Will you be the only person working with me?
Some planners work with their clients all the time, others use the help of more specialized experts. You may want to meet everyone who will be consulting you. If the planner works with lawyers, insurance agents or tax experts to develop financial recommendations, get a list of their names to check on their backgrounds.
How will I pay for your services?
The financial planner should clearly tell you in writing how he will be paid for the services he will provide.
How much do you typically charge?
The planner should provide you with an estimate of possible price for basic services. The price should include the planner’s flat fees or hourly rates or the percentage he would get as commission on products he may sell you as part of the financial recommendations.
Could anyone except me benefit from your recommendations?
Some financial planners may have business relationships or partnerships with companies that provide insurance policies, financial products, mutual funds or securities. Also the planners may have agreements with special experts they refer their clients to. All these issues may influence the planner’s performance. Such relationships may inhibit the planner from acting in your best interest. Before making a deal with the planner ask him about the conflicts of interests.
Have you ever been publicly disciplined for any unlawful or unethical actions in your professional career?
There are several government and professional regulatory organizations keep records on the disciplinary history of financial planners. Ask the planner about the organizations he is regulated by and contact them to check on his background.
Can I have the agreement in writing?
Ask the planner give you a written agreement that describes the services to be provided. Keep this document as you may need it in future for the references.
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