You are thinking about hiring a “financial planner” or “fee only advisor” and it’s your life’s savings.
How do you make sure you are getting married to the right financial partner?
It’s like going to the doctor.
Most people don’t even know the right questions to ask.
We are going to give you some of them here.
- Can I lose money and if I do, will you put money back into my account to make me whole?
- What is the lifetime total of fees that I will pay you, and anyone else skimming from my savings?
- Will you move my money out of the markets before the next crash comes?
- Show me what happened to your clients in the 2008 stock market crash?
- Show me in writing how this will provide a guaranteed retirement income until the day I die.
- Since you are managing my retirement savings, show me what advanced courses, and education you have to demonstrate you are a professional pension manger, not just a Wall Street broker. How long have you had them? (CFP is not one of them.)
- Put in writing the rate of return after all fees I can expect to earn from your services, or at least the guaranteed minimum rate of return I can count on if the stock market crashes.
These questions are designed to open up an entirely different level of thinking.
Most people just go into it, and that’s it.
Many of those people lost their entire life’s savings in the 2008 stock market crash.