Searching for the right financial advisor can take time and energy. But the work you put in can pay off in a big way. After all, you’re looking for a partner and advocate to help you plan for some of life’s most important milestones: career shifts, retirement, creating a legacy for the next generation, and more.
As you’re looking for a wealth management firm, ask these five critical questions. The answers you receive will go far towards helping you choose a long-term partner who’s aligned with your values and priorities.
Are you a fiduciary?
It’s important to know whether your potential financial advisor is a Registered Investment Advisor (RIA) or follows a broker model. JNBA Financial Advisors is an RIA, which means we’re held to a fiduciary standard and must provide financial life planning and investment advice and services that always act in our clients’ best interests.
How are you compensated?
Does the firm or advisor make a commission on the recommended investments in your portfolio? How much are you paying in commissions or fees (both hidden and disclosed) for the services provided? Make sure to understand potential conflicts of interest and determine if you feel the advisor can be objective.
What is your wealth management philosophy?
Aim to partner with a firm whose philosophy matches your own. Take a good look at the things that are most important to you, both when it comes to investing and about your life in general. Understand the advisor’s investment and planning philosophy and ask yourself if it aligns with yours.
What is your culture like?
How does the firm put its values into action? To make sure everybody is focusing on one thing—the client’s best interests—it takes a strong culture and leadership, proven processes and collaboration, and an extremely committed team. Look for a culture based on trust, reliability, accountability, and advocacy.
What is your client retention rate?
While we’ve received numerous accolades over the past four decades, the one our team values the most is our client retention rate. Since we began tracking in 2001, JNBA has maintained a client retention rate of 96+ percent. We think that speaks volumes about the level of service and advocacy that we provide our clients.
Asking the right questions can help you find financial advisors who do what they say they’re going to do and help you meet your financial – and your life – goals. We’re always happy to share more about our approach and to learn about your unique situation, plans, and goals. Feel free to contact us to set up a conversation.
With offices in Minneapolis, Duluth, and Bonita Springs, Florida, JNBA Financial Advisors is an independent fee-only wealth management firm driven to help guide people through life’s most important decisions through an advice driven by advocacy® approach. Please see important disclosure information at www.jnba.com/disclosure.