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8 Questions to Ask a Potential Financial Planner

When identifying the right Financial Planner for you, here are 8 questions you should ask:

1. What is your process in understanding my goals?
2. How do you understand the full picture instead of jumping to recommending investments?
3. How do I know that you will pick investments based on my stage of life?
4. How do you decide how my investments should be allocated?
5. What information will you need from me?
6. Are you willing to work with my (attorney, accountant, etc.)?
7. What information will you provide me and when?
8. How often do you think a financial plan should be reviewed?

The answers to these questions can help to inform you about a Financial Planner before you begin working with them.

3 Things to Keep in Mind When Selecting a Financial Planner

If you are looking for a Financial Planner to help you create a plan that will ensure peace of mind over all your life stages, it is worth taking the time to make sure they are a match for you. Here are three considerations to keep in mind:

1. An expert Financial Planner should spend a long time asking questions to understand the emotional drivers behind your goals. By understanding those emotions, like the desire to leave charitable gifts to better your community, or that you have a plan for a disabled dependent, a Financial Planner can look at options that you may not have even known about. So be patient with the process, because even something that doesn’t seem relevant can help to form a better plan.
2. Business owners often have unique financial planning challenges. Many times, their annual income is variable, which can make planning for retirement more difficult. Making sure your Financial Planner has experience in managing financial plans for business owners is important.
3. Avoid a Financial Planner who takes a cookie-cutter approach to planning. A well-crafted financial plan should be customized based on your unique situation in life, your ideas for your future and wishes for future generations, and your investment temperament.

It’s important to note that a good Financial Planner will take the time to understand your full situation and then can guide you through the complicated task of preparing a plan that meets your needs.

There Is No “I” in Team 

Having a Financial Planner who is collaborative in working with other professionals that support you, like your accountant or attorney, is critical. You should always seek to work with a Financial Planner who is comfortable working closely with other advisors whom you trust because at times it can be necessary to use a specialist such as an attorney or tax professional to provide opinions on specific topics about your situation. Your Financial Planner should be adept at identifying issues that require an expert opinion and open to partnering with your other professionals to find solutions that are best for you.

Baker Boyer Are Experts in Financial Planning 

When you want a Financial Planner who truly understands your goals and the nuances to help you along your life journey, you can turn to D.S. Baker Advisors. Whether you are just getting started working on your financial plan, or you feel the need to make a change, contact a Baker Boyer Advisor today. We can be reached by calling (509) 525-2000 or by filling out our Talk to an Expert form.