Marty Schneider, Professor, Dingli discussed on America First

Automatic TRANSCRIPT

Daily chat with Marty Schneider the retirement professor I'm No Way Dingli thanks for joining you Marty how are you doing great and I thought we would talk about again today it's always good point to put out there when you're seeking a financial planner what are some of the best questions you can ask to determine whether they're a good fit for you soon great question you know financial planners and advisers tend to kinda specialize in a particular age bracket or market area so for example you know the bulk of my work and now is in the retirement in retirement planning section right away I tend to work with folks and you know with that are closing in on retirement maybe within five to ten years and so I'm comfortable in that area there may be other financial advisors at work with younger families maybe they specialize in education planning for kids or grandkids and others may specialize in estate planning that exclusively so specialty areas are very typical in the financial inviting community so you want to find out you know when you interview somebody what what is their specialty area that they have special expertise in any area so that's important biggest thing of course you want to find out if you're working with the fiduciary exactly or a commission salesmen make a difference in their areas and it doesn't mean they have to say that there are in good advisers on both sides of the compensation now but as you know I prefer to go the fiduciary route where you were held to we you know always act in the best interest of the client and it's a not a transaction based business which is the typical brokerage world but that's on a commission basis and now we're on a fee for management basis so it takes away a conflict of interest that I think is really significant as clients might consider me a different advisors and then lastly no you want to find out the fee schedule had as your advisor make a living how are they paid what's it going to cost you what are the fees in every account so that you're absolutely sure in clear and there's no surprises and that has to be revealed and disclosed and discussed and so experience background timing grade you know specialty area fee structure fiduciary or not those are some of the very serious questions that you want to get cleared up before you would hire any financial professional and the fee schedule to that's a great thing to talk about because depending on whether you're with the fiduciary or again on the other side that can be a little bit different you know we can and to have people often forget how significant the the impact of fees is over at fifteen twenty year investment horizon you know you're talking about one percent for that period of time it does add up and and it does make a difference and and you also want to find out the style of how the money's manager they is a protected or these risk versus your market risk all of those really have to be it cleared up.

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