Trust. It is a powerful word.
Throw money into the equation and you really want to make sure there is trust.
So do you trust your financial planner?
You would really hope so. After all this is your livelihood at stake.
When looking for a new financial planner, the best way to build trust, is to ask lots of questions.
Assume nothing. Do you own research. Build the trust. Feel comfortable.
Here are 37 questions you can ask your financial planner before starting out:
- In what areas of my finances do you think you can help me?
- Where do you think the major points to start are?
- Will you sit with me to figure out what I want to achieve with my finances?
- Will you help me make a positive change in my behaviour towards finance?
- How will you do this?
- Who are you licensed through?
- What is your duty of care?
- Do you have to recommend specific products?
- Do you have any other specialist accreditations?
- How do you get paid?
- What kickbacks do you get?
- What is in it for you?
- Am I on a fee or commission based structure?
- Can I pay my fees in instalments?
- Do I have to pay every time I speak with you?
The Financial Planning Team:
- What is your experience?
- How is your advice team setup?
- Will I just be dealing with you or will there be other team members part of the process?
- Tell me about your team?
- Will I have your phone number if I need to call you with a question?
- Will we be physically catching up or using other methods such as webinar or Skype?
The Planning Process:
- What does the planning process look like?
- When can I see some outcomes?
- How long does the process take?
- Do you involve any other specialists in the process?
- How much contact will I have with you?
- How often will we meet?
- How long is the period of engagement?
- Will you give me ongoing options after this time is up?
- What is the agreed scope of work?
- Will we have a plan after just one meeting? If not, how long will it take to formulate a financial plan?
- Do I have to commit to ongoing advice?
- How will success be measured?
- Can you guarantee an investment return?
- What is the procedure if I am unsatisfied and want to make a complaint?
- Will you assist us in making a claim?
- How long does the claim process normally take?
“This document or website contains general advice only. You need to consider with your financial planner, your investment objectives, financial situation and your particular needs prior to making an investment decision. Charter Financial Planning Limited and its authorised representatives do not accept any liability for any errors or omissions of information supplied in this document except for liability under statute which cannot be excluded.”