"Do you have a financial advisor that meets the ONUS standard?"
Here are 8 questions to consider:
Quality of Investment Advice:
- Do they always explain your investment options and relate them to your specific needs when making recommendations? Do their suggestions relate to the investment strategy plan they charted out for you? Do they help you fully understand the investment you are making?
- Do they provide you with a comprehensive written financial plan?
- Do they thoroughly evaluate and document your lifestyle objectives and tolerance for risk to ensure your portfolio has the right risk-return balance for your needs?
- Do they estimate the range of returns you can expect from your portfolio and measure its performance against these expectations, rather than compare returns with historical investment data?
Level of Communication:
- Do you understand how they’re being compensated off your account?
- Do they inquire about your needs, wants or any additional concerns you might have?
- Do they schedule regular meetings or phone calls to let you know how your investments are doing and what new information you should be aware of? Or is the onus on you to call them?
- Are they accessible when you need to reach them and without seeming rushed? Do they return your calls in a timely manner?
If you find yourself answering ‘no’ to one or more of these questions, making an educated judgment on the quality of the financial advice you have been receiving might be a good idea. Please see our Request Info section or contact us to receive a no-cost, no-obligation package in order to help you develop the tools to assess the quality of your financial advice, as it applies to you, as well as give you an educated look on the retail investment industry.