With autumn around the corner, it’s prime time to reassess your finances alongside your financial advisor. To make the most of this opportunity, consider posing these eight essential questions during your fall financial review.
- Can you summarize my current financial status? Obtain a snapshot of your assets, liabilities, income, and expenses to set the stage.
- Is my existing financial plan still aligned with my goals? Gauge if your plan needs tweaking to match your evolving aspirations.
- Any updates needed for my retirement strategy? Explore any necessary modifications to your retirement strategy.
- Can you suggest year-end tax strategies? Seek advice on tax-efficient investment options and deductions.
- How can I safeguard my investments from market volatility? Learn about techniques to protect investments during uncertain market phases.
- What’s your fee structure and transparency policy? Understand all costs involved and ensure transparency.
- How often should we review and adjust my financial plan? Determine the frequency of reviews and adjustments to stay on track.
- Could you share client references or testimonials? Request feedback from current clients for insights into the advisor’s performance.
These concise questions will steer your financial discussions in the right direction and enhance your financial outlook.
Sources:
[1] https://www.investopedia.com/financial-advisor-questions-5112531
[2] https://www.forbes.com/advisor/investing/2018/06/25/10-questions-to-ask-a-financial-advisor/
[3] https://www.thebalance.com/questions-to-ask-a-financial-planner-1289589