Friends and colleagues have probably told you before to make sure you get a financial advisor. But how do you choose one? There are questions you need to ask your financial advisor candidate while you are developing a relationship. This financial advisor will be with you for the duration of your career and beyond, so it’s something to take seriously.
Nick Schneider is in The Doctor’s Life Podcast studios with those questions that you need to be asking. All episodes of The Doctor’s Life Podcast are available here, iTunes, and on SoundCloud. If you have an Android device, you can download a podcast player (I recommend Podcast Addict), and it will pull from iTunes. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast.
How to choose your advisor?
We find that young Physicians would feel more confident if they worked with an Advisor. Only 11% of physicians are very confident in their planning as opposed to 38% that use a planner. So why do only ½ of physicians work with a trusted advisor? AMA report tells us it is 3 reasons.
Today I am going to address the trust question as I believe it is the hardest to evaluate. I am going to give you some questions to ask your planner to help you decide if they are a good fit for you>
- Is this your primary occupation?
- What is your level of training? Have you become or are your pursuing board certification in Financial Planning?
- How long have you been in the business?
- Do you specialize in the Physician marketplace?
- Will you be working with me directly?
- Who would I work with in the event you leave the business for any reason?
- Are you fees clearly stated in the agreements we sign?
- Do you provide a written summary of my financial situation?
- Will you provide advice on non investment related financial issues?
- Will you sign a fiduciary oath or agreement?