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Ask A Financial Advisor: Who Are Your Typical Clients?

When looking for advisors, you should look for one whose clients look like, well, you.


When choosing a financial advisor, there are a lot of questions you should ask to make sure that the advisor is the perfect fit for you—after all, you’ll be working with them for years to come.

One important question is this: who are your typical clients?

The Goldilocks ideology.

When choosing a financial advisor, you want to choose one for whom you won’t be the biggest or the smallest client; it’s one of the few times in your life you’ll strive to just be average.

Some firms will have a minimum asset mark that you’ll need to meet in order to work with them. Make sure you ask about their minimum, so you know where you’d fit on their client roster.

Birds of a feather.

Just like you don’t want to be too big or too small, you also don’t want to be the outlier. When looking for advisors, you should look for one whose clients look like, well, you.

If you’re interviewing a financial advisor who mainly works with retirees, but you’re 27 looking to grow your first 401(k), that may not be a good match. If the advisor has a full roster of engineers and you’re a doctor… perhaps he or she won’t exactly speak your language or understand the dynamics of your practice.

Ask for demographics.

Because of privacy laws, you can’t request your advisor’s actual list of clients, but you can talk about the demographics. Ask about the age range, average assets, career fields and other questions about the firm’s typical clients and see if the answers match your own.

Do they have a specialty?

If you’re looking for a financial advisor, it’s likely you have a specific reason. Maybe you’re looking to rearrange your investments, design a 401(k) plan for your company or prepare for retirement. Many advisors have a specialty, so make sure that what you’re looking for matches their greatest skill set. You don’t want to choose an advisory firm to help you plan for your children’s education and later find out they specialize in employee benefits.

The lesson:

Choosing an advisor should not be a rushed decision. Take the time to ask the important questions and make sure that the advisor you choose is highly experienced working with clients in similar financial situations as your own.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Brotman Financial Group, Inc. and BFG Financial Advisors are not affiliated with Kestra IS or Kestra AS.

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