6 probing questions that advisers don't often hear.
When shopping for a financial planner, you can usually book a free introductory meeting. You’ll want to ask questions, establish rapport and seek a good fit.
The nature and scope of your questions drive the vetting process. Most consumers know to ask about the adviser’s background, qualifications and service offerings. Ideally, you want to pose questions that advisers rarely hear. You’re more apt to get unguarded responses that enable you to make a more informed decision.1. When it comes to investing, what keeps you up at night? This shows how an adviser views investing, from assessing risk to spotting trends to riding market swings. Honest advisers will admit what worries them and how they safeguard client assets from worst-case events.
“One way to drive trust is to ask about a product that the adviser doesn’t sell and evaluate the quality of the answer,” said Laura Varas, founder and chief executive of Hearts & Wallets, an independent data and benchmarking firm in Rye, N.Y. 6. Tell me how to evaluate you: This helps you assess how advisers see their role. Do they want you to measure their success by their market-beating investment performance? Do they want to provide you with responsive, hassle-free service? Do they view themselves as your partner in guiding you to establish and stick to a long-term financial plan?
“Just because you ask a question doesn’t mean you will get a truthful answer, especially if the topic is sensitive or the answer may be unflattering,” said Einav Hart, Ph.D., an assistant professor of management at George Mason University School of Business.
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