When someone hires a financial planner or an IFA/RIA, most of the time they do not know what to expect. Most advisers do not tell them what they should expect either. This is not a good situation for a good relationship to develop.. so go on and ask them this:
Which is your best communication mode SMS, Phone, WhatsApp..? And what is your usual turn-around-time?
Will you immediately respond and calm me? I may be worried about something silly, but I do not know it is silly!
How often will YOU communicate with me?
Will you have my portfolio in front of you in a jiffy or will I have to send this to you?
Is there any website you own, or somewhere I can maintain my portfolio and share my login and password with you?
How often will you monitor my portfolio and talk to me about it even to maybe say ‘no action is needed’?
Will you communicate with me for all things, or will you have some assistant assigned to me?
Is there any specific time for us to communicate or should I just call you on your cell?
I assume that when some of my funds are not doing well and action has to be taken, YOU WILL CALL ME.
If you maintain my portfolio, will you give me a login and pwd so that I can have a look at it when I want?
If there are products that are good for me (our joint view) will you help me execute, EVEN if you do not have them?
When I wish to shift from a remunerated asset (mutual fund) to a non-remunerated asset (real estate) is there a conflict?
When I need capital gains statements for my tax purposes, will you send it to me automatically?
How do I compensate you for the direct shares advice? I know you are not a broker.
If you are not registered with a fund house with whom I wish to deal—how will you handle the compensation?
My wife likes to read things slowly, so I would love all communication to be in writing on email is this too much to ask?
I am of course assuming that all your credentials are updated, if you have a conflict of interest you will tell me about it.
PV subramanyam writes at www.subramoney.com and has authored the best seller ‘Retire Rich - Invest C 40 a day’