Eight questions to ask a financial professional

Everyone wants to make the most of their finances and be financially prepared for their future. But stress around finances is a major concern. 48% of US workers said money was their top source of stress in life, according to our 2024 Mind, Body, and Wallet® report.¹ Choosing the right financial professional can make a big difference.

Financial professionals can explain things clearly and simplify choices when it comes to competing priorities in life, like saving for retirement versus saving for college. And studies show that more people are confident about their retirement income needs when working with a financial professional. ¹ A professional can help you look at your finances in a unified, holistic way so you can be prepared for major milestones, such as starting a family, selling a business, and planning for the future, all while focusing on your well-being along the way.  When it’s time to choose a financial professional, make sure you find a good fit. Consider interviewing a few different people, and come ready with questions, like:

1. How will you manage my finances and how will we work together?

There are more than 320,000 financial professionals in the US.² That makes for a lot of choices. Ask for specifics about how the financial professional will help you manage your money and investments and how those solutions will pertain to your life. Also consider asking your financial professional about how they do business. Do they start by going through all your finances? How often will you communicate? And what type of investing philosophy do they subscribe to? Don't forget to ask about what kind of fees you can expect. A good financial professional is entirely transparent about their fees, and has options for all income levels.

2. Do I have the right protection? 

If the unforeseen happens ( illnesses, accidents, or death) most people want to be sure that their family and loved ones are financially protected. Nine out of 10 workers don’t have enough life insurance coverage, yet only 36% believe they are underinsured.³ Ask your financial professional about your insurance coverage, including life insurance and disability insurance to help you and your family be prepared. Then discuss your investments and growth potential, and how to balance both protection and investments.

3. Am I saving enough for the future, and in the smartest way? 

There’s no single answer to this question — everyone’s goals are different. Your financial professional should listen to your specific goals and show you what’s possible.

4. Can you make it easy for me to track my progress, even when some accounts aren’t connected to you? 

Financial progress tends to happen gradually, especially at the beginning. Ask if your financial professional has a way to show you a live snapshot of everything going on in your life — from retirement savings to life insurance to savings accounts.

5. When people talk about “risks,” what do they mean? 

Ask about the types of risks you may be taking on with certain products, how they could impact you — both positively and negatively — in the long term, and whether there are ways to guarantee more stability.

6. What happens if my income or the market has ups and downs? 

Uncertainty about the possibility of illness or unemployment may be making you wary of committing to regular payments throughout life, e.g. a mortgage or a whole life insurance policy. Ask your financial professional to develop a plan to overcome potential stumbling blocks while reaching your key goals. When you’re reviewing your investments, be sure to discuss the potential for ups and downs in the market, and what the plan is to handle those downs.

7. Does the company you work for have a good track record? 

Your financial institution’s history and financial strength are important, as are their plans for the future.

8. How do we evaluate the plan? 

Whether you have a big portfolio or are just starting out, economic factors and life can change. Ask how often they will be in touch every year to help make sure you’re on track.

The right guidance can contribute significantly to long-term prosperity.  Pick a financial professional that you like and trust and shows enthusiasm and commitment to your success. They should be glad to answer all of your questions.