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Questions To Ask Before Finalising A Financial Planner

Have you ever gone on a date with a questionnaire prepared by your friend? Or do you have those friends who orient you on each step before you find your soulmate? They would stalk their social media profiles, go back in history, and look between the lines. You are lucky to have such friends because they want the best for you. 

Are you wondering why Secvolt, an investment management company, is talking about all this today? No, we are not going to help you find your soulmate. But what we can surely help with is finding your financial soulmate. Today, we are going to give you a detailed overview of questions for a financial plannerinvestment questions, and questions on financial planning. Before hiring a wealth manager, how you would have a few wealth manager’ interview questions in mind; similarly, there are some general questions & questions on investment you need to ask before signing on with a financial planner. 

Let us start with a brief understanding of financial planning & financial advisor. Top Questions to Ask When Finalising A Financial Planner:

What is Financial Planning? 
What is Financial Planning? 

Financial planning is having a detailed overview of your current financial situation, understanding your financial goals, and creating a well-versed outline for achieving those goals. 

Like any other plan, this also involves covering multiple aspects and delving into various financial arenas such as savings, investments, banking, hedge fund companies, taxes, wealth management companies, growth, financial markets, and investment management companies

Putting all these into a structure and creating the best for optimizing the result and achieving the end goal is the process of financial planning. 

Who is a financial advisor? 
Who is a financial advisor? 

As the name suggests, a person or an organization that imparts financial advice is a financial advisor. Now, what do financial bits of advice include? Primarily, it is about what to invest the money in, where to put it, and how to do it. Then, it also involves choosing the right instrument, the right vehicle, and the frequency with which it should be done & checked. Thus, it goes well beyond just money! And that’s the job of a financial advisor. It can be an individual, or there are many investment management companies & wealth management companies who are the best financial advisors in the market today. 

Now, you know what financial planning is and who a financial advisor is. Let us next understand the importance of a financial advisor. 

Importance of a Financial Advisor:
Importance of a Financial Advisor:

You know now who a financial advisor is. You also have a gist of what your financial plan might involve. But before hiring a financial advisor to give you the best financial plan, you need to know the importance of having a financial advisor. Have a look at the following points to understand the same:

  • Expert Opinion – We keep on saying this time & again that nothing can beat the finesse that comes with practice & experience, like Secvolt. An expert opinion on anything will only benefit you in the long run. Similarly, in finances, a financial advisor like an investment management company would fill in the loopholes you wouldn’t even know existed.
  • Proper Structure & Outline- Today, you might have financial goals, ideas, and plans in your mind. You might have also written them down somewhere, but they are scattered. Now, this is where a financial advisor comes into the picture. For example, a wealth management company like Secvolt would help you get those scattered ideas into a proper structure. They would give you a detailed plan on how to go about it. Not only this, they would walk correspondingly with you at every step. 
  • Easier Achievement of Financial Goals– You are earning returns today, but you are aware that someone in touch with a hedge fund company has much higher returns than you. Everyone wants to make higher returns. So, whatever your financial goal might be, they’ll be able to reach it much earlier than you. It is because their financial advisor has charted that path for them. Thus, having one for yourself would make achieving your financial goals somewhat easier. 
  • No Unnecessary or Additional Stress- Having the right financial advisor will take additional stress off your shoulders. Since your portfolio and finances are in the right hands or with a responsible investment management company,  you can rest assured about the financial aspect of your life. And that will automatically reflect on the other arenas of your life. 

So, these are some of the benefits of having a financial advisor and why it is crucial to have a financial advisor. Let us next discuss the fee structure of financial advisors. 

If you need some ideas about what to read next, here they are:
Fee Structure of Financial Advisors: 
Fee Structure of Financial Advisors: 

Be it any service we avail, or any individual we hire, how much they charge plays a crucial role in our decision of selecting them. We will cover other questions as we move further, but their fee structure is a detailed & critical factor that you should look at before signing on with a financial advisor.

Like any other investment management companywealth management company, or hedge fund company, financial advisors generally charge on the following grounds:

  • Fixed Fee/ Project Basis- Under this, they will charge you a fixed price for the services they provide. For example, financial advisor ABC is charging 100 dollars for creating a financial plan for you. Now, that is a fixed amount, irrespective of the time it might take. It is also known as the project-based fee, a fixed amount for a project. 
  • Hourly Fee- As the name goes, they charge as per the hours spent with you or on your finances. Usually, they keep a record of these things and send you the bills regularly, or if you have personal sessions with them, you can time them and see for yourself. 
  • Commission- Commission is like a sponsored price. They will promote specific investments or financial products. And the companies pay them for the same. In a way, they advertise those companies and make money out of you. But here, it is advised to be careful because that might not be in your best interest. (We will discuss the same in the fiduciary section of the questions coming further. Keep reading for the same.)
  • Assets under management- Here, the advisors charge a share or a percentage of your assets or portfolio. They are the ones managing and optimizing it. And their fee model depends upon a share of the same. In a way, this is a performance-based model. The better your returns, the more their remuneration! But like every other thing, this has two sides as well. 

So, this is the payment model used generally by any financial advisor, like an investment management company, a wealth management company, or a hedge fund company. 

We have discussed financial planning, financial advisors, their importance, benefits, and fee structure. Let us now discuss how you can choose the right financial advisor. 

How to choose the right financial advisor? 
How to choose the right financial advisor? 

You must be wondering that you know there is a person, you know their importance and benefits, but the real question is how to spot them. How do you figure out who is the right financial advisor for you? 

Remember how your friend gives you a questionnaire before you go on your soulmate’s hunt? Similarly, Secvolt, as your financial friend, has also prepared a list of investment questions or wealth managers’ interview questions to help you find the right financial advisor. Without any further ado, let’s see the questions for a financial planner

  • Are you a Fiduciary?

‘Fiduciaries’ have to put their client’s interests above everything else, according to the law. Earlier, what used to happen or still what the non-fiduciaries do is that they only need to recommend products to you. Thus, they might recommend you the one which will earn them the highest commission. But a fiduciary will act in your highest interest. Therefore, this is one of the most important questions you will ask your financial advisor. 

You can also find fiduciary financial advisors from the databases of trusted platforms like XY Planning Network and the National Association of Personal Financial Advisors (NAPFA).

  • What is your Net Promoter Score?

When you shop for something online, what helps you understand whether the product is the same as what the website says? Customer reviews, right? No one can give you a better & more genuine review than the ones who have bought the same product. Similarly, you have a ‘Net Promoter Score’ in the case of financial advisors. The clients this financial advisor has worked with before give an average ‘rating’ based on their overall experience.  

  • What are your qualifications?

Every financial advisor must register themselves and pass specific regulatory exams to get a license. Also, having a designation such as a chartered financial consultant (ChFC), certified financial planner (CFP), or wealth management certified professional (WMCP) signals an advisor’s ongoing education. You can find their meaning, their educational requirements, and a list of disciplinary actions, and you can cross-check from the Financial Industry Regulatory Authority’s professional designations database. 

  • What is your financial strategy in general? How do you plan on investing my money?

In the first meeting, you can naturally not understand everything in depth, but asking this question will help you figure out whether or not your financial parameters are on the same page as your advisor’s. For example, whether your advisor understands your risk tolerance should be a determining factor before signing up with them. You can also figure out how they might react when unexpected market situations arise. 

  • What are your goals, values, and vision?

If your investment management company, your advisor, or your wealth management company can define their financial goals & values in the first meeting, you will figure out multiple things. If your financial goals, vision, or values align with theirs, this relationship will go far (just what your friend will tell you about your soulmate). 

  • What would be the measuring scale of your actions & their consequences?

If, because of their actions, some unwanted situation arises, then it should be clarified beforehand how they will be covered. And it should be written what these unwanted situations could be. Having this clarity will avoid any confusion in the future. 

  • Who is your ideal client? What should I bring to the table? 

The answer to this question will make you understand if you fall within that criteria. If you do, you can rest assured that they will wholeheartedly look into your work & profile. 

So, these questions, like the wealth manager interview questions, will help you choose the right financial advisor. In the final section, look at one of the best wealth management companies

Secvolt- Your Financial Friend
Secvolt- Your Financial Friend

Secvolt is a global investment management firm that, just like your friend, gives you the right financial advice and is your financial soulmate too. It is like killing two birds with one stone. Not only do we take care of all your financial needs & goals, but we also give you the best possible returns, returns that are higher than your expectations and well-deserved! 

Try this premium risk assessor tool today, and do a favor to your portfolio. Doing so will give you a detailed financial overview & the best financial advice you have ever received!

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Ashish Verma

Ashish Verma is the founder and CTO of Secvolt, with close to 10 years of experience in the IT industry. He has been the technical backbone of the company and has worked tirelessly to make the technical infrastructure robust. He is a passionate entrepreneur who generates solutions that have the potential to bring change.

In order to ease the client’s interaction with Secvolt, he has strived to develop the business’s technological foundation and establish a user-friendly platform. Ashish has also contributed substantially to smoothening the company’s administration and ensuring that there are no lacunae in the broad structure of the organization. 

Early Years

Coming from a middle-class family, he was aware of the problems that people faced while using technology. He sought to create something that was simple to use yet had a powerful effect. As he studied computer science, he became eager to offer a solution to real issues. He began his professional career at Amdocs, where he gained expertise in client management while catering to more than 20 clients. Later, he moved to Citicorp, where he had exposure to the investment industry. His time at Amdocs and Citi enabled him to produce high-standard, efficient, and scalable technical infrastructure.

He left corporate jobs for his startup because he was passionate about working on the concept of a smart city platform. He expanded the concept internationally and even collaborated with Global Dignity-Kuwait. Things didn’t work out for him the first time. He states, “My failures didn’t stop me from experimenting and trying new things.” He rose from the ashes like a phoenix and founded FewerClicks, an End to End IT solution company.

He worked on the creation of Solster Finance, a decentralized financial platform based on the Solana blockchain. He created this platform single-handedly which has helped the team raise a $1M investment and a revenue of more than $5M within 6 months of launching. 

He has previously worked on many blockchain technologies and cryptocurrency ventures, which include Decentralized Finance Applications (Defi), Decentralized Applications (Dapps), File Contracts (SIA, record-keeper), Smart Contracts (rust, solidity), and NFT Development. His experience and effective communication have helped many team members understand Secvolt effectively and the underlying technology it is powered by.

He possesses the ideal combination of strategic thinking and excellent business insight. He is responsible for formulating technical aspects of the company’s strategy to guarantee alignment with business objectives. With his drive to experiment with new technologies, he has helped Secvolt achieve a competitive edge. Being in charge, Ashish never holds back in encouraging the different departments to make profitable use of technology, helping to grow as an unstoppable team at Secvolt!

Hanif Shaikh

Hanif Shaikh is the founder and CMO of Secvolt, with over 8 years of experience in the industry. He plays a crucial role when it comes to the growth of Secvolt. Since the beginning, he has acted as a mentor for each and every employee of the company, and he makes an effort to be accessible to his staff anytime they need him. 

Hanif first entered the Blockchain and Crypto world in 2016, and nothing has stopped him since. He views blockchain as a transparent platform that provides authority and accountability back to the people. He consistently believes that “overcommunication is better than miscommunication.” He has lived by this motto with his staff, clients, and networks.

Early Years

Hailing from Gujrat, a state in India, he is following his dream to contribute to making this world a better place. In the process, he has struggled, made some mistakes, and learned lessons from those mistakes to achieve success in life. His entrepreneurial attitude dates back to his childhood when he learned from his father’s business and aspired to have it all. He came from a humble background and had ambitions to succeed in life.

He has developed two successful businesses from scratch, and in the process, he has inspired young people to start their own businesses. He was an integral part of the Quora Mumbai Meetups and helped it become a great success in a short period of time. Later, he began organizing meetups to raise awareness about blockchain, cryptocurrencies, and their applications. He also shared his knowledge of ICOs, highlighted reputable ICOs, and established a small cryptocurrency community on WhatsApp groups.

He chose to go on a Blockchain Tour in India in 2019 and met some fascinating people. Throughout his journey, he has been able to build an extensive and robust network that has aided Secvolt’s growth. Because of his expertise and understanding of the Crypto Industry, he has been featured on several news channels and has advised the youth on the subject.

He is in charge of the company’s marketing operations and is responsible for developing its marketing strategy and vision. He oversees a group of passionate marketing professionals and plans promotional strategies with the goal of making  Secvolt a global brand. 

He is a perfect blend of a practical attitude and innovative business acumen. He believes in the ability of individuals to perform exceptionally well when given an environment to experiment and explore their passions; a culture that he has built at Secvolt.

Divakar Choudhary

Divakar Choudhary is the founder and CEO of Secvolt who has been trading for more than six years now. He started the business in 2018 with the conviction that if anybody could dominate the market, it was him. He poured all of himself into the business and turned Secvolt into a market-beating machine.

Divakar developed the fundamental quant models that perform risk management and capture alpha using his skills from the previous organization and his time spent in the market. In order to make the system effective, he backtested risk mitigation algorithms and worked on them for more than 4 years to produce results.

Early Years

He began his crypto journey in 2013 after getting his first gaming Laptop and melded in with the Blockchain community like sunbeams on the ocean. He created many YouTube channels at the age of 15 and businesses by the time he was 17. Technology has always piqued Divakar’s interest. He endeavored and succeeded at freelancing in his effort to achieve financial independence. However, he soon realized that freelancing would always keep him in the rat race, and the only way out would be to build a machine yielding generational wealth.

Soon, he started trading using his own capital but suffered a loss in the market. He says, “95% of people lose money & the rest 5% make money from the loss of those 95%.” He then began working on an effective technique to be included in this 5% after losing part of his own assets during the early stages of trading. He began evaluating quant strategies using statistical models.

With his methodology, he once produced a 20% ROI in a single month. With the zeal of creating something exceptional, he borrowed money from friends and family and generated decent returns for them using primitive quant models. Month after month, the system’s efficiency and the competence of the man behind it allowed for excellent market returns.

In the beginning, Divakar worked on his laptop for over 18 hours. It took every ounce of his energy as he executed about 530+ deals daily for 4 years to create this company from the ground up. In 2021, he increased his volume by 827%, trading a total of $52 million and hitting a single account.

In his words-

“What does becoming “THAT” GUY mean to you? Who did you need when you were young? Be that person!”

He is a perfect example of someone who followed his passion and made a fortune from it! He dreamt of creating generational wealth as a youngster, envisioned it as an adult, and is now making it a reality with Secvolt!