What Questions to Ask a Financial Advisor to Help You Reach Your Goals

There is an overwhelming amount of financial information around us. From millions of articles, podcasts, forums, and even that friend at work. People are drowning in conflicting financial advice which makes execution and decision-making hard.

But here’s the thing: when you know the right questions to ask your financial advisor, you can save yourself all of the overwhelming and contradictory information and get the answers you need.

In a world where there is limitless information available to us at any given time, you wouldn’t think it would be so tough to find the financial advice that’s right for you.

The problem is, often what’s missing is someone to help you sort through the noise and provide you with clear, innovative financial advice.

Cutting through the noise

Let’s say you’re shopping for a new vehicle. You know you want more space, low maintenance, and added practicality so you start to do your own research for your best options. And you find a LOT of information. You’re paralyzed by information overload about which car is best and you have way too many choices to pick from. You’re stuck. But you NEED a new car.

Finally, you call the person you’ve trusted to take care of your car for years. In a five-minute conversation, they’re able to recommend a car for you based on the goals, habits, and needs they know you need to cover. Now, it’s five years later and you still LOVE that car because someone with your best interests in mind recommended it.

This is what having a financial advisor should be like! Your financial advisor will sift through the noise and provide a solution quickly and efficiently.

Questions to Ask a Financial Advisor When You First Meet

When you work with an experienced financial advisor who is familiar with your goals and lifestyle, they’ll often be able to answer the questions you didn’t even know you needed to ask.

But when you meet with them for the first time, we recommend “interviewing” your financial advisor.

Here are some of the questions to ask a financial advisor when you meet with them for the first time:

  • How do you get compensated? (We talk more about how financial advisors get paid in Canada in this post)
  • Are you a fiduciary who will put my interests ahead of your own?
  • What are my total costs? (Are there any additional fees you will have to pay)
  • Can you explain your values and approach to financial planning?
  • How will we communicate and how often will I hear from you?
  • How will we measure success?

Questions to Ask Your Financial Advisor Today

Now, let’s say you already have a financial advisor you know and trust. There are also some questions worth asking and conversations worth having if they haven’t already been covered.

  • What are tax-saving opportunities can I pursue?
  • Am I on track with the goals I have set for myself?
  • Is there anything missing from my financial plan we should discuss?
  • Am I using my corporation effectively to build a tax-efficient retirement plan? (Find out more about this here)
  • When should I adjust my investing strategy?
  • Are my assets adequately protected?
  • How will my current investments affect me come tax time?
  • As a business owner, how can I take advantage of my corporate tax structure? (We talk more about this here)

If you’re looking for a financial advisor who customizes advice specifically to what you want to achieve in life we should talk. At Ocean 6, we are excited about your financial future and helping you reach your goals. If this sounds like what you’re looking for, book a call today.

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