checklist for interviewing a financial planner

Print this checklist and use it when you are interviewing a financial planner.

Planner's Name:

Company:

Address:

Phone:

Date:

1. Do you have experience in providing advice on the topics below? If yes, indicate the number of years.

• Retirement planning
• Investment planning
• Tax planning
• Estate planning
• Insurance planning
• Integrated planning
• Other

2. What are your areas of specialization?

What qualifies you in this field?

3. a. How long have you been offering financial planning advice to clients?

• Less than one year
• One to four years
• Five to 10 years
• More than 10 years

b. How many clients do you currently have?

• Less than 10 clients
• 10 to 39
• 40 to 79
• 80 +

4. Briefly describe your work history.

5. What are your educational qualifications?
     Give area of study.

• Certificate
• Undergraduate degree
• Advanced degree
• Other

6. What financial planning designation(s) or certification(s) do you hold?

• CERTIFIED FINANCIAL PLANNER™ or CFP®
• Certified Public Accountant-Personal Financial Specialist (CPA-PFS)
• Chartered Financial Consultant (ChFC)
• Other

7. What financial planning continuing education requirements do you fulfill?

8.What licenses do you hold?

• Insurance
• Securities
• CPA
• J.D.
• Other

9. a. Are you personally licensed or registered as an investment adviser representative with a state(s)?:

• Yes
• No

If no, why not?

b. Are you or your firm licensed or registered as an investment adviser with the:

• State(s)?
• Federal Government?

If no, why not?

c. Will you provide me with your disclosure document Form ADV Part II or its state equivalent?

• Yes
• No

If no, why not?

10. What services do you offer?

11. Describe your approach to financial planning.

12. a. Who will work with me?

• Planner
• Associate(s)

b. Will the same individual(s) review my financial situation?

• Yes
• No

If no, who will?

13. How are you paid for your services?

• Fee
• Commission
• Fee and commission
• Salary
• Other

14. What do you typically charge?

a. Fee:

Hourly rate $ _________

Flat fee (range) $ _________ to $ _________

Percentage of assets under management _________ percent

b. Commission:

What is the approximate percentage of the investment or premium you receive on:

stocks and bonds _________

mutual funds _________

annuities _________

insurance products _________

other _________

15. a. Do you have a business affiliation with any company whose products or services you are recommending?

• Yes
• No

Explain:

b. Is any of your compensation based on selling products?

• Yes
• No

Explain:

c. Do professionals and sales agents to whom you may refer me send business, fees or any other benefits to you?

• Yes
• No

Explain:

d. Do you have an affiliation with a broker/dealer?

• Yes
• No

e. Are you an owner of, or connected with, any other company whose services or products I will use?

• Yes
• No

Explain:

16. Do you provide a written client engagement agreement?

• Yes
• No

If no, why not?

 

“Checklist for Interviewing a Financial Planner” Copyright © 2009, Certified Financial Planner Board of Standards, Inc. All rights reserved. Used with permission.”