Choosing A Firm
- A decision to get information from an advisory firm isn't a decision to change anything - it is a decision to ask questions and determine if there are things being overlooked or that need to be addressed.
- Elect to go through a formal process to unveil potential problems, pitfalls, options for remedy, and opportunities for improvement before you are committed.
- From the advisory firm you choose, get a list of items the advisory firm needs for financial, tax, and estate planning. There shouldn’t be any questionnaire to complete; just a list of documents the advisor will need to assess your current financial situation. Put them in a stack, check them off the list, and bring them with you to the next meeting.
- The advisor will determine where you are, financially, help you understand, what might happen, what you hope would happen, and what could happen if everything is left as it is.
- Make sure the firm presents you with options, not recommendations. Options, such as:
- Leave everything as it is
- Revise everything to maximize future opportunities
- Something in between
- Ask your advisor for “strategies” related to those things you want to improve.
- Ongoing monitoring including reviews at least annually