By Anton L. (Tony) Janik, Sr.
Registered Investment Advisor
Certified Fiduciary License #20283
In addition to having a good attorney, accountant and insurance professional, one of the most important things you can do to protect and preserve the ward’s assets is to select an independent investment advisor. Much like a primary care physician manages one’s healthcare, an experienced independent investment advisor can help you make certain that the ward’s investments remain safe, productive and meet your current needs for income. Over the next few weeks, I will pose 13 questions designed to help you choose an advisor with the proper training, skills and experience to meet your ward’s investment needs.
1. What are the Advisor’s Professional Credentials?
Ask the advisor about his professional education, experience and the length of time he has worked in the financial services business.
There are significant differences between the training, experience and credentials of stockbrokers, financial planners and registered investment advisors. Investigate carefully – don’t be confused by the titles “advisors” call themselves these days. Many stockbrokers prefer to be called Financial Advisors or Financial Consultants and insurance salespeople often call themselves Financial Planners.
If you choose to go the planner route, make certain that the Financial Planner has earned the designation as a Certified Financial PlannerTM (CFP®). Not only is a CFP® more likely to be very knowledgeable (they are required to pass a series of comprehensive exams on the subject) but they have also agreed in writing to subscribe to a certain ethical standard when dealing with clients. Also, be sure to ask how they are compensated and whether they are independent or work for a particular financial services company whose products they must sell.
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