Choosing A Financial Advisor?

5 questions to ask before making your selection


Evaluating and selecting a financial advisor is a big decision.  You’re trusting someone to help you build, manage and hold onto your wealth and guide you in decisions that can affect you and your family for a lifetime.  He or she will likely know your financial situation better than anyone else in your life. Choosing the right person may not guarantee your financial success, but you need to know they are always looking out for your best interests.


Here are 5 must-ask questions to pose when choosing a financial advisor.


1.       Are you a fiduciary financial advisor?

Being a fiduciary financial advisor means they are legally mandated to put the interest of their clients first and foremost.  By comparison, a non-fiduciary advisor may be incentivized to offer you proprietary products that may favor his or her firm’s financial interests ahead of yours.


2.       How would you describe your typical client?

The goal is to get a sense for how important you will be to the advisor.  Ask the average account size and age/income level of his or her client base.  Inquire as to their philosophy in working with clients who are most analogous to where you are in life today and your goals for the future.  Keep looking until you find a financial advisor with whom you feel comfortable.  It’s fine to take recommendations from friends or family, but don’t hesitate to go with your gut instincts.


3.       What services do you offer?

What services will be available to you over the course of your relationship?  In addition to asset wealth management, do they offer wealth building strategies and guidance?  How about career advice and untapping your inner potential for greatest wealth building and happiness?  What should you expect in terms of the technology interface between you and the advisor? How many times per year will you meet with the advisor?  Who’s the team behind the advisor who can promptly handle any day-to-day needs?


4.       Who will serve as custodian for my assets?

Ask who will be able to move money in and out of your account(s)?  How will your accounts be titled?  What level of liability does the advisor’s firm have?  How do they monitor their employees’ conduct? 


5.       What licenses and accreditations do you hold?

Does the financial advisor hold a Certified Financial Planner (CFP) accreditation?  What other credentials?  What is his or her education and financial industry background?  What is the financial training of staff members in the firm?

Bottom line, be rigorous in choosing a financial advisor.  Think of yourself as the CEO of your family affairs who is making an important high-level decision.

If an advisor can’t give straightforward and credible answers to your tough and direct questions, then they don’t have the right stuff for the job. 


At Lenox, we work closely with people of all ages to help guide you in every aspect of your financial life –– from understanding your attitudes about money, to wealth creation, wealth building, wealth management, career planning and coaching, funds for education, retirement planning, working through financial hurdles, and more.  In every instance, we start with you, not your portfolio to help you FUND A LIFE YOU LOVE™.

If you’re ready to discuss financial, business, career and life planning that will allow you to Fund a Life You Love®, we’d love to tell you more.  Let’s talk.  It’s your tomorrow. Call us for a complimentary 1-hour review.  Call 513.618.7080 or visit to Fund a Life You Love.


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This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.