Broker Check

Questions to Ask a Financial Advisor

It can be tough to know where to start when looking for a financial advisor. Here are the key questions to ask a potential advisor.

10 Important Questions to Ask a Financial Advisor and Our Answers

10 Important Questions to Ask a Financial Advisor and Our Answers

Before you commit to a financial advisor, you must make sure you are hiring the best person for you, your goals, and what you envision for your financial future. The advisor-client relationship can be one of the most intimate professional relationships of your life. It is vital to make sure your potential advisor can help you achieve your goals in a way that you feel comfortable.

1. Are you a fiduciary?

Yes, we are fiduciaries. Our fiduciary responsibility to you simply means we must exercise a duty of care and loyalty to you concerning every decision we make in managing your money and in the advice that we provide to you.

2. Do you have discretion over my account? If not, who has discretion over my account?

Yes, we have discretion over your account. Our Wealth Management team has the ability to determine if a certain trade is appropriate or not based on your investment goals and risk tolerance. Discretionary trading allows us to make changes in your account and stay on top of the ever-changing market conditions.

3. If a change needs to take place in my account, do you have to call me first?

Because of our discretionary authority, our Wealth Management team monitors your holdings and makes adjustments based on the current market conditions without calling you. Our ability to make real-time changes allows us to stay on top of your investment goals.

4. How do we invest your money?

By determining your time frame and risk tolerance, we are able to select an investment portfolio that fits your needs and goals. Time frame considers how soon you will need some of your money back out of the market. Risk tolerance assesses your willingness to accept upward and downward turns in the market and how you feel about investing conservatively or aggressively. Once we have determined time frame and risk tolerance, we are able to show you diverse funds that we have hand-selected and researched.

5. Who is your broker-dealer?

We utilize an independent custodian, Cambridge Investment Research, Inc. (Cambridge). There are many different types of firms a financial professional can consider when choosing a broker-dealer. We chose to partner with Cambridge because they are independently owned and offer us the freedom to provide you with objective guidance. Cambridge does not force us to sell proprietary products or meet any sales quotas. We are not pressured or distracted by corporate interests; we simply focus on your financial goals and Cambridge helps facilitate that by providing us with the technology and tools we need.

6. Does a 3rd party make the investment decisions over my account?

No, our Wealth Management team make the investment decisions over your account. We have no third-party managers and no obligations to invest in any particular fund or any certain company. Our team sifts through thousands of investment options to build a portfolio of ETFs, No Load Mutual Funds, Interval Funds, Stocks, and Closed End Funds that are designed to provide you with returns in line with your risk tolerance.

7. What services do you offer?

In addition to Wealth Management, we offer: consultations on major purchases; life insurance; online tools to monitor your accounts; values-based investing; and customized investing tailored to your needs, goals, and values for no extra charge. For an additional fee, we do tax help and preparation.

8. What licenses or designations do you hold? Are you an Investment Advisor Representative or a Registered Representative?

Frank Snyder holds ChFC and CASL designations; he is an Investment Advisor Representative. Frank, Blake, and Brittni all hold Series 7 and Series 66 licenses.

9. If you leave or pass away, who takes over my account?

Our contingency plan is to keep your accounts exactly where they are. Frank’s descendants include a team of Wealth Management professionals that are actively training under him.

10. What does it cost to invest with you? How are you paid (i.e., commissions or advisory fees)?

We use a fee-based platform and charge a tiered fee schedule based on assets under management.

We use a fee-based platform and charge a tiered fee schedule based on assets under management.

$0 to $499,999 = 1.15% annually (0.0958% monthly)
$500,000 to $999,999 = 1.05% annually (0.0875% monthly)
$1,000,000+ = 1.00% annually (0.0833% monthly)

We do not typically make commissions or take any upfront payments. We may charge a commission on a case-by-case basis when it is in your best interest. Trades do not cost additional money.

Additionally, it is important to ask for an outline of how your investments will be allocated, including past performance, and to ask for risk analysis of this allocation.

Securities offered through Cambridge Investment Research, Inc., Member FINRA/SIPC. Advisory services through Cambridge Investment Research Advisors, Inc., a registered Investment Advisor. Cambridge does not offer tax advice.

Finding the Right Investments for You

At Frank Snyder Wealth Management, we can help you navigate the complex world of investments. You will receive advice from our team of Wealth Management professionals based on your needs, wants, and goals.


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