The big 3 questions to ask your financial planner

In this video, Steve talks through the 3 big questions you should ask your financial planner to make sure their expertise matches up with your needs. Watch the video or read the transcription below to find out how you can get the most out of using a financial planner.

I think there are a couple of very simple questions that clients should ask of the financial planner that they’re going to see. To give them a feel of whether it’s the right type of business for them. The first question I’d ask if I was a consumer is, what’s your qualifications and what experience have you had? That’s important because if you haven’t had experience in your particular area that they want advice in then you’ve got a mismatch already. So I think that’s very important, your qualifications and your experience in the industry.

The second question you’ll ask is how do you actually get paid, or how do I pay the adviser? And that’s very important because if the adviser is being paid from a product provider or out of a product then often there can be an incentive to use a product that doesn’t actually match the client’s needs. So I think asking the method of how the adviser is paid – if there’s any bonuses of if there’s any incentives for particular investments or products, I think that’s pretty important to understand early on in the process.

And the third thing I’d ask is who owns the business? Who am I dealing with? And if I’m dealing with an adviser today is that adviser gonna be here today or are they gonna move on? You know, so is the business owned by a bank or is it owned by and institution? I think those three questions give the client a good feel and a good comfort level as to whether it’s the right match for them.

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