What should you ask a financial advisor?

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Edward Jones - Chad Choate, AAMS

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Posted on

Oct 05, 2023

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Florida - Sarasota, Bradenton & Charlotte Counties

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Managing your finances and investing for your future are important tasks — and they can be challenging. But you don’t have to go it alone. Many people benefit from working with a financial advisor, someone who knows their needs and goals and makes appropriate recommendations. If you’re considering getting some help, you’ll want to ensure a particular financial advisor is right for you, so it’s a good idea to ask questions.

Here are some to consider:

Have you worked with people like me? All of us are unique individuals. Yet, you do share certain characteristics with others — age, income, family situation and so on. And you might feel comfortable knowing that a financial advisor has worked with people like you and can readily understand and appreciate your needs and specific goals: college for your children, a certain type of retirement lifestyle, the kind of legacy you’d like to leave and others. The more information you can provide about yourself upfront, the better your chances of finding a good match.

Do you have a particular investment philosophy? Some financial advisors follow a particular investment style, while others might focus on specific investments or categories. There’s nothing inherently wrong with these types of approaches, but you might be better served by working with someone who takes a broader view — one that emphasizes helping clients meet their goals over any particular philosophy or strategy.

How will you communicate with me? Open and frequent communication are key to a successful relationship with a financial advisor. So, you’ll want to know what you can expect. Will you have annual or semi-annual reviews of your accounts? In between these reviews, can you contact your advisor at any time with questions you may have? How will an advisor notify you to recommend investment moves? Is the financial advisor the individual you’ll communicate with, or are other people involved?

How do you define success for your clients? Some investors track their portfolios’ performance against that of a specific market index, such as the S&P 500. But these types of benchmarks can be misleading. For one thing, investors should strive for a diversified portfolio of stocks, bonds and other investments, whereas the S&P 500 only tracks the largest U.S. stocks. So, when you talk to potential financial advisors about how they define success for their clients, you may want to look for responses that go beyond numbers and encompass statements such as these: “I’m successful if my clients trust me to do the right things for them. And, most important, I’m successful when I know I’ve helped my clients reach all their goals.”

How are you compensated? Financial advisors are compensated in different ways — some work on commissions, some charge fees, and some combine fees and commissions. There isn’t necessarily any best method, from a client’s point of view, but you should clearly understand how a potential advisor is compensated before you begin a professional relationship.

These aren’t the only questions you might ask a potential financial advisor, but they should give you a good start. When you’re trusting someone to help you with your important financial goals, you want to be completely comfortable with that individual — so ask whatever is on your mind. 

Chad Choate III, AAMS

828 3rd Avenue West

Bradenton, FL  34205

941-462-2445

chad.chaote@edwardjones.com

                                                                                                                           

 

This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.

Edward Jones, Member SIPC

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Local Services By This Author

Edward Jones - Chad Choate, AAMS

Financial Advisor 828 3rd Ave. W., Bradenton, Florida, 34205

Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.