Money Minutes for Doctors #48 ~ Tips for Selecting a Financial Advisor that is Right for You
Getting accurate, actionable, and tailored financial advice is not like buying a car. If you are like many Americans, you probably could use a hand charting a course. According to the National Financial Educational Council, a lack of personal finance knowledge costs the average American thousands of dollars per year. Finding a financial advisor is the easy part…the challenge lies in deciding what kind of advisor to work with and which services are right for you. In this episode, we speak to Ms. Katherine Vessenes, CFP®, RFC, Founder and President of MD Financial Advisors, on how and what kind of financial advisor is right for different situations. Enjoy!
About Ms. Vessenes:
Ms. Vessenes works with over 300 physicians and dentists from Hawaii to Cape Cod. Her firm uses a team of experts to provide comprehensive financial planning to help doctors build their wealth and protect their wealth while reducing taxes now and in the future. Katherine is a longtime advocate for ethics in the financial services industry; and has written three books on the subject of investment strategies. She has received many honors and awards including: numerous tributes from Medical Economics as a top advisor for doctors, multiple 5-Star Advisor Awards, honored as a Top Woman in Finance, in addition to being selected to be on the CFP® Board of Ethics. Katherine can be reached at: Katherine@mdfinancialadvisors.com or 952-388-6317. Her website: www.mdfinancialadvisors.com.
Tips for Selecting a Financial Advisor that is Right for You
Important Questions to Ask:
Are you a certified financial planner?
Do you have Fiduciary duty?
Have you been cited for a regulatory violation? Do your homework and search online before any meetings.
Must ask “How are you to be paid”? How much of the income is from fees versus commissions?
If your advisor is largely compensated by commissions that can be a red flag as advisors are incentivized to sell their company’s products rather than what is in your best interest.
Is your advisor limited to only sell certain types of products or are they free to use all products on the market?
Make sure you are working w a tax efficient advisor, how does your advisor take tax considerations into investment recommendations? Ask them to demonstrate tax consequences of their strategy.
How often will you meet? Clients may choose monthly, several times a year or just annually.
What can clients expect?
What differentiates their level of service?
Why is their service best suited for you?