 10 years? What did you learn from it?

  2. Do your financial incentives always line up with my best interests?

  3. How do you manage conflicts between your goals as an employee and what is best for your clients?

  4. Would you change your strategy for managing my account based on changes in the macro-economy?

  5. Who in your firm actually makes the decisions on my account?

  6. How have your clients’ portfolios performed over the past 10 years?

  7. If I wanted to buy a couple of broad based (low cost) index funds or ETFs, which would you recommend?

  8. May I speak with one of your former clients?

  9. If you ask for a referral is more than one choice presented? And/Or an explanation of why a specific client name is given?

  10. When was your last job change and why?

  11. Tell me about some of the outside professionals you work with: Do you pay or get paid for referrals? Do you disclose this to clients?

  12. Ask about their regulators, auditors (when needed).

  13. Is your advisor required to have continuing education?

  14. Ask about errors and omissions insurance

  15. Where could you file a complaint if you could not resolve your differences with your advisor?

  16. Is there any after sales “service”? In what way?

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