5 Excellent Questions To Ask Your Financial Advisor Right Now
The economy is uncertain and ever-changing. Having a financial advisor can alleviate some stress by helping you maintain a secure foundation and showing you how to navigate market changes strategically.
A little help can go a long way, especially when making vital financial decisions for long-term goals. Whether getting acquainted with your new financial advisor or trying to decide if your current client-advisory relationship is a good fit, here are 5 questions you can ask them to put your mind at ease.
1. How can we reduce my tax liability?
Nothing drains a portfolio like taxes. If you want to keep more of your hard-earned income for yourself, you’ll want to learn about any applicable reduction strategies. Your financial advisor should be well-versed in tax-saving methods and how to incorporate them into your financial plan.
There’s a plethora of ways to protect our income. And since we’re in peak tax season, you might as well contact your advisor today and ask them about your options for reducing tax liability.
2. What can we do about inflation?
Inflation is a harsh new reality, and people of all incomes are struggling. Fortunately, you don’t just have to keep your head above water to survive. With the help of a seasoned advisor, you might even be able to ride the waves and find a solution that could work in your benefit. Ask them if you have any options to strategically adjusting your investment portfolio. You can change your investment strategy again when the economy improves.
Your financial advisor can also offer advice to help protect your personal finances. Ask them about their suggestions to combat the rising prices of goods and services.
3. Where should we begin with my retirement planning?
Retirement should be at the forefront of your financial plan. Your financial advisor can help you determine how much money you’ll need to save for retirement, which investments can yield the best returns and when the right time comes to withdraw from those accounts.
They will be able to explain your options including:
- Traditional Individual Retirement Accounts (IRAs)
- Roth IRAs
- Stocks
- Mutual funds
- Retirement plans offered by employers
- Social Security benefits, etc…
4. Am I on track to reach my financial goals?
Your financial advisor can assess your current investments to determine whether you’re on the best path, or they can work with you to make changes to your comprehensive financial plan.
Having your financial advisor review your progress regularly can impact your progress toward building wealth. Many factors can affect your investments, but your advisor can guide you through the process of responding to market changes strategically. This process typically involves an analysis of your investments and their performance over time.
As a licensed independent financial advisory firm, EXOS believes in the benefit of having regular check-ins with our clients. This is a great way for advisors to give their clients year-round peace of mind.
5. Are you a licensed fiduciary?
There is a significant difference between a financial planner and a licensed fiduciary. Fiduciaries are legally obligated to prioritize their clients’ financial well-being and best interests.
If you’re in the market for a new advisor, ask them about their ethical and fiduciary standards. Make sure they put YOUR needs first and operate with the highest level of integrity when offering advice or managing investments.
EXOS can give you the peace of mind you seek.
EXOS is a licensed Registered Investment Advisory™ firm. We see our fiduciary duties as a pact rather than a responsibility, which is why our investment philosophy is based on putting our client’s best interests first at all times.
Our financial advisors are ready to answer your questions today. Contact us for a free consultation and discover why we could be a good match for you.
