Questions to Ask of a Finance Professional in Palm Bay, FL

When in need of financial advice, people often ask friends and family who they use or look for recommendations from professionals they trust. However, they don’t stop to think about what questions they should ask of this person when meeting with him or her the first time. Following are some questions that should be asked of every finance professional in Palm Bay FL before hiring someone to handle your assets.

Are You a Fiduciary?

Individuals need to look for a finance professional who is a fiduciary. This simply means he or she is required to act in the client’s best interests. Many advisors offer a range of suitable products for the client and allow the client to decide. This isn’t helpful when a person isn’t sure what will be best for his or her unique situation. The fiduciary works to find those products that will help the client achieve his or her desired goals.

What Fees Will Be Charged?

Some financial advisors charge an hourly or flat fee, and this is the method used by the majority of fiduciaries. Others choose to use a fee schedule based on the total of the assets to be managed and this typically runs between one and one-and-a-half percent of the portfolio’s total value. If the fees are too complicated to understand, a different finance professional should be selected. Furthermore, be sure to ask if this includes all fees or if there will be additional charges for certain services.

Who Will Have Access to the Portfolio?

Most finance professionals have a team they work with. Ask to meet this team and learn how much access they have to sensitive information. Furthermore, ask if they make use of an independent custodian, someone who will provide unbiased information about the investment account. This is a great way to ensure the finance professional is providing accurate and honest information.

Don’t hesitate to make use of a Finance Professional in Palm Bay FL for help in managing your assets. The key is to find a trustworthy individual who puts the client first, as opposed to his or her own interests. Schedule an appointment to learn more about how to go about choosing this person or team. The only way to know if you are comfortable with someone is to sit down with them and talk about your assets. You’ll learn a great deal in a meeting of this type.

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