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Questions to Ask Your Financial Advisor

Questions to Ask Your Financial AdvisorThe Cobia Walker team encounters quite the savvy prospective clients who often interview us just as we interview them to determine whether we’re a good fit for each other. We get such great questions, we’ve compiled the best ones into this blog post.

1. What do you love about your job?

Kyle: I love helping clients who end up becoming friends through some of the most important financial decisions that they will make; impactful decisions that can change their life quality. I love helping clients who have saved their whole lives, and letting them know they can afford to spend $10,000 per month throughout retirement. They sometimes say, “There is no way I’d feel comfortable spending that much.” I explain either they spend the money now and enjoy it, or they pass away with a pile of money.

Lorrie: Working with clients to create a financial plan that accounts for their retirement goals. These plans often provide peace of mind, because clients don’t always know if they’re on track to achieve the kind of retirement they’ve dreamed of. If they aren’t on target, our plans show clients what it takes to get on track. I also love the interaction with clients from all walks of life. No two days are the same, and I enjoy that.

Questions to Ask Your Financial Advisor2. What services do you provide clients?

Peace of mind regarding retirement and investments. Specifically financial planning, investment advice, life insurance and retirement planning for businesses and individuals. We also manage company 401k accounts for many small businesses throughout the country.

3. Who are your typical clients?

Kyle: A married couple, business owners nearing retirement and interested in planning the transition from running the business to retirement. $500,000 – $8 million in investable assets.

Lorrie: Those who have at least $100,000 in retirement savings/investments and are interested in a financial plan. Business owners who want someone to oversee existing retirement plans, or to set up a plan for employees.

Questions to Ask Your Financial Advisor4. What is your investment philosophy?

Take the appropriate amount of risk, pick good investments, and don’t get emotional. Learn more here.

5. How will you pick investments for me?

We will listen to your financial goals, determine your risk tolerance, create a financial plan, and select a diversified investment portfolio based on that information.

6. How will we communicate about my investments?

We will manage your investments from day one. We will proactively reach out to you as needed, including an annual account review in person. Some clients like to meet more often, which is discussed while onboarding. If you are nearing retirement, we will schedule a few special meetings to make sure the plan is sound and everyone knows the expectations.

7. How do you get paid?

We like to keep fees lower than the industry standard for a full-service advisory firm. For example, a client who has saved $1 million in investable assets is charged 1 percent annually. This is taken out of the account quarterly (0.25 percent every three months). When your account exceeds $2 million, the fee is lowered.

8. How will you measure and evaluate my investment performance?

According to the retirement plan that we establish in the beginning of our relationship.

9. Can you tell me why the last two clients you lost stopped working with you?

Kyle: My former client wanted more ability to select investments for themselves.

Lorrie: My former client wished to rollover her funds elsewhere to avoid paying advisory fees.

10. What’s your succession plan?

We created the Cobia Walker team with succession planning in mind. Our clients get to know every member of our team through the course of their time with us. When one of our advisors retires, our clients already will have known and worked with the younger advisors on our team who take over for the retiring advisor. As the father of five sons and a daughter, Kyle also hopes that one of his children becomes involved in the business and joins the team eventually. Learn more here.

November 2022

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