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Making Sure You Are Using Your Financial Advisor Properly

There are many areas your financial advisor should be covering for you in order to be certain your assets are working well. Making sure you are getting the most out of your financial advisor is important to reaping the rewards of good investments. Here are a few areas to address with your advisor to take full advantage all of your opportunities:

Diverse Portfolio

Ask them about diversification. You want to know that your portfolio is diversified so that your money has been invested allowing for the best potential results. Make sure they have explored all of your options and discussed the risks involved in each. You do not want them making assumptions on your behalf whether it is taking too a low risk or too high. Ask them about individual stocks, bonds, mutual funds and money market funds to see which offer the risk and return that meet your needs.

Emergency Funds

Discuss making sure you have access to an allotted emergency fund. You want to be certain not all of your money is locked up making it difficult to access in case of an emergency. If you have to sell with the potential to lose, or pay fines or taxes by cashing in certain investments, than you need to reconsider a way to have access to money should the need arise. Compounding allows you to collect interest, but retain access to your money. It is low risk, low gain, but can be effective if left alone to grow.

Ongoing Financial Advice

Make sure you are receiving ongoing financial advice about your current investments. Your investments may be ever changing and evolving and you want to be certain they are continuing to meet your needs. Even something as simple as a tax law change can effect your investments and your financial advisor should be informing you of anything that will change your original understanding of how the investment works.


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