When looking for a fiduciary advisor in Salt Lake City, it’s important to ask the right questions so you can start to assess their qualifications, approach, and how well they align with your financial goals.
10 Things to Ask a Salt Lake City Financial Advisor
We’ve put together a list of questions to ask during your initial consultation.
- Are you a fiduciary? This distinction is crucial. Fiduciary advisors must prioritize your best interests, providing a higher standard of care than advisors who operate under a suitability standard.
- What is your experience and qualifications? Inquire about the advisor’s background, experience, and any relevant certifications or credentials. Look for designations such as Certified Financial Planner certification® or Chartered Financial Analyst certification®.
- How are you compensated? Understand the advisor’s fee structure. Fiduciary advisors often charge a transparent fee for their services, either hourly, as a percentage of assets under management, or a flat fee. Clarify any potential conflicts of interest related to compensation.
- What services do you offer? Determine the advisor’s services, including financial planning, investment management, retirement planning, tax planning, and estate planning. Ensure their offerings align with your specific needs.
- Can you provide references or testimonials? Request references or testimonials from current or past clients. This can give you insights into the advisor’s communication style, reliability, and overall client satisfaction.
- How do you approach financial planning? Understand the advisor’s approach to financial planning to make sure it aligns with yours. This includes their methodology for assessing your financial situation, creating a customized plan, and adjusting it over time.
- How do you stay informed about changes in the financial industry? A good advisor stays current with industry trends, tax laws, and market conditions. Inquire about their commitment to ongoing education and staying informed about changes that may affect your financial strategy.
- How often will we communicate? Establish expectations regarding communication frequency. Determine whether the advisor offers regular updates and reviews or is available for ad-hoc discussions when needed. Get a sense of how they communicate; is it phone calls, in-person meetings, or other forms of contact?
- What is your investment philosophy? Understand the advisor’s investment philosophy and how it aligns with your risk tolerance, financial goals, and time horizon. Ensure they can explain their approach in a way that you understand. The last thing you want is to work with a fiduciary who talks down to you or doesn’t listen to your concerns.
- How do you handle market volatility or economic downturns? Assess the advisor’s approach to market fluctuations and economic challenges. A good advisor should have a strategy for managing risk and helping you navigate turbulent times. They should also be able to articulate how economic cycles can impact short- and long-term decision-making.
BONUS: How do you personalize financial advice for your clients?
Inquire about the advisor’s ability to tailor their advice to your unique financial situation, goals, and preferences. Personalization is key to a successful financial planning relationship. You want to work with someone who will set you up for success, not someone who treats every client with the same generic responses.
Inquire about the advisor’s ability to tailor their advice to your unique financial situation, goals, and preferences. Personalization is key to a successful financial planning relationship. You want to work with someone who will set you up for success, not someone who treats every client with the same generic responses.
Trust Trajan Wealth: Utah
Our SLC team would love to answer these questions during your initial consultation. Whether you need help with wealth management, retirement planning, 401(k) rollovers, or all of the above, our fiduciaries are here to prepare and execute a holistic financial strategy. With transparent pricing and honest communication, we are the trusted financial advisors here in Salt Lake City. Come talk to our team in one of our two convenient locations in Draper and Farmington.
