10 Essential Questions for Your Financial Advisor
Key questions to help ensure fiduciary standards, transparent fees, and aligned interests for your peace of mind.
FSG Wealth Advisors, LLC
It's not just about money. It's about the quality of your life. Just like your physical health, getting a second option about your financial health is crucial to your future wealth. The decision you make today about your finances will impact your quality of life in years to come.
It's common for individuals to rely on "trusted" financial institutions—but sadly, the expectations often fall short of what was promised. The culprit may be high fees and commissions, a lack of investment knowledge, or behavior that is ethically questionable. Their lack of experience will result in costs that impact you and you may not know the impact of the loss until it's too late.
At FSG Wealth Advisors LLC, we have credentials and experience you can trust. Are you a fiduciary which, of course, means you are required to put my interests first? If you are working with a financial professional now, here are some questions you should ask.
1. Are you a fiduciary which, of course, means you are required to put my interests first?
2. If yes, do you operate full-time under the fiduciary standard or do you occasionally switch to the less stringent suitability standard?
3. Are you a fee-only advisor or do you also commissions or some production-based bonuses on the products you sell me?
4. Would you be willing to reveal—in writing—all sources of your compensation from, or associated with, my account? If no, why not?
5. If you recommend annuities, will you provide a short written summary of the commissions, fees, expenses, and charges embedded in the insurance contract? If no, why not?
6. If you recommend annuities, what is your direct compensation when I purchase the annuity, and how many years in the future until the surrender charges expire?
7. Do you invest your own money the same way you are recommending I invest mine? If no, why not?
8. Do you pick stocks or time the market? If so, explain how you or your firm feel you can achieve excess returns above the appropriate market benchmark(s) when the brightest and the best on Wall Street are unable to do so consistently.
9. Do you safe keep or custody of my assets in-house, or do you outsource the safekeeping and custodial function to an independent, 3rd party qualified custodian?
10. Have you personally filed for bankruptcy or been disciplined by any securities or insurance regulatory body or organization? If so, please explain.
If you need help diagnosing the responses after you receive your answers, we would love to help. Give us a call to go over your results and we will help you clarify if who you are working with is the right fit for your financial and investment goals.
700 Colonial Road, Ste. 130
Memphis, TN 38117
Dislosure: FSG Wealth Advisors, LLC is an investment adviser registered with the State of Tennessee. FSG Wealth Advisors, LLC may not transact business in states where it is not appropriately registered, excluded or exempt from registration. Individualized responses to persons that involve either the effecting of transactions in securities, or the rendering of personalized investment advice for compensation, will not be made without registration or exemption.
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