• PNWAM

10 Questions to ask your financial professional.

Updated: Jun 27



Doctors are not the only ones who provide 2nd opinions.

It's not just about money. It's about the quality of your life. Just like your physical health - getting a second option about your financial health is crucial to your future wealth. The decision you make today about your finances will impact your quality of life in years to come. You need to get it right, and we see failing to get it right often. It's common for individuals to rely on "trusted" financial institutions but sadly, the expectations often fall short of what was promised. The culprit may be high fees/commissions, a lack of investment knowledge, or behavior that is ethically questionable. Their lack of experience will result in costs that impact you and you may not know the impact of the loss until it's too late. We at, Pacific Northwest Asset Management have credentials and experience you can trust. Are you a fiduciary which, of course, means you are required to put my interests first? If you are working with a financial professional now, here are some questions you should ask.

  1. Are you a fiduciary which, of course, means you are required to put my interests first?

  2. If yes to question 1, do you operate full-time under the fiduciary standard or do you sometimes switch to the less stringent suitability standard?

  3. Are you a fee-only advisor or do you also earn commissions or some type of production-based bonus on the products (securities, insurance contracts, etc.) you sell me?

  4. Will you be willing to reveal – in writing – all sources of your compensation from, or associated with, my account? If not, why not?

  5. If you recommend annuities, will you provide a written summary (on one sheet of paper) of the commissions, fees, expenses, and charges embedded in the insurance contract? If not, why not?

  6. If you recommend annuities, what is your direct compensation when I purchase the annuity, and how many years in the future until the surrender charges expire?

  7. Do you invest your own money the same way you are recommending I invest mine? If not, why not?

  8. Do you pick stocks or time the market? If so, explain how you (or your firm) feel you can achieve excess returns above the appropriate market benchmark(s) when the brightest and the best on Wall Street are unable to do so consistently.

  9. Do you safe keep or custody of my assets in-house, or do you outsource the safekeeping and custodial function to an independent, 3rd party qualified custodian?

  10. Have you personally filed for bankruptcy or been disciplined by any securities or insurance regulatory body or organization? If so, please explain.

After you get your answers, if you need help diagnosing the responses, we'd love to help. Give us a call to go over your results and we will help you clarify if who you are working with is the right fit for your financial and investment goals. Call us at 206.259.0575 or click the link below to schedule a zoom call.





 

DISCLOSURE: Pacific Northwest Asset Management, LLC (hereinafter “PNW Asset Management”) is an investment adviser registered with Washington State. PNW Asset Management may not transact business in states where it is not appropriately registered, excluded or exempt from registration. Individualized responses to persons that involve either the effecting of transactions in securities or the rendering of personalized investment advice for compensation, will not be made without registration or exemption.


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