Questions to ask a Financial Advisor

These days, it seems like we rely on technology for a lot of answers to our questions. We ask our phone where the nearest Thai restaurant is, how to get to a medical appointment, the going rate for babysitters, or about the stormy weekend weather forecast.

Here at One Day In July, we see the benefits of this, but we believe that there are still some things that should not be answered by phones. We do not believe your phone should decide your financial advisor.

Many things are out of our control, but choosing a financial advisor is not. It’s important to vet your candidates as your financial advisor has an important job: you, your wealth, and your future.

When looking for a financial advisor, here are a few things One Day In July recommends that you consider:

• What services does your financial advisor offer?
• What are their fees, and are they transparent? (If you are paying more than 1%, you may be paying too much. See our fees here).
• Are they a fiduciary financial advisor?
• Can their clients easily reach them?
• What is the firm’s investment approach?

Many people pursue big names, big firms, and big promises (which often come with big fees). Does an unknown voice at an 800-number addressing your deepest anxieties about your financial future sound ok to you? It doesn’t to us. We believe that a phone (and a firm) should be what it used to be: a means of reaching a familiar person, in this case your financial advisor, who will listen to your questions and give answers.

Call us old-fashioned. We don’t mind.