Questions to Ask Before Selecting a Financial Professional

Here are some suggested questions you an ask when you interview:

• How long have you been working in this field?
• How long have you been with this company?
• Do have other customers in situations similar to mine?   
• Can you provide references of other clients that I can call?
• Who else in your firm will work on my account?
• How are you paid?
  

The most important conversation you will have with this person is about your specific goals, objectives and risk tolerance.

At the outset of your relationship, a prospective broker should be able to tell you if your goals are reasonably attainable, and how the broker would recommend investing your money to achieve your goals.

Remember, with a stock broker, you are going to be very much involved in the decision making process regarding how your money is invested. You have every right to expect that your stockbroker will only recommend investments to you that are suitable for a person of your means, experience, goals and risk tolerance.  This does not mean that you are expected to accept every recommendation.  It does mean that you will be placed in a position of evaluating the advice and recommendations that the stockbroker will give to you.  You will be expected to participate in the decision making.  Which means you will need to stay informed.

Unless you hire an investment manager, that is, someone who will make all of the investment decisions in your account for you, and even if you do, it is always better for you to stay on top of what is happening to your money.