Five Questions to Ask a Financial Advisor

Mar 1, 2024

An important part of working with a professional Financial Advisor is finding the right one for you. Here’s what to know before you make a choice.

Key Takeaways

  • A professional Financial Advisor can be an important part of the team that can help you reach your financial goals.
  • Interview a number of advisors to understand how they work and how they could help you.
  • Choose an advisor who understands your goals and has worked with clients in similar financial circumstances.

You’ve worked hard to get your tennis game to where it is today, with help along the way from qualified coaches and other members of your team. It can also be helpful to have a team behind you when you’re ready to bring your investment planning to the next level. A Financial Advisor can offer tailored advice on your investments and financial goals, but it can be hard to know where to start when it comes to finding the right one.

 

To find the advisor best suited to address your unique needs, an interview is a great way to get a sense of how a Financial Advisor will communicate and work with you as a client. Consider interviewing a selection of candidates, just as you would for a member of your player support team, so that you can compare their relative strengths and qualifications, and ultimately choose the right person for you. Here are five questions to get you started.

 

 

1.  How have you helped people like me reach their goals?

 

As a professional tennis player, you have a different financial situation than people in other professions—and even other sports. While your goals and challenges are unique to you and the way you make a living, an experienced Financial Advisor will likely have tackled the same or similar issues with other clients. Ask the Financial Advisor how they would help you set goals, develop a plan to achieve them and track your progress through all types of market conditions.

 

2.  How can you help me invest in ways I can’t on my own?

 

A Financial Advisor may be able to help you build on what you’ve achieved so far. For example, Morgan Stanley Financial Advisors have entire research and strategy teams dedicated to analyzing markets and the economy to help them and their clients make informed investment decisions. Morgan Stanley can also help you consider a broad array of investment products that you might not be able to access on your own. Ask the Financial Advisors you interview what kind of tools and resources are available to them, and how they would use those tools to help you.

 

3.  How will you get to know me?

 

Many Financial Advisors see themselves as part of their clients’ support system. Ask what their client relationships are like and how they nurture them. Often, relationships begin with the Financial Advisor getting a clear understanding of your finances after you share details on your income, savings, debt, assets, investments, loans and goals. A Financial Advisor  may also ask about your aspirations for your family and ways in which you want to set them up for success, including education and estate planning. A good advisor listens and takes the time to learn about you, asking detailed questions about your current financial state and long-term goals.

 

4.  How will we work together?

 

Having periodic check-ins on how you’re moving toward your goals can help you feel more confident in your finances. As you’re interviewing Financial Advisors, ask how often they recommend meeting to review your investment plan. The advisor you choose should be available to meet with you at the frequency you’re comfortable with. Also, be sure to ask how readily available they are in case something unexpected happens. How quickly will they respond? Who is their back-up for when they’re out of the office, and are you comfortable with that person? Ask for specific details and examples. Before you hire a Financial Advisor, ensure you agree on these details to avoid future surprises. 

 

5.  What is your investment philosophy and approach?

 

One way to understand a Financial Advisor’s approach is to ask about their process and what success looks like to them. Some may prefer investing more conservatively, with the goal of preserving your money and minimizing risk. Others may look to outperform the market by taking on more risk in their investment choices for you. Be sure your Financial Advisor and you have the same attitudes about risk, based on your financial goals and time horizon. A simple conversation about your risk tolerance can help you be sure.

 

 

Every sports and entertainment profession is unique with its own characteristics, earnings profile and variable career span. You require a Financial Advisor who knows the industry and how money flows from your work to your wallet. Our Global Sports and Entertainment designated Financial Advisors are chosen for their advanced experience working within very specific fields. They understand the financial picture and craft creative financial strategies that account for the unique challenges and dynamics of our clients’ careers. If you’re considering working with a Morgan Stanley Financial Advisor, contact us via our dedicated email box for WTA players. See how we can work with you, your family and your team to make the most of your financial future.

 

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