When it comes to finances, many people consider doing it themselves. They initially feel that if they can perform the work as well as an advisor, they will save a lot of money in fees. In other words, they don’t think the value they would receive is worth the cost.

Do you handle your own finances? Have you wondered what you could gain by working with a financial professional?

Over time life can bring unexpected changes, leading many to seek an advisory opinion. For some an Advisor can be reassuring as their finances reach the point of complexity. Regardless of how you may feel currently, at some point the desire to get a professional second opinion often begins to outweigh the fear of cost.

Where do I begin, and what questions should I be asking an advisor to establish the relationship?

1. Are you a Fiduciary?

A fiduciary is anyone who has a legal responsibility to put the client’s interest ahead of their own. In other words, the advisor must do what is best for the client, rather than what is best for themselves. A Fiduciary cannot put you in the most expensive product to generate a higher commission for themselves.

Not all financial advisors are fiduciaries. This does not mean that advisors who do not have a fiduciary responsibility are not acting in your best interest, but rather that those who are fiduciaries are held to the highest standards. Let FWA be your Fiduciary.

2. What are your fees?

This seems to be a straightforward question, but some people forget to ask prior to staring the new relationship. You wouldn’t buy a car without knowing the price, so why do that with your investments? There are a variety of costs associated with a vehicle that depend on the model, class size, condition, etc. This is also true with investment products and services. A smart consumer is an informed consumer!

3. What services are provided within your fee?

Everyone wants to get more “bang for their buck.” So, make sure you understand what is included with the fee you’re quoted. After speaking with an advisor, you should know the answer to these fee-based questions:

• Does your Fee include - Asset Management?
• Does your fee include a - Financial plan?
• Does your fee include – Advisory services for life events?
• Does your fee include – Access to a licensed Professional Advisor?

Some firms include these offerings within their fee structure; but others only offer an a la carte menu – you will pay for any additional services on top of your asset management fee. FWA happily includes these services and more in your fee.

4. Who will I work with at your firm?

Different firms provide a variety of services, so it is good to know who to contact when you have questions. The best firms have Advisors - Planners and Service teams to help accomplish these tasks. Having access to multiple professionals may help provide the answer(s) you are looking for quicker.

5. How will they communicate with me?

Communication has become more diverse over time, to maintain the most effective relationship, both the client and the Advisor should agree on their communication preferences.

Helping individuals, families, and businesses is one of the many things that we do here at FWA.

If you’re considering getting help from a financial professional, or want a second opinion on your existing portfolio, schedule a complimentary meeting to review your situation.