Important Questions to Ask Your Certified Financial Planner (CFP)

When you decide to hire a financial planner to manage your investment portfolio, you want this individual to be someone you can trust. After all, they are overseeing your finances and playing a significant role in helping you achieve your financial goals—it’s only necessary to ensure that you are placing this trust in the right hands! If you have been back and forth about hiring a CFP to help you better understand your finances, grow your wealth or save for retirement, but you have had cold feet out of the fear of hiring the wrong person, arm yourself with these interview questions to ask potential candidates. 


Are you a Fiduciary?

Trust and transparency are the utmost priorities for fiduciaries. “Fiduciam” is Latin for trust, after all! All investment advisers follow a fiduciary standard to always place their clients’ interests above their own personal interests. Whether or not the financial planner you are working with is a certified fiduciary will surely impact the quality of service you receive, which is why the first and most important question to ask a candidate is, “Are you a Fiduciary?” If the answer is no, you might as well get up and leave right then and there! Fiduciaries must uphold values that other members of the finance industry just aren’t subject to, so inquiring about their credentials and investment philosophy is step #1.


What Services do you Provide?

It’s important to know the full scope of services your CFP can provide. Many of us may have more than one long term financial goal: most of us want to save for a comfortable and cushioned retirement; others want to know the ins-and-outs of long-term investing; some of us just want to know more about the different account options and know they can trust their CFP to lead them towards suitable options. At Fiduciam Wealth Planning, we even work with recently divorced or widowed individuals who just need some guidance during a stressful time, both personally and financially. A financial advisor with a wide breadth of service offerings who has the experience worth investing in will be able to guide your towards viable financial strategies worth investing in—it’s as simple as that.  


Where Will My Money Be Going? 

It’s startling how little many individuals know about where their money is going and what is happening with it. Not just with their personal, day-to-day finances and forgotten subscriptions that keep racking up on their credit cards, but with their investment portfolio as well. When you place your trust in a fiduciary to properly manage your finances, it’s okay to have a hands-off approach to pursue your interests—that’s why you’re hiring them in the first place! However, it’s crucial you understand what is happening with your finances, what types of accounts you have open and how your money can grow over time with your specific long-term plan. Do not be afraid to ask your potential CFP where your hard-earned money will be going. 


How Will You Evaluate My Investment Growth and Success?

It’s one thing to hire a CFP, discuss your unique financial situation and set up investment accounts, but what then? What are your benchmarks for growth; how does your CFP’s strategy for defining success differ from yours? You want to work with someone who sees the big picture and can help you nail down a diversified portfolio poised for success in the long-term. This type of mindset will help your funds grow steadily over time and better moderate any risks associated with stock market fluctuations. Inquiring about your CFP’s personal strategy for measuring success is a question you will not want to skip over.


At Fiduciam Wealth Planning, We Believe that Trust is Paramount 

Whether you’re a working professional who wants to better understand and manage their finances, or you’ve recently divorced and need qualified counsel on how to get through a tough time with the least financial setbacks, our team of skilled fiduciaries can certainly help you. Reach out to the Towson-area CFPs today by calling (410) 339-7060 or contacting us at