Key Business Owner's Questions to Ask Your Financial Advisor in 2022

Important Questions to Ask A Financial Advisor at the First Meeting

Are you a business owner aspiring to realise a digital solution to meet your clients' needs? Or you’ve been dwelling on an idea of a fintech product for a while? Either way, a big team of specialists in different areas of competence is required to make this possible. In particular, financial advisors. These are experts in financial management helping businesses and individuals with budgeting, planning, investments, and money matters in general.

You, as an entrepreneur, shouldn’t underestimate the importance of having a financial representative as good financial advisors can save lots of your money, multiply your income, and help use it wisely. This is proved by dry facts — statistically, almost 40% of Americans worked with a financial advisor in 2021. And the number continues to grow, which means such cooperation brings positive results. Well, as they say — horses for courses. Let professionals do the job you’re not specialising in.

As DashDevs, above all else, provides business and financial consulting services and knows the ins and outs of how fintech products are developed from scratch, we want to share with you our vision of what a trusted financial adviser is. Catch tips on how to distinguish a real professional from mediocrity and look through the top questions to ask them at your very first meeting. Hopefully, this will help to realise your business idea faster and with no resources wasted. Get ready to gain some insights!

How to Pick a Financial Advisor for Your Business Idea?

So, what to look for in a financial advisor when your purpose is to receive professional financial consultation for your business? Read on what DashDevs recommends paying attention to as the focus priority.

Top Characteristics of Good Finance Consulting Firms

From DashDevs' perspective, a good company providing financial consulting services should definitely have the following characteristics:

  • A team of professionals. Make sure the company you’re addressing to provide you with financial guidance has only knowledgeable and experienced financial consultants. For that, request info on their skills, qualifications, and education — they need to have at least a bachelor’s degree. Having a Certified Financial Planner (CFP) certification is also a great benefit.
  • Experience. Try to find out for how long a company has been serving clients as an advisor in finance. Years of experience usually speak for themselves — they demonstrate the loyalty of customers and, therefore, high expertise. And we’re proud that businesses have been choosing DashDevs for 10+ years now.
  • Reputation. Another important criterion to consider — what do others say about the firm? What are the reviews? Are there any of your friends or acquaintances who can or can’t recommend you to any finance consulting company, and why?

Top Qualities of Successful Financial Advisors

Now let’s learn the traits of good financial advisors that DashDevs suggests paying attention to. They’re not so obvious as expert knowledge and good communication skills.

  • Leadership. When choosing a financial advisor, mind their leadership skills like reliability, decisiveness, risk-taking, and the mastership to teach and mentor. Your financial consultant should be a self-starter able to recognise the potential barriers and use creativity to deal with them.
  • Transparency. This is one of the key values DashDevs sticks to when providing customers with both financial consulting and software development services. That’s why the update on the gains and profits, as well as obstacles and challenges, are given to our clients during all stages of cooperation. You have to be in total control of your finances, so give this criterion a special prominence.
  • Passion. This quality may not be as apparent as others, but it’s significant for your financial consultant to show genuine interest and desire to constantly grow, expand expertise, acquire new skills, and do well for clients.
  • Flexibility. In the majority of cases, developing a business idea is accompanied by requirements change. That’s why a flexible approach is crucial. Your financial advisor needs to be able to quickly adjust to new conditions. For example, to meet that purpose, DashDevs follows the Agile methodology. Such result-oriented management allows achieving goals faster.

5 Questions to Ask Your Financial Advisor

Before you actually hire a financial advisor to help you achieve your financial goal, you want to make sure they’re exactly what you need for your specific business idea and have all those qualities we’ve already described above. That’s why we suggest you ask them the following questions.

1. What services do you provide?

This is among the first questions to ask when looking for a financial advisor to assist you in realising your business idea. The thing is their specialities and responsibilities are numerous. For instance, they can help you create a long-term investing strategy and advise on estate planning, college savings accounts, insurance coverage, or tax status. Or, like for DashDevs, their main duty is to research, analyse, and help you create a financial plan for a fintech product development.

But before you go to a financial advisor and start interviewing them, make sure you’ve asked yourself one important question — what kind of help are you exactly looking for? The better you understand your business needs, the more chances to find an expert you require.

2. What do you love about your job?

Are you now wondering if this is really among the most essential questions to ask my financial advisor so far? In DashDevs' opinion — yes. Well, think of it! Who do you want to work with? Who do you want to trust in your finances? Someone who isn’t that fond of their job and does it only because of monthly income? Or someone really passionate about what they do? Remember — passion, interest, and enthusiasm are always on the list of top qualities of the best financial consultants.

Frankly, hearing an answer to this question will help you understand whether you’ll fall into step. Real pros have no doubts about what they do and what they love about it. Look for specialists who’re fans of their jobs and whose real calling is finance.

3. What is your experience and who are your clients?

By the way, one of the best ways to identify the specialist you really need is to see who else they serve. So, don’t forget to ask financial advisors what customers they worked and are working with, and what the results of their cooperation are. It’s also a good idea to ask them to share real examples of what was achieved. Let them give you numbers and facts!

For example, DashDevs has managed to deliver over 500 digital products by now. And financial planning and project cost estimation were almost always a part of their development. Such a complex and all-embracing approach helps our clients to reach their business goals faster.

4. How will we keep in touch?

Believe it, you don’t want to hire a financial advisor who turns up only when they require it or when you start looking for them. Make certain you hire someone who will reach you out first and will always keep you up to date.

How often should you communicate? Well, it depends on lots of factors but what’s sure is that the frequency should be comfortable for you. Ask your potential financial advisor for their professional opinion on your unique case. Also, don’t forget to specify the channels of your communication — emails, calling, messaging, personal meetings? Face-to-face interaction mustn’t be avoided if there’s such an opportunity.

5. Who will I be working with?

In many cases, financial advisors work with clients on their own because this is enough to satisfy clients' demands. However, there are cases when a team of various experts is required. For example, research analysts or accountants. Or what if you need an overall solution to your business needs? Then you’ll require even more experts.

Don’t hesitate to ask guiding questions and mind the responses you receive. Are they clear and confident? Or vague and uncertain? The latter is something you’d better avoid. Choose carefully and wisely!

Сan You Trust a Financial Advisor after Making a Business Deal?

Trust is basically the foundation of any kind of relationship — family, friendship, business partnership, and even finance. So, if you can’t trust your financial advisor, it’s highly unlikely you’ll achieve the desired goal together. But how to know you’re making the right choice? DashDevs has singled out a few signs that might help.

1. Expertise. Do you see any results of your cooperation with a financial advisor? Are their experience and knowledge enough to meet your business goal? When the financial experts you work with demonstrate a high level of skills and expertise, the level of trust grows as well.

2. Empathy. Many believe that empathy is the most essential skill in business. Surprised? Well, this quality is indeed underestimated but if you mind it, you achieve greater results. When you understand your customers' emotions and, therefore needs, better, you’re able to serve them better too. See if your financial advisor is empathetic and fully involved in your case.

3. Smoothly running processes. Constant troubles and issues are a sign you’d better change your financial consultant. On the contrary, the less you’re disturbed and worried, the more you can trust your money manager.

When your relationship with a financial advisor is built on mutual trust, you get lots of benefits. Here are a few advantages for your business from such a partnership:

1. You’re provided with a cool perspective in terms of your business development. Why cool? Well, don’t you agree that it’s quite hard not to get emotional when it comes to your business? A consultant is someone who can stay unbiased and realistic, yet interested in your growth.

2. Advisors can make certain your financial resources aren’t mismanaged. Seriously, if money management isn’t your main strength, let experts help you with that. Instead, you’ll get an effective strategy that will help to contract expenses and increase profitability.

3. You see more clearly the different stages of your business growth. A financial advisor can create a plan for you, bearing in mind different aspects you might not think about.

How Much Does a Financial Advisor Cost?

There’s a big misconception that only wealthy people can afford the services of a financial advisor. However, because of such prejudices, many individuals, business owners, and entrepreneurs lose a chance to meet their financial goals faster. Just think about it — you pay lots of specialists for a variety of different services which help to make your business grow. Why should money management be an exception?

In short, at first, it may seem like unnecessary expenses, but ultimately they bring profit. Anyway, what’s the price? Like the cost of different experts, a financial advisor cost also depends on many factors.

1. The number of services you want. What exactly do you need? A financial plan and guidance? Or investment management? Is one financial advisor enough, or do you require a bigger team? The more time and work it takes, the bigger the price is.

2. Types of financial advisors. There are 3 of them: fee-only planners, fee-based planners, and commission-based planners. The first one is usually more expensive. You pay less for the second and third types. However, they might be biased because of the commission they get for promoting certain products.

How DashDevs Can Help Your Business in Terms of Finance Consulting?

DashDevs is an experienced company providing financial consulting services and developing fintech digital products for over 10 years now. If you have a business idea, want to attract more customers, and create a product to meet their demands, contact DashDevs! We’re here to provide you with professional advice and guidance, consult you on a money management plan, and answer any of your fintech questions!

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