The financial industry is filled with jargon that can leave the consumer feeling overwhelmed and sometimes even misled. It is important that clients know the right questions to ask their financial advisor to make sure their money is working to its fullest potential for them. Roof Advisory Group offers these tips as a guide:
Fees - An advisor should be 100% transparent. Protect yourself by asking:
- How do you get paid for your investment recommendations?
- Are you paid commissions or receive incentives in any way?
- Do some investment recommendations pay you more than others?
- Will you provide your fee-structure in writing?
- What additional costs will I incur beyond your structured fees?
Ethics - Advisors should strictly adhere to a code of ethics. That should be clear after asking the following questions:
- Are you held to fiduciary standards in every aspect of our relationship?
- Have you ever had a complaint filed against you (or your firm) with the Financial Industry Regulatory Authority (FINRA), or the Securities and Exchange Commission (SEC) or any state/regulatory agencies?
Service - Your advisor should know your needs and be a proactive communicator. Find out:
- How many clients do you have and what is your communications frequency?
- Do you outsource any of the decisions impacting my account, if so, who will be making decisions on my behalf? What about my personal situation might influence your investment recommendations?
- Do you have in-house experts in investment analysis, portfolio management, and financial planning that actively manage my portfolio?
- Do you have an investment committee, and if so, do they meet weekly?
Roof Advisory Group is a fee-only, independent, Registered Investment Advisor located in Harrisburg, PA and serving clients across the USA for almost 20 years. The sole mission of the firm is delivering objective investment management and financial advice on a fee-only basis. Roof Advisory Group has received nearly 30 recognitions from national honors such as Top Wealth Managers, Top Performing Firm, to local Reader’s Choice and Simply the Best. When you’re serious about managing your money®, contact Roof Advisory Group.