Kiplinger’s annual retirement planning issue gives keen & concise interview tips for your financial planner search.
One example here re: learning their client complaints policy:
I’m meeting with different planners and comparing their advice.
I liked last week’s planner, his personality & warmth. But after considering Kiplinger’s points to consider, I wouldn’t trust him with significant decisions. I’m not sure why except he seemed almost too warm and fuzzy. Professional, yes; dressed in fine business attire, yes.
But he didn’t offer that clear, decisive tone aka “Jill I want you to consider, this, this, and this.” Possibly this would emerge after that initial meeting. I led the meeting, which is what I prefer. So - ha - maybe I didn’t give him a chance to be decisive. And Russell Bailyn makes an intriguing point about emotions, financial planning, & cookie cutter advice.
More questions to ask per Kiplinger’s:
- what process do you follow to identify goals and evaluate performance?
- what are your sources of research and information?
- what’s your fee structure?
And what you should be very honest about, even if your gut says they’d be fun for beers:
are they candid & intelligent?
Stumble It!
(09:31:17) Spencer: I like Jill’s blog.
(09:32:44) Sean: Cool
(09:33:33) Spencer: She’s interviewing financial planners. She should do a post on how financial planners are paid, an info post on how that whole arrangement works.
(09:34:26) Sean: Post a comment saying that!
(09:34:29) Sean: She’s be tickled
(09:34:43) Spencer: Will do.
Spencer
August 21st, 2007
[...] Considering one’s age & risk tolerance are key, sure. Yet it’s perspective and context that I crave from tomorrow’s discussion (a follow-up to this first meeting). [...]
reviewing one’s portfolio, investing money, & the duh factor « Hou$ewifery
September 11th, 2007