Christian Financial Perspectives
130 - 21 Questions To Ask A Financial Advisor
Click below to listen to Episode 130 – 21 Questions To Ask A Financial Advisor
21 Questions To Ask A Financial Advisor
Are you asking these important questions before choosing a Christian financial advisor?
Finding a financial advisor should be treated like a job interview, especially when searching for a Christian financial advisor. You probably don’t want just any investment advisor handling your money, which is essentially your future. In order to try and find the best financial advisor for you and your situation, Bob and Shawn have put together 21 questions that they believe you should ask a financial advisor. This includes questions like:
- What is your educational background?
- What kind of safeguards do you have in place to protect my financial information?
- What if something happened to you, or you were out on vacation or sick leave, who would serve me?
All of these and more are addressed in this episode so that you can be as confident as possible in your future when it comes to choosing a financial advisor.
21 Questions To Ask A Financial Advisor PrintableHOSTED BY: Bob Barber, CWS®, CKA®
CO-HOST: Shawn Peters
Mentioned In This Episode
Christian Financial Advisors
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Bible Verses In This Episode
1 TIMOTHY 3:1-3
It is a trustworthy statement: if any man aspires to the office of overseer, it is a fine work he desires to do. An overseer, then, must be above reproach, the husband of one wife, temperate, self-controlled, respectable, hospitable, skillful in teaching, not overindulging in wine, not a bully, but gentle, not contentious, free from the love of money.
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EPISODE TRANSCRIPT
[INTRODUCTION]
Welcome to “Christian Financial Perspectives”, where you’re invited to gain insight, wisdom and knowledge about how Christians integrate their faith, life and finances with a Biblical Worldview. Here’s your host Christian Investment Advisor, Financial Planner, and Coach, Bob Barber.
[EPISODE]
Shawn:
Welcome to another episode of Christian Financial Perspectives. As always, thank you so much for joining us today. Whether that be video, or for those of you that are listening right now to the episode, we’re so glad you you’re here. Bob, what do we got for today?
Bob:
We have 21 questions to ask before hiring a Christian financial advisor.
Shawn:
All right.
Bob:
All the questions.
Shawn:
Yeah, it is. We’ll try to not spend more than minute or so in each one, right?
Bob:
I hope. Yeah, exactly. We gotta get through this cause there’s a lot of questions, but I know there’s a lot of people out there that are looking, right now, especially cause we’ve been in a bear market. And they start looking around. So I thought this would be a very good program for where we are today.
Shawn:
Yeah. No matter who you’re looking at, possibly hiring, we serve clients across the country, but there are a lot of advisors out there. So hopefully this will help you no matter where you’re at.
Bob:
That’s correct. The first thing is, before we even start, is I believe that if you’re gonna get advice from anybody, for anything, I’ve always loved the third chapter in First Timothy. Because it talks about the qualifications of an overseer and a deacon in the church. And if you follow this scripture for who you get advice from,
Shawn:
Probably be a lot better off.
Bob:
That’s right. Yeah.
Shawn:
Well, let me go ahead and read that for us then. Let’s do it. So we’ve got 1 Timothy 3:1-3, “It is a trustworthy statement. If any man aspires to the office of overseer, it is a fine work he desires to do. An overseer, then, must be above reproach, the husband of one wife, temperate, self-controlled, respectable, hospitable, skillful in teaching, not overindulging in wine, not a bully but gentle, not contentious, free from the love of money.”
Bob:
Isn’t a great scripture?
Shawn:
That’s a great scripture. That was from the NASB.
Bob:
I picked that version cause I looked at the different versions and that really just laid it out there. So we got 21 questions. So let’s go. So the first question I think that you should ask when you’re looking for a financial advisory firm to help you is how many years of experience does the advisor have or has the firm been in business itself? I think that’s a very good thing. You don’t want somebody that just started yesterday.
Shawn:
Yeah. I think for a good example here, like with our team, you have a few more years experience than I do, just few decades, but it’s…
Bob:
You’re starting to give away my age here, but quite frankly it’s 38 years.
Shawn:
Yeah. So that particular question, the reason why we say how long has the firm been in business, too, is it could be a younger advisor that maybe they specifically don’t have as many years of experience, but if they’re working with an experienced team like we do here, then that’s not necessarily a, “Oh, go ahead and write them off with question number one.”
Bob:
Because you have the wisdom of the team behind them.
Shawn:
Yeah. If I don’t know something, I go to Bob first.
Bob:
I’ve got 38 years and you’ve got 7 now.
Shawn:
Almost 8.
Bob:
Almost 8 combined. So, right there, when you add that together, we’re 46.
Shawn:
Yep.
Bob:
And then, you know we have Teresa that works with the firm and she, I don’t know how long Teresa, I think she’s been close to 20 years. So, you start adding all those years together. There’s a lot of wisdom that.
Shawn:
Firm that you’re looking at that would be kinda the same thing to think about is it’s like, well, I’ve got this advisor I’m looking at and he’s got a mentor at the firm that he’s working with and the firm’s got experience.
Bob:
We bounce off each other. And by the way, that wisdom doesn’t always come from having the perfect answers. I mean, I got some of this gray hair and the reason I got it is because I’ve made mistakes. I mean, everybody will make some mistakes and you learn from those mistakes, though.
Shawn:
Absolutely. Okay. All right. So number two, what is your educational background?
Bob:
Yeah. And I think that’s a good question to ask of somebody that you’re wanting to give you financial advice. Hopefully, it’s gonna be in a background in finance or business. If it’s a background in say Phys ed, I don’t know about you…
Shawn:
Or the other part could be maybe originally they did get a college degree, but it wasn’t necessarily in finance. And since then, they’ve been working in the industry and they’ve gone through, maybe they’re a Certified Financial Planners, CFP. There’s a bunch of other designations that’s just one of the most popular. So that educational background, I think, could also apply to what have they been doing, what additional ones.
Bob:
Yeah. It’s not just a degree, but do they have a financial background?
Shawn:
Okay. So number three, what is your financial advice based on?
Bob:
So I will tell you right here, our financial advice is based on what God’s word says about money. Some will say 1500; others will say 2000. I haven’t gone to see exactly.
Shawn:
We haven’t counted every single one, but we could say at least 1500.
Bob:
Scriptures they have to do with stewardship. And so our financial advice is gonna be based on proven, long-term principles found in God’s word.
Shawn:
That’s right.
Bob:
And especially, I’m a Proverbs nut, you know that. I’ve always been crazy about the book of Proverbs. I love Proverbs. I love Ecclesiastes also because it really talks about how Solomon tried everything and he didn’t find happiness in that. And I always have the question, how much is enough? And some people, it’s just a little bit more. Well, you’re never going to get there then. So our financial advice here is truly based on what God’s word says about money.
Shawn:
That’s right.
Bob:
We’re about to go through the Bible study that I’ve written called Biblical Viewpoints of Money and Wealth. That’s a great Bible study if somebody would wanna get a copy of that. And let us know, and we can get you in touch with how to do that.
Shawn:
Okay. So let’s go into number four. How are you paid? Fee, commission, or both. Now I’m saying these, obviously if you’re asking the advisor directly, how are you paid? Fee, commission, or both. So Bob, why don’t you explain that a little bit.
Bob:
Well, okay, so a fee is going to be where you pay the advisor a fee. A commission is going to be, maybe, where the advisor is going to put you in a product like an annuity or even maybe a mutual fund that has a sales load on it and they’re gonna get paid a commission for putting you into that. And then you have hybrid advisors that do both. The main thing is that you know…
Shawn:
How they’re being paid.
Bob:
That’s right.
Shawn:
That’s very important. And I will say, typically for advisors that are a registered representative with a broker dealer, that it’s more common that you’ll see either they’re paid on commission or it might be a hybrid because certain investment products or options they offer you are paid a commission, whereas others might not be. And so that’s just something to be aware of.
Bob:
And I used to be, I used to sell commission based products. We no longer do that here. We are totally fee based.
Shawn:
And you were hybrid for a while as well.
Bob:
I was. I was a hybrid, but we wanted to be fiduciary based where the client’s best interest is always served. So we just did away, we don’t offer anything with commissions at all.
Shawn:
So if your advisor says they’re a fiduciary and they’re fee only, typically what that’s gonna mean is similar to our firm, that the advisor is going to be paid, say a certain percentage. It could be even be a certain dollar amount per year.
Bob:
To manage for you or charge for a financial plan.
Shawn:
That’s right.
Bob:
Number five. How much do you charge on an annual basis to manage an investment portfolio? That’s a good question to ask. I mean, you need to ask them right up front. I can tell you the going rate from being in this business for so long right now is between 1% or can go as low as 0.5%.
Shawn:
Used to be like 2%, but it…
Bob:
Used to be 2.5%. I remember when fee-based advice first started getting popular, and I couldn’t believe it was 2-2.5%. And those numbers continue to go down, but that’s okay because everything’s getting much more efficient.
Shawn:
That’s right. So number six, how much do you charge to do a financial plan? Or is it included with managing my investments? That’s a good one too.
Bob:
And many firms do both. They charge for the financial plan, and they charge for managing investments. We kind of do both, but once you get to a certain point of investment dollars under management – starts at $300,000 and up – the financial planning is included in that. And we have that right on our website, how much financial planning is included. If you’re 300k to 500k, you get a certain amount. If you’re 500k to a million, you get a certain amount. If you’re a million and up or you’re 5 million. So you get more financial planning,the more you have under management, and that it makes sense.
Shawn:
And if you are a client of ours, but you’re under that $300,000 threshold for the household, then we do offer it as just by the hour. So, it just depends on how much you need. So a lot of times, families they might only need a one time and they don’t need anything for a while.
Bob:
So seven to eight are kind of like our beginning questions, but I think it’s good to point blank ask the question, do you have any potential conflicts of interest when giving me advice?
Shawn:
Gotcha. So that one would tie kind of back into if someone is paid a commission, so do they have sales incentives or goals to put you into a specific investment product that may not necessarily be the best fit for you, but the reason for it is they want to get that 10% commission.
Bob:
Or a lot of times there’s been incentives in our industry, unfortunately, you’ll get a free trip if you sell this certain annuity or whatever.
Shawn:
So this instead of this and then you get free stuff.
Bob:
And that’s the same thing. Are you paid a commission for putting my money into anything whatsoever? Anything.
Shawn:
And just to put a little footnote on that, just because an investment option has a commission doesn’t mean it is a bad option. It’s just something to be aware of that when you’re talking to that advisor who is recommending it to make sure, is there a conflict of interest as to why they might be recommending it.
Bob:
And they need to disclose what the commission is and exactly what those calls are. All right. Number nine is a very, very important one here. Okay, go ahead.
Shawn:
Number nine, what kind of support team and staff do you have for servicing me? I know you mentioned Teresa earlier. So for our firm here, we have a team mentality here. We have advisors, we have support staff. We have marketing people. My wife does a lot of the marketing social media, things like that. So for that support team, who is supporting you as a potential client?
Bob:
Yeah. I mean, if I’m your advisor and if I’m happen to be on vacation or I’m out sick or something…
Shawn:
Is the office just closed if you’re gone or not?
Bob:
No, it’s not.
Shawn:
For here. Yeah.
Bob:
We have the support team, so that’s real important that they show you, whatever advisor you’re talking to, that they actually show you. And it should be on the website, their team. And that team, it’s not all about just their clients. Here, we don’t have individual clients. All our clients belong to the team.
Shawn:
Exactly.
Bob:
Yep. All right. Number 10 is how do you manage investments and what is your written and on ongoing strategy? This is a very – all these are important questions – but this is very important that the advisor tell you, this is how we’re managing, this is our strategy, and show you the strategy strategy in writing. We’ve got our strategy in writing right on our website. It’s seven different strategies. And under each strategies, there’s a lot of points that are in those strategies. And under that question, that next question is, can you assure me, because if you’re looking for a Christian financial advisor, can you assure me I’m not gonna be investing in companies, you’re not gonna invest me in any companies that support immoral activities. And what is your strategy for doing that? And there’s a strategy. I mean, I’ve done this for years.
Shawn:
That’s also on our website.
Bob:
Yeah. I mean, we use several different programs. We use the eVALUEator, we use Inspire. We also do just do our own research to make sure that what we’re investing God’s money in is not supporting companies that support immoral immorality. And there’s a lot of them out there today.
Shawn:
That’s right. That’s right. And again, like for us, it’s on our website, so you can see exactly what we’re talking about and whatever advisor you’re talking with, they should already have something written down. And if they say, “Oh, well, we don’t have anything written down, though,” that’s probably not a good sign. So number 11 can you, Oh, sorry. Say number 12, what if something happened to you or you were out on vacation or sick leave, would you serve me? So we kinda mentioned that a little earlier.
Bob:
We did, but I think it’s important that you understand, also, a plan like what if I got killed in an accident?
Shawn:
Yeah. Or what if you had an accident and you were disabled or in some capacity, you were still here but you couldn’t work.
Bob:
So who’s gonna take over?
Shawn:
Exactly.
Bob:
All right. So that’s a very important thing.
Shawn:
That would be your, I guess the, what is the advisor’s succession plan, I guess. if something were to happen to them, do they have someone on the team? Is there like maybe a partner or brother firm kind of a thing that, hey, we have someone that we trust that we know that they’ll take care of you in that transition process. So what’s that plan?
Bob:
Just so you know, this is my succession plan right here. So he is vice president of the firm and he’s younger than I am, a lot younger.
Shawn:
We have some other resources as well too. So you know, if something were to happen, I’m not quite there yet, but we’re getting there.
Bob:
Well, I hit the big 6-0 this year. I’m hoping to do this another 20 years, but with banker’s hours.
Shawn:
Right, right. Of course.
Bob:
Coming a little later and leaving a little earlier.
Shawn:
All right. So number 13. How much money do you manage on behalf of your clients? I think that’s another good one too.
Bob:
Good one for the firm, I mean, especially depending if you have a lot to manage. You wanna know that the team is capable of managing those higher dollars. Do you have a minimum for new clients? This is a really good one to ask the single advisor. Do you have a minimum for new clients or you take on anyone regardless of their financial situation? There’s capacity.
Shawn:
Right, Right.
Bob:
And you know, I’m at my capacity, so what I’ve done is I’ve bought a team and it could help me with this capacity.
Shawn:
Exactly.
Bob:
Okay.
Shawn:
So in our case for our firm, Bob has a higher minimum now at this point than the firm as a whole, simply because there’s only so many hours in day. There’s only so many clients that you can really effectively serve on an individual basis. But our team, obviously, with more support staff and more advisors, we can serve a larger number of clients.
Bob:
It is to tell you, let’s talk about those minimums just a minute. My minimum is around $500,000 to start. And yours is gonna be around 300k. It already is. And then we have other advisors that can serve below 300k. And we have a new program that we’re coming out with. It hasn’t come out yet, but it’s under a hundred thousand, right?
Shawn:
Exactly. And so it’s a little bit different of a model. We’ll have information on our site probably by the time this is released, but…
Bob:
Well, I’m excited about it cause I know that you’re working on that because our minimum for the firm right now is $100,000 and there’s a lot of people that are just starting. So we’re going to be able to take, it’s gonna start at $5,000?
Shawn:
$5,000, Yeah. $5,000. I feel like that’s a fairly reasonable amount if you save up for a year, worst case scenario, or something like that. And you know, we really wanted to find a way to offer that. And so effectively, if you have $100,000 or more, it would be considered more of our, like, full service model. And then we have a little bit more of a, I guess kind of a self-serve, self onboard for the under $100,000, but you still get access to the same investment management, investment management philosophy that’s for all of our clients.
Bob:
That’s Biblically responsible. And very actively managed.
Shawn:
And then of course, there is more of like a by the hour that if there is some additional one-on-one support or things like that you need and you’re under a $100,000, we do still offer that. It’s just we have a little bit more of a hybrid. Exactly.
Bob:
This question here is a very good one. Just do you give advice on how to lower income taxes? I don’t think anybody likes paying taxes. I don’t care how much you pay, how little you pay.
Shawn:
Hey, give to Caesar what is Caesars? But give as little as you have to Caesar .
Bob:
That’s right. Yeah. I think it’s a good question to ask the advisor while we were talking about how many do you take on, how many actual clients do you personally serve yourself? Will you work directly with my CPA to coordinate financial information as needed on an annual basis? That’s important. And we will here. How easily accessible are you when I have a financial question Shawn, I get questions all over the board every day. I mean, we want to buy this new car, we want to do this remodel, or we want to go on this big vacation, take all our family. Do we have the financial means to do that? And I received that. I mean, the team’s watching out for if it comes in through a text, comes in through an email, and people are – I think they’re surprised at how easily accessible I still am. And that’s because I guard my time to make sure it is there for our clients.
Shawn:
And sometimes, you might get lucky and catch Bob at the perfect time, right in between some meetings or something like that. We can quickly handle it, but even if we’re not available right then, typically what it’s like is, “Okay, great, well, hey, we’ve got time at this time, like this afternoon, or do you have time tomorrow?” So it’s not like, “Oh, a week from now, two weeks from now.” It’s, we’re available.
Bob:
In the world of texting, we monitor those texts, too, coming in. Shawn, I think this is a good one for you to answer.
Shawn:
Sure. So number 19, what kind of safeguards do you have in place to protect my financial information? Very important one. We take that very serious here. We have a lot of different technologies in place, systems and procedures to make sure that if there is a data breach that we can resolve that. You know, where information is stored – it’s always stored with bank level encryption. For those of you who wanna get really technical, it’s the 256 bit encryption and all that fun stuff. I won’t go into the details of that part. But yeah, we take that very serious and we do have a plan in place. We also do what’s known as like fishing tests and penetration testing to make sure that what we do have in place, there’s someone who knows what they’re doing that purposely is, you know, randomly throughout the year, they’ll try to like, get into our systems. And if they can’t, check marks. If they can, they tell us where the vulnerabilities are and then that way we can fix those.
Bob:
Right. Good deal. Good deal. All right. We’re down to just the last couple of them. Number 20 and 21. Will I have complete transparency to see my accounts and their holdings online at any time? And the answer here is Yes. You want to hear an a Yes answer to that, and you want to be in publicly traded stocks and bonds and mutual funds and ETFs so that you have complete transparency and you can see that. Be careful of any statements that would be self-generated by the firm. That is a no-no. Totally.
Shawn:
So like when, for example, for us with right now, TD Ameritrade, the statements and all those, all that information is generated by TD Ameritrade. We also have a third party that we use to generate if a client has a question, they wanna see a performance report or something like that. We’re not hand generating any of these things. It’s pulled directly from the information that’s available from the custodian. So, make sure you see reports if anything is shared or statements that are like that. Like you said, you don’t want it to be something that, looks like a Word document that you typed up.
Bob:
Aways be aware. While I’m thinking about this, about transparency, be aware of anyone that says, Oh, I’m gonna give you a guaranteed 10% return a year. And if they’re showing you a guaranteed 10% a year, something’s up.
Shawn:
Be very careful.
Bob:
If it sounds too good to be true, it is. Don’t let greed get in there. And number 21, I think this is a good one to end on.
Shawn:
Number 21, how often do you meet with your clients to go over their investment portfolio and update their financial plan?
Bob:
Yeah. Some people wanna meet once a quarter, some wanna meet every every six months. I find the majority of people wanna meet about once a year.
Shawn:
And that’s our recommended. But similar to like when we talked earlier about the different minimums, we have what we call different tiers, different levels. And so the more you have with us, the more often that we are available if you’d like to meet. But regardless of what level, we do recommend at least that once a year that we reach out and make sure, has anything changed? You know, have there been changes in the family, similar to our estate planning episode that we did. There’s those different questions where if things change in the family or financial situation or income that might necessitate, we need to make changes here or whatever advisory you’re working with that they need to make changes in how they’re managing your assets. The most common example would be, well we’re 10 years from retirement. Well then all of a sudden you’re like, Oh, I’m gonna retire five years early. Okay, well if you’re retiring now versus 5 or 10 years from now…
Bob:
We don’t need to wait that year. Also, I will mention, too, that when we bring aboard a new client, and you’ll want to ask the same thing of an advisor if you’re looking at someone else, is that there’s a pretty strong onboarding process that in the first two or three or four months, we’re meeting often until we get everything up and running. We get everything online where you can see everything. We’ve got the financial plan, because our financial plans are all online and they’re updated daily with all the numbers so that you can go in and see how your retirement plan looks or how your college plan looks, your cash flow, et cetera. So I think that’s enough questions for today.
Shawn:
I think that’s it.
Bob:
And if you’d like a copy of these questions, could we put up a copy of these questions?
Shawn:
Yep. It’ll be in the episode descriptions, so you should be able to click that link there. If you’re directly on our website, it’ll be there as well. And yeah, that’s all we have.
Bob:
And we’d love you to consider us if you’re looking for a financial advisor. We don’t mind these 21 questions at all. And you can reach us during business hours. You can give us a call at (830) 609-6986 or you can text us at that same number during business hours. Or you can go to our website at ChristianFinancialAdvisors, just like it’s written there, ChristianFinancialAdvisors.com.
Shawn:
So always, thank you so much for joining us and God bless. Bye.
[CONCLUSION]
That’s all for now.
We invite you to listen to all of our past episodes covering many financial topics from a Christian Perspective. To make sure you don’t miss any of Bob’s upcoming episodes you can subscribe to Christian Financial Perspectives on iTunes, Google Play Music, Spotify, or Stitcher. To learn more about integrating your faith with your finances, visit ciswealth.com or call 830-609-6986.
[DISCLOSURES]
Investment advisory services offered through Christian Investment Advisors Inc dba Christian Financial Advisors, also known as Christian Financial Advisors, a registered investment advisor. Comments from today’s show are for informational purposes only and not to be considered investment advice or recommendations to buy or sell any company that may have been mentioned or discussed. The opinions expressed are solely those of the host, Bob Barber and his guests. Bob does not provide tax advice and encourages you to seek guidance from a tax professional. While Christian Investment Advisors believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability.
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