Three Things You Must Consider Before Hiring A Financial Planner


A financial advisor helps you strategize and plan your finances to meet your long-term financial goals by eliminating most of its risks. Many people take long periods of time to know who would be the right choice to do this job for them. To begin with, you can ask a few questions at the outset to improve your chances of finding the right financial advisor for you. 

In this post, we will discuss the three most important questions and aspects that you need to consider before hiring a financial advisor. 


The most important thing you must know about your financial advisor is if they’re ready to put your needs first. This is known as the fiduciary duty, and many financial professionals fail to hold up to this standard. 

For instance, a doctor is held to certain medical standards, and lawyers are held to an equivalent legal standard. This is not the case with every financial advisor. 

However, you should look into norms and standards that financial advisors need to abide by in your state or area and cross-check with the service provider. For instance, if you live in Atlanta, you could search online for ‘Atlanta financial planning’ and see what comes up regarding these standards in your state’s jurisdiction. 

Nonetheless, it doesn’t mean that someone who doesn’t have that standard is not a good money manager. So, if you really want comprehensive financial advice, it behooves you to have somebody who is obligated to put you first. 

Payment Method

The second question is about the payment. Many people wheel around this question leading to unnecessary ambiguity. Sometimes it comes out up front, and sometimes it drags out more than it needs to. But in reality, you are able to make a decision much more efficiently when you understand the payment terms clearly. 

An expert financial advisor would solve this confusion professionally. You deserve to know if it’s commission-based, fee-based, an asset under management fee or a flat fee for a certain amount of money that they manage. However, you should not hesitate to ask about the terms. 

Maybe they’ll answer your question clearly. Sometimes, there might be a little bit of pushback on the prices. Consider this as an opportunity to ask a specific question about how much money will come out of your pocket or investments every year. 

This also applies to your side of things. Maybe you prefer to have an asset under management fees. Maybe you’re not willing to trade assets you inherited from your family. Without this information, even an advisor might find it difficult to determine whether they can do the right job for you. 

Understand the Scope Of Services

The third set of questions should revolve around understanding the scope of the services provided. There are plenty of comprehensive financial advisors who will do everything. They’ll do a full-time financial plan and will incorporate your kid’s college planning, your retirement planning, and life insurance needs.

Other advisors may only manage bond portfolios. You must understand the services provided and the terms of the engagement. Will you meet with them quarterly or talk to them on the phone?. That way, you will know whether they could fit your profile and effectively work in your best interest. 

To Conclude

So that wraps up the three most important questions you must ask before hiring a financial advisor. These are the most basic questions that any business or service requires to clear beforehand with their clients or customers. However, sometimes you are required to initiate the query to understand the specifics that pertain to your preferences, especially with financial advisors. 

About Author

LaDonna Dennis

LaDonna Dennis is the founder and creator of Mom Blog Society. She wears many hats. She is a Homemaker*Blogger*Crafter*Reader*Pinner*Friend*Animal Lover* Former writer of Frost Illustrated and, Cancer...SURVIVOR! LaDonna is happily married to the love of her life, the mother of 3 grown children and "Grams" to 3 grandchildren. She adores animals and has four furbabies: Makia ( a German Shepherd, whose mission in life is to be her attached to her hip) and Hachie, (an OCD Alaskan Malamute, and Akia (An Alaskan Malamute) who is just sweet as can be. And Sassy, a four-month-old German Shepherd who has quickly stolen her heart and become the most precious fur baby of all times. Aside from the humans in her life, LaDonna's fur babies are her world.

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Eli Williams
Eli Williams
2 years ago

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Last edited 2 years ago by Eli Williams
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2 years ago

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