Five Questions Your Broker Don't Want You To Ask

Date Published: 3/21/2022

Susan scheduled a meeting with a financial planner to discuss her financial affairs. Before the meeting with the planner, Susan asked Pam to help prepare her for the meeting

When Pam came over and sat down, Susan explained that she was having a meeting with a financial planner later that afternoon. She asked, "Pam, what questions should I ask? Pam replied, "Here are a few questions you can ask:

Question #1 – When did their wealth advisory services begin ? You want to know as much as possible about this company before signing on the dotted line?

Questions #2 - How frequently will you communicate with your customers? You want to ensure that your planner will not abandon you after the sale. Get it in in writing

Question #3: What education do you provide for your customers? If you're doing business with someone, they should share information to help you get a better return

Question #4 Are you a broker or financial fiduciary? Why this question? A fiduciary rate is around 3%. A broker fee may vary on the product they are selling. On top of that, the company they represent may include an additional 9 -11 fees. So again, get everything in writing and do not take no for an answer?

Questions #5 – What is your fee schedule? If your representative cannot provide information concerning fees, the company they representative ask for a number so you can call and check for yourself. Many brokers are double dipping using hidden codes in your contract. I cannot stress it enough, Susan, get everything in writing and ask questions?

Susan, I have a total of 60 questions that I can forward to your inbox. The most important thing is to let the financial planner control the conversation. It would help if you did all the interviewing, not the broker?

In closing, the second rule is 'do not lose money.' To accomplish this, you must start asking questions to protect your financial future.

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