Asking financial advisors about their qualifications may quite the intimidating act for clients who may not be well-versed in finances and investments. So financial advisors who take the time to provide their clients with the information their clients wish they could ask set the tone for a trusting, long-lasting relationship.
Here are the top questions your clients want to ask you:
1. What are the fees associated with using your services?
Most financial planners work on the fee-for-service model, meaning that they make money when their clients make money. Be open with them about how you make your money and about any conflict of interest concerns they may have regarding investment recommendations. Further, provide your clients with any other costs that they may need to pay, such as fees and transaction costs charged by brokerages and mutual fund companies. Provide clients with all information, in writing, regarding direct and indirect costs associated with using your services.
2. What qualifies you to perform this job?
This is a big one, so it is important to provide your clients with all your credentials, which include your education and your training, as well as your continuing education efforts and your professional designations and certifications. Educate your clients on your experience serving clients and your efforts to remain educated in today’s swiftly evolving financial planning sector.
3. Do you have experience with clients like me?
Clients want to be sure that their situation is similar to some of your other clients. In other words, are their investment strategies and goals familiar to you? Clients want an advisor who is well-versed in their life situation and goals, thereby ensuring they are receiving the best services.
4. What is the process for becoming a client?
Clients want to know about the process ahead of time so they can be best prepared. For example, the process may involve getting to know them and learning about their risk tolerance, assets and goals. It may include a long first interview, followed by a written questionnaire and plenty of contact thereafter regarding how you have developed their specific financial plan based on their situation and your reasons for doing so.
- Purdue University Global - Bachelor and Master of Science in Finance
- SNHU - A.S. in Accounting, B.S. in Finance - Financial Planning, and M.S. in Finance. M.B.A. in Finance also available.
- Capella University - Online Finance Degree Programs at the BS, MBA, DBA, and PhD Levels
- Fordham University - Online MS in Global Finance. Bachelor’s degree with a 2.5 minimum GPA required
- The University of Scranton - Master of Science in Finance
- Georgetown University - Online Master of Science in Finance (MSF)
- Liberty University - Master of Science in Finance – Financial Planning