Wealth Management Questions to Ask
May 08, 2020
by Lisa Zullo
Wealth Management Questions to Ask
- What experience do you have?
- Who do you typically help?
- Is your investment approach cautious or aggressive?
- What are your qualifications?
- How do you stay current with changes in the financial planning profession?
- What services do you offer?
- Will I work exclusively with one advisor?
- How much do you typically charge?
- Do you benefit from recommending outside contacts?
- Can I have our agreement in writing?
Ask your wealth management advisor the important questions.
You may be looking for help from a wealth advisor for a number of reasons – you’re buying a new home, you’re planning for retirement or your children’s education, or you simply don’t have the time or expertise to get your finances in order. We recommend 10 wealth management questions to ask any potential advisor.
What experience do you have?
Founded in 1984, Cook Wealth Management Group has extensive experience in financial planning, accounting and taxation, corporate finance, private banking, investments, private equity, insurance, and even counseling. We know what wealth management questions to ask and how to customize a plan to help you achieve your unique goals.
Who do you typically help?
We work with people we can effectively help to succeed over time. We look at each new client relationship as an opportunity to build a lifetime partnership. Our clients include small business owners, entrepreneurs, and corporate executives. Clients come to us initially for a variety of needs, including:
- Preparing for retirement
- Planning for taxes
- Managing investments
- Preserving an inheritance
- Transitioning to a new job
- Dealing with a death in the family or a divorce
- Handling an IRS audit
- Planning for a parent’s long term care
- Saving for a child’s college education
- Starting a new business
Is your investment approach cautious or aggressive?
Neither. Our approach is client-specific, based on individual risk tolerance and individual goals.
What are your qualifications?
Our wealth advisors are CERTIFIED FINANCIAL PLANNER™ professionals and our tax advisors are Certified Public Accountants (CPA). We also have experience in insurance, tax planning, investment management, estate planning, retirement planning, debt management, charitable giving, and more.
How do you stay current with changes in the financial planning profession?
We maintain our licenses and certifications through ongoing ethics, continuing education, and professional development courses and seminars, and we stay up to date on the latest tax codes, market issues, estate law, healthcare benefits, retirement savings strategies, and more. Our entire team is committed to lifelong learning; we participate in several professional organizations, including the American Institute of Certified Public Accountants and the Financial Planning Association.
What services do you offer?
Our holistic approach to financial planning includes the following suite of services:
- Financial Planning (including Estate Planning & Asset Protection)
- Asset Management (Customized Portfolio Design & Monitoring)
- Tax Planning (Optimization, Estimates, & Preparation)
We are also licensed to offer securities and insurance products (life, disability, and long term care) in many states and we are a Registered Investment Advisor.
Will I work exclusively with one advisor?
Cook Wealth is proud to offer the help of a team of professionals, each member aptly suited to assist you in his/her area of expertise. Cook Wealth’s team approach means each of us is aware of your needs and preferences. Your lead advisor will work with our tax professionals, client services staff, and additional wealth advisors to provide great service based on your customized plan.
We also offer the services of our select partners. While the majority of our services are provided in-house, we also coordinate with estate attorneys, property & casualty agents, bankers, and more to meet all your needs – financial and otherwise.
How much do you charge?
Cook Wealth is primarily fee-based (though we do receive commission for certain insurance policies), meaning we only succeed if you succeed. We charge an initial wealth planning fee and an ongoing maintenance fee. For unique, extenuating circumstances, an hourly fee may apply.
Do you benefit from recommending outside contacts?
We receive no compensation for our recommendations. We choose professionals who will provide you the same high level of service you receive from us. We recommend our select partners only to help you succeed.
Can I have it in writing?
We want to be fully aware of your expectations, and we want you to be fully aware of ours – no mystery, no surprises.
We provide all relevant disclosure statements and client agreements. Here are descriptions of just a few:
Investment Policy Statement
After you become a client, we present you with an Investment Policy Statement, a written agreement that details the customized way in which we’ll approach your investments; it outlines our expectations and yours.
Investment Advisor Form ADV Part II
We also provide you with the Investment Advisor Form ADV Part II which explains our investment platform and services provided.
After each wealth plan update meeting, we send you a Meeting Summary which lists the items we discussed and reiterates any pending tasks – our responsibilities and yours – to ensure we are taking the right steps to help you succeed.
Ready to discuss how we can help you with Wealth Management? Request a meeting and we’ll contact you.