Financial Advisor Interview Questions
From Adviceopedia
Be prepared by arriving armed with good financial advisor interview questions when meeting with a prospective advisor for the first time. You want to make sure that you make an informed decision before handing your assets over to someone for management, and you want to make sure that you’re comfortable with the person you choose.
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The Best Financial Advisor Interview Questions
Should I Ask About Experience?
Perhaps the most important questions to ask potential financial advisors pertain to their experience. Schooling is important, but when it comes to trusting someone to advise you on financial matters it may be best to concentrate on how long – and how well – someone has been in the business. Questions you should ask pertaining to your potential financial advisor’s experience include:
- How long have you been a financial advisor?
- How large is your client base?
- What line of business were you in prior to becoming a financial advisor? You don’t want to ask this question if the person you are interviewing has been a financial advisor for a long period of time. It’s a relevant question if the advisor is new to the business for a very long time.
- Why do you feel you are someone I should trust with my money?
Remember that some financial advising companies court potential advisors from a wide variety of professions. Just because the person you’re interviewing has a nice office under a well-known financial advising company’s name, it does not mean the person wasn’t a car salesman a year ago.
Does Education Matter?
Next decide what financial advisor interview questions you should ask regarding educational credentials. Not every financial advisor has a finance degree, and some advisors do not even have any degree. You may not be concerned about the person’s educational history, but these are valid questions to ask when interviewing the potential advisor:
- Do you have a college degree?
- What is your degree in?
- What education do you have pertaining to financial advising in particular?
- Do you take continuing education classes for financial advising?
More important than education is his or her training and experience. You may want to ask about any certifications the advisor has. There are some financial advising certification programs which require both rigorous training in addition to continuing education for the length of the advisor’s career in order to retain certification.
Will I Offend Him or Her With Too Many Questions?
The advisor you interview should not be offended by too many questions as long as the questions pertain to you hiring him or her. After all, you should be comfortable with someone’s experience and potential to make you money before you start trusting him or her with your assets.
You are not entitled to ask questions which do not pertain to the person’s position as a financial advisor. It is none of your business if the advisor is married or has children, and you certainly have no right to inquire about the advisor’s religious preference, political affiliation, or sexual orientation. Although these things might matter to you - and you might think that these are valid questions for someone who will advise you about your money – it’s bad form to ask these. Limit your questions to those actually pertaining to financial advising.
Where Can I Find A Financial Advisor?
It’s great if you receive a hearty recommendation for a particular financial advisor from someone you trust. If you can’t find anyone to give you a personal recommendation, then it’s time to interview financial advisors in your area. Be sure to check with the Better Business Bureau prior to employing a financial advisor because you do not want to trust someone with your money who happens to have complaints piled up from previous clients.
You can ask question after question about a financial advisor’s experience, education, and certifications, but if you don’t personally feel comfortable with the person for whatever reason then find someone else. You want to be comfortable with the person who is trying to help you manage your money.
