Page 76 - Benjamin Franklin\'s The Way to Wealth: A 52 brilliant ideas interpretation - PDFDrive.com

Ask how long they’ve been in business and in what areas they have had
their greatest successes.

Remember to ask about other clients. See if they can describe their typical
client and consider whether you fit that bill—but do be realistic. Don’t be
tempted to bracket yourself with the millionaire Monaco playboys they work
for if your own life is mainly spent in a two-bed semi-detached house in
the suburbs of a provincial city. Ask whether their current clients would
endorse them and take the number of one who would agree to be contacted.
Check that the adviser is being regulated and by what body.

Your first session should also cover the question of whether payment will
be by a fee or a commission. You should be given a choice in this matter
and this is also the time to ask about how accessible the adviser is by
phone and email, as well as in face-to-face meetings.

Don’t forget the personality factor when you’re choosing a financial adviser,
either. Since you are going to be spending time discussing the details of
your life with this individual, it must be someone who makes you feel both
comfortable and reassured.

HERE’S AN IDEA FOR YOU…
For all the formal questions about qualifications and specialities, the
big one you should lead with is ‘what can you do for me?’. How well
the IFA answers that, including precise figures of what money they
expect to make and over what time, should probably be the decider for
you.