What to Ask Before You Invest

Q: My current broker is retiring, how do I make sure the transition to his replacement goes smoothly?                           

A: Interview this new broker "candidate" as if you are hiring a new broker. Ask him specific questions, such as "How long have you been advising clients, like me?", "What process do you use for selecting my investments?" and "How will I pay you for handling my accounts?"  Don't feel as if these questions are out of place, and make sure his responses are specific to your situation. After all, this is your money and your financial future.

Let your current broker know that you appreciate the introduction, BUT that you would like to meet the new "candidate" WITHOUT your current broker in the room.  Here's why; whether it is next week or next year, your broker has made clear he will no longer be serving you. You need to be confident, now, that his recommended replacement is up to the task. If your broker is part of a multi-broker office, then his replacement may be someone already familiar with your account (that would be good) or it may be a new broker just licensed and learning the business (that would be bad). If your broker runs a one man office with a national franchise, the new broker may have experience at another branch and may have similar attitudes towards financial planning (that would be good) or the new broker may be fresh out of training and simply buying an existing clientelle (that would be bad). What ever the situation, you need to feel 100% comfortable with the experience, education and attitudes of your new broker.

Interested in reading more? Simply click to request our guide What to Ask Before You Invest. In it, you'll find 19 questions and additional resources for conducting a meaningful interview with your new broker "candidate."

OSBORN Wealth Management is a fee only advisory firm dedicated to providing conservative asset management, experienced retirement planning and unbiased financial advice. Blog posts are intended for informational and educational purposes, only, and are not an offer to sell. As individual's circumstances are always unique, please consult a professional before embarking on any changes to your investment, planning, tax or legal situation. For questions on this Blog post, or general inquiries about our professional advisory services, please give us a call at 219-362-8567 or email me at drummond@osbornwealthmanagement.com.

SYNERGOS Financial Services d/b/a OSBORN Wealth Management is a Registered Investment Advisor currently registered in the states of Indiana and Michigan. The firm provides fee-only portfolio management and advisory services, and is not associated with any banks or broker-dealers. For more information, please view our current ADV filing.

Website Design For Financial Services Professionals | Copyright 2023 AdvisorWebsites.com. All rights reserved