What Questions Should I Be Asking My Financial Advisor?


A financial advisor doesn’t just provide advice but also helps to manage your money and investments. The expertise a financial advisor offers can be invaluable at any stage of life. It’s important to know what to ask your financial advisor in order to maximize your understanding of your own finances.

If you’re based in Florida, make sure to ask your financial advisor in Orlando the following questions.

1.  Are My Investments on Track?

Managing investments is a common service that financial advisors offer. Typically, they’ll manage an investment account for you and as you put money into that account, they’ll invest it into stocks, bonds, and other investment holdings that they believe will earn you the greatest returns. It’s a good idea to check in with your financial advisor on how your investments match up to where you need them to be to meet your financial goals.

2.  How Can I Minimize My Taxes?

Taxes can be confusing for even the most financially-literate people. You might be missing out on deductions that could lower the amount of taxes you owe. Consult with your financial advisor about how you could minimize your taxes. They may know of investment strategies that could help reduce what you owe.

3.  What Can I Do to Prepare for a Financial Emergency?

The COVID-19 pandemic took many people by surprise. Thousands of people lost their jobs or were furloughed as businesses were forced to close during quarantine in order to slow the spread of the virus. Not everyone was financially prepared for a sudden loss of income or change in financial circumstances. However, everyone should prepare for such a crisis because a financial emergency could happen to anyone at any time. Your financial advisor is a great resource for learning what you’ll need to do to prepare for a financial emergency.

4.  What Should I Focus on in My Financial Plan?

While having a financial plan is important, it’s also important to revisit it every now and again to reassess your financial priorities. If your life circumstances have changed, then you may want or need to focus on a different stage of your financial plan. Talk to your financial advisor about their recommendations for the focus of your financial plan if you’re considering adjusting it.

5.  Are There Any Adjustments I Need to Make to My Retirement Plan to Meet My Goals?

Even if you’ve established a financial plan and a retirement plan with your financial advisor, things can change with either your life circumstances or with the economic climate and stock market. It’s a good idea to understand whether you need to make any adjustments in order to still meet your goals for retirement. Your financial advisor can take a look at what you’ve currently got and where you’d like to be and let you know if there’s anything you need to do to get there from where you are now.

6.  What Is a Realistic Budget for My Goals?

A financial plan can help you find the right balance between saving for future goals, paying current financial obligations, and having some money for enjoyment. A financial advisor can help you to determine a realistic budget for all of these things. Current financial obligations like paying bills, a mortgage or rent, paying off debt, and more typically take precedence over future goals and fun spending. To properly budget for both, ask your financial advisor how much you should be putting aside for future goals.

7.  How Should Life Changes Affect My Financial Goals?

It’s because life changes that no financial plan should be set in stone. You could have a change in financial circumstances, a change to your family size, a sudden windfall, a job loss, or more. Financial goals that were formerly achievable may no longer be within reach. Alternatively, financial goals that had previously seemed impossible might now be reasonable. Ask your financial advisor how a recent life change should impact your financial goals.

8.  How Can Recent Market Changes Impact My Finances?

Unless you’re a professional in the finance industry, it can be difficult to understand exactly how changes in the market could impact your finances. Many people become nervous when the market is down, for example, while a financial professional might consider that a good time to buy. Before taking action based on your own feelings, talk to your financial advisor about how the market could affect you and what the best course of action is. In many cases, your financial advisor may manage your portfolio for you.

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