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10 Questions Before Hiring an Advisor

10 Questions Before Hiring an Advisor

May 25, 2023

Today is the last day of school for many students, so let's get an education. My friend Daniel Kopp lists 10 questions to ask when hiring a financial advisor. Yes, we linked an article to a "competing" advisor. Yes, he also works with widows and widowers. Daniel's writing is thorough and detailed. In contrast to Daniel's style, below are Simply Human Advisor's brief answers to his questions:

  1. Is your advisor a fiduciary always, and will they put that in writing?
    • Simply Human Advisors is, and will.
  2. How do you get paid? Will you itemize all your fees and expenses in writing?
    • Yes, see our fees page.
    • Simply Human Advisors is fee-only.
    • We do not receive commissions (we consider commissions to be a significant conflict of interest)
    • For clarity, don't confuse fee-based (commissions and fees) with fee-only.
  3. Do you have experience working with clients like me?
    • If you are suddenly single, either because of a death or divorce, then yes. You are who we are called to serve. 
    • Additionally, Dillon's expertise is working with clients between the ages of 55 and 75. 
  4. What experience, education, and credentials do you have?
    • Experience: 15 years in the finance industry
    • Education: Master's in Accounting from ACU
    • Credentials: CPA and CFP®
      • Side note, a Series 7 is a "dumb exam" and nothing close to the CPA or CFP exam. Passing a series exam is not a credential. If your advisor is touting a Series 7, all that says is they are approved to sell you financial products for a commission (see question #2).
  5. Do you have any disciplinary issues or complaints on your record?
    • No. 
  6. Who is your custodian?
    • Charles Schwab & Co.
  7. How and how often will you communicate with us?
    • Mostly email, Zoom, or phone call, according to your preference. If you are nearby, we will meet face-to-face if you wish. Initially, communication will be frequent, especially as you get comfortable in this new phase of life. 
  8. How do you use technology to benefit your clients?
    • We are a little "old-school", preferring to explain things on the back of a napkin. When you need a little bit more, we have the technology for that.
    • Once upon a time, big firms had exclusive access to the best technology. Today, the opposite is true. Now, the big boys are stuck with arcane processes and technology. Because our clientele is somewhat homogenous in age and stage in life, we utilize tailor-made technology for them. 
  9. What options do you have to work together, and what specific services do you offer?
    • Most of our clients are local, but we love working virtually. If you are virtual, we will teach you how to share information securely. 
    • Plus, we can Zoom with our houseshoes on. 
  10. What do you love about your job?
    • We love people. We love listening and sharing life with people. We want to remove the financial headaches efficiently so we can invest more time in living life.

Book an appointment for your initial conversation.