General Q & A

What to look for in a Franklin Financial Advisor

What to look for in a Franklin Financial Advisor

by Jenny Devin -
Number of replies: 0

The first step to finding the right Franklin Financial Advisor is to look inward. Start by asking some questions. 

What Are My Top Financial Goals?
This could be starting a business, grad school, early retirement, or launching a graduate program. Your goals will change over time but it is helpful to start your process by thinking in concrete terms.

What Kind Of Financial Advice Do You Need?

Do I need one-off advice or guidance on a particular topic? For example, you may be able to manage your savings but need assistance in managing your portfolio. You may also need assistance with planning for education, estate, or insurance.

What Kind Of Advice And Service Do I Need From My Advisor?

Advisors may meet with clients in person or virtually. While some advisors work in a team, others work alone. Some advisors only provide investment management services. Some advisors only offer investment management services. Others provide financial planning and advice, as well as counsel for personal finances. You want an advisor who works with you, not against your will.

Ask Questions And Set Up Appointments
Each advisor is unique. Your goal when you meet with an advisor is to get to know their services, how often they communicate with clients, their fees and the different ways they work with them. These are some of my favourite questions to ask potential advisors when they first meet you:

What services are you offering? Financial planning? Management of investments? Budgeting? Planning for insurance? All of the above?
Which professional licenses are you holding? Are you registered with FINRA or the SEC? Could you please tell me more about yourself?
Are you able to serve specific populations with particular expertise? Is there a particular investment philosophy that you and your company follow? What types of investment products or services do you offer Do you offer any products or services that aren't available?
What is the best way to get paid? Are you able to maintain a minimum balance in your account? Are you paid commissions for products I sell or buy? A percentage of my assets that you manage? Flat fee? What are your other fees?

What is your contact frequency with me? What time are you available to answer my questions?
These initial questions will help you get to know the advisor's personality. Do a gut check. Do you feel comfortable sharing your personal information with the candidate? Are the answers from the candidate clear and concise? If they are hesitant about being honest or willing to spend time with you, these are red flags.

Learn About Fees And Costs
It is important to understand compensation. Understanding how advisors are paid can help you avoid conflicts of interest. It doesn't matter how much an advisor gets paid. However, it is important that they always consider your best interests. Because fees can have a significant impact on your investment returns, they are important as well. It's crucial that you understand the fees you are being charged and feel that they are fair and reasonable. It's not easy to switch advisors. I applaud you for taking the time and finding someone who is more like you and better understands your needs. It is crucial to do your research. Listen to your gut when interviewing candidates. Your money is yours and your advisor will work with you. Good luck.