Got a scheduled meeting with this person. Other than specifics to my situation. Are their broader questions you would ask to help understand the bigger pix you would want to ask if you were having a quarterly meeting with yours. Thanks.

What are his credentials?

quote:

Originally posted by ZSMICHAEL:
What are his credentials?

They are with a large financial investment firm.

Accountant, sales person,chartered financial analyst?

Is this;
1. someone you're already committed to an you want to see how they're handling you money or
2. Is this an interview to see if this is the right person/company?

I think that's what zmichael is getting to.

There will be a completely different series of questions you need to ask, depending on if it's 1 or 2.

When we chose ours we interviewed a man with whom a friend of ours had been for several years, with good results.

We knew our own views on how our retirement funds would best be invested, so the interview was to determine if his views, his strategies, would be roughly in-line with what we felt best, and, where they might diverge, his reasoning.

The interview was satisfactory, so we went with him. We've not been disappointed.

We have meetings, sometimes only over the phone, when either he or we feel it necessary. For the most part we've left him alone to do his thing as best he sees fit.

Ask him to provide contact info for existing customers that are willing to discuss his performance. Of course he’s not likely to provide contacts for people that would blister him, but still well worthwhile talking to them. You have to judge their responses. If he can’t provide a reasonable number of contacts, that’s a red flag.

That’s what I did when I was selecting my financial guy.

Judge how well he listens.

A few things I've learned.

Make they are a fiduciary.

From Dave Ramsey, make sure they have the heart of a teacher. If they come off salesy or aren't open to explaining why they recommend what they do, I'd run.

My financial advisor is extremely patient with my questions and educates me on what he's recommend and why.

quote:

Originally posted by ZSMICHAEL:
Accountant, sales person,chartered financial analyst?

also possible, Certified Financial Planner (CFP), and any securities licenses, series 6, 7, etc. A useful question might be to ask what his specific role is (or will be) with your account, possibilities are: none, planning only, team leader, oversight, dept. manager. They all can work as long as you know what's what.

what is their fee structure?

Thank you guys. Good info. They are someone we know, trust and have used for a couple of years.
They are patient, listen and answer our questions.
They have concerns over the potential for war, the debt ceiling, the russian/chicom alliance etc. And the impact those things could bring. It is not all rosie. Which is what I wanted to hear honestly. I want the truth.
All in all it was a good session. We all need to keep our eyes open and be willing to listen, adjust and continue to pay attention. Limit unnecessary exposure. Be diversified.

And my number one thing. Reduce or better yet. Eliminate debt.

Good luck to us all.

We found our company via Dave Ramsey.

And I’d like to reiterate, make sure he is a fiduciary.

I’m not going to tell you I know anything about savings, funds, Ira, Roth….I asked the guy-how do you make your $? And what do you have your retirement money in?

When he shows me how his was what he was telling us. It made me feel a lot better.

Looking at the concerns your advisor mentioned, my observation would be that the overseas issues are mostly so unpredictable and out of your control, that they don't factor into investment decisions very much. Too speculative.

I agree with your intentions to reduce debt. That's what I've tried to do most of my life and so far it seems to be working well. If nothing else, I sleep better at night, in a home I actually own.

Looking at other issues, I'd be more concerned at the effect of interest rates on the housing market and the overall economy. The fed seems to think they can micromanage the high inflation but I don't share their confidence in their skills and vision. They kept their foot on the gas way too long and now they've applied the brakes too late, thinking that will offset that failure. Will they be able to accurately predict and finesse the ongoing adjustments needed to not cause a major downturn? I wouldn't want to bet on that.
I also believe the huge recent debt increases have a large part in inflation and they're doing very little in that department. Once the interest rate increases start to really have the effect they want, their only way to quickly soften the landing will be to once again inject money into the system quickly, and that means even more spending.

quote:

Looking at the concerns your advisor mentioned, my observation would be that the overseas issues mentioned are largely so unpredictable and out of your control, that they don't factor into investment decisions very much. Too speculative.

International stocks will out pace domestic moving forward in the near term. The bond market will bounce back after four terrible years. Crystal ball guess.

What type of financial planner do you need? A guy who will do everything for you, buy, sell? That will cost you roughly 1% of your assets per year. Or, do you just need a financial plan prepared after which you feel comfortable following yourself?

When it comes to picking an individual: First, pick a guy with some seasoning- someone who has lived through some market turmoil. Second, as someone already mentioned, what are his credentials? Credentials aren't perfect but they can be a good filter. Third, how is he compensated? You want to be very careful if his comp is tied to selling you his firm's funds.

Are they a fiduciary in the legal sense of the word?

Ask directly, and if not, move on.

quote:

Originally posted by radioman:
Are they a fiduciary in the legal sense of the word?

Ask directly, and if not, move on.

That, and I insist they be self employed based on my feeling that if they were any good at picking stocks they wouldn't be anybody's employee.

The bigger places like the op is going to will have a team of people who pick things. No one person can be an expert in every field.

Write down your questions in advance.

Don't wing it.

Ask your question and shut your mouth. Do not speak again. If the person asks for clarification of something, that's fine, answer with a smile and friendly eyes and shut up.

Your ears must be open as well as your eyes wide open, mouth shut.

You are not there to take control of the conversation and show someone how smart you are, or really how smart you think you are.

Don’t be confrontational.

Let the person talk. Don't interrupt. Give the all the time in the world to answer your question. Do not interrupt that person.

Watch them with eyes wide open and brain open, receiving and processing what they do/say.

If that person dances around the question, or appears to be uncomfortable, make note of that.

Wait. Make notes but keep your eyes on them. Watch!

When time to do so, go onto another question, and listen and watch, mouth shut eyes open!

If another question arises in your head, write it down! Do not interrupt them.

This tells that person that you are sharp, intelligent, aware and such. It tells them you are a force to be reckoned with and not a pushover.

If the person is inexperienced, that's one thing, we all have to learn. But on your $$$, are you willing to risk that?

You don't need to come across as an ass, or rude and such. Be kind, polite, courteous, friendly, but firm.

Don't make it easy for them. It's your money and your future.

To paraphrase Yogi Bera, you can learn a lot by listening and watching. You don't learn a thing by talking or trying to dominate and control the conversation.

Best wishes to you.