Questions for a Fin. Adviser

[BOBOT]

We're seeing a financial advisor (fee only) next month. We last went to one in 2002; seems like a lifetime ago. His projections didn't exactly pan out, to say the least, but we've done ok. Now that I'm retired & DW will be by this time next year, I want to get someone's perspective on some issues.
Here's my list so far:

• Questions for a Financial Adviser

1. Asset class allocation by account: what should be where?
2. Diversity/correlation of current holdings: too much overlap?
3. Convert IRA’s?
4. Investment tax management: maximize efficiency now and with respect to RMD’s
5. Should DW continue 403b contribution (currently $X/yr) until retirement, or start building cash?
6. Soc. Sec. strategy?
7. Health insurance & Medicare plan options?
8. SWR, methods & strategies, e.g. dividends only, “buckets”?
9. RMD strategy
10. Should we consider an annuity? What type?
11. LTC insurance recommendation
12. Charitable plans & implementation: options?
13. Own or rent primary residence?

(Sorry about the obnoxious font, couldn't figure out how to fix it.)

Can you think of other questions we might want/need to discuss?

 

[Sarah in SC]

If you are going to see a CFP, then I'd add some estate planning questions to your list. They should be able to review what you have and make sure you have the right living will/durable health care POA stuff for your state.

 

[jerome len]

I often use a great saying; "I don't know what I don't know"......so congrats on asking this forum what you should ask your financial advisor.

I'd add the subjective work "trust" . After meeting with him/her, talking to other this person's LONG term clients, do you and DW really, really, trust the person and his/her advice. Is this person as financially as conservative or agressive as you are?

All important relationships should be based on trust and....then verify. Trust is not just about stealing money, trust is respecting advice......and then accepting the outcome, whether great, good, or not so good. I've always done well when I've worked in trusting relationships.....even, when mistakes were made that cost me some money.

Good luck.......in today's economy, I'm not sure who's advice I would trust.......we need more partnership as we plan our personal and national financial future.

 

[MBAustin]

Excellent list of questions! Gave me some good reminders of topics I need to look into further. Thanks!

PS If you learn anything useful, please post back!