Q&A: Finding A Financial Adviser
This retired couple have more than half a million to invest but can’t find anyone that’s interested in helping.
Q – My husband and I are having a hard time finding an adviser who actually cares about us. He has been retired for 12 years and I have been retired for eight. We have $600,000 in investments and are currently earning about 2-1/2%. We think we should be earning more. We recently changed advisers due to lack of communication but maybe we don’t know what to look for as this one really has made no changes. We would appreciate any help you can give us. – Donna & Gino B.
A – The best approach is to interview a minimum of three prospective advisers. Explain how much you have and your goals. Then ask each adviser the following:
1. Are you interested in taking on this business?
2. What approach would you take if we give it to you?
3. What would be your target return?
4. How do you charge for your service? How much should we expect to pay each year?
Make your decision based on your comfort level with the answers. – G.P.
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