The Ritter & Randolph, LLC Blog

Meeting with a financial planner can be just as intimidating as meeting with an attorney.  But it does not have to be!  When making that decision to meet with a financial planner, it is good to come prepared with certain questions, so that you can make a sound decision as to whether a particular financial planner will fit your specific needs.  What follows are some helpful questions to ask a financial planner when initially meeting with him or her to make sure that they will be able to meet your financial planning needs.

1. How much does he or she charge for services?
2. How many clients does he or she have?
3. What is in his or her portfolio? 
4. How long does he or she plan to be in the business?
5. Can he or she relate to personal life events that you are concerned about?
6. Will you be able to speak to him or her on a regular basis?
7. What kind of periodic reports will you be receiving?
8. Can he or she provide any references from current or former clients?
9. Find out if he or she has ever been publicly disciplined for unlawful or unethical actions.
10. Find out how long he or she has been in the business. Find out his or her qualifications.  Find out if he or she is recognized as a Certified Financial Planner.

By finding the answers to these questions, you will be able to make a determination as to whether this individual is the right fit for you to manage your investments.

All consumers should have their life insurance policies reviewed if they have had them for more than a few years.  Some universal life policies that were based on projections made when the economy was stronger may be “underwater” and may need more robust premium payments to sustain them over the long term.  Premiums of other policies may be based on old tables measuring life expectancy.  In this instance, individuals may be able to lower premium payments or increase the death benefit.

Policyholders should never simply drop policies they no longer need or can afford.  They may be giving up a large benefit for their heirs and they may be able to sell the policy for a larger return than the policy’s cash surrender value. It is also always important to check the current beneficiaries on the policies and get confirmation from the insurance company as to what beneficiary they have on file.