Pam’s 5 Questions to Ask an Advisor

Should You Take Retirement Advice from a Salesperson?
October 12, 2016
I’m excited to bring my brand new one-hour special, MoneyTrack, Money for Life, to PBS stations
November 22, 2016

Is your advisor really working for you? When a financial advisor is employed by a brokerage firm, bank or an insurance company, he’s a ‘representative’ whose first allegiance is to his own firm in order to stay employed. Sometimes advisor ‘reps’ will want to adhere to the higher fiduciary standard, but then they switch hats and adhere to the lower suitability standard to sell you an investment product from their firm’s menu of products.

The new Fiduciary rules are intended to help investors clear up the confusion around choosing an advisor, and marketing departments at the big brand name Wall Street banks didn’t take long to find ways to blur the lines.

Here are my five questions to ask an advisor to help you make a smart decision.

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3 Comments

  1. Sarah says:

    Good to know it’s the standard industry practice.

  2. TK says:

    I’ve been feeling kind of overwhelmed going into meetings with advisors and haven’t really clicked with any yet. Have had a bad gut feeling about all of them but no concrete reason why. I’ve written down these questions to take to future meetings.

  3. Linda G. says:

    Just been preparing to hire a new advisor. Will come in handy

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