Most Millennials who work with a financial advisor reach an "Oh, s&*#!" moment that prompts them to reach out for help. A meaningful life change or even just an argument at home typically are what prompt Millennial parents to actually start the process. But even then, they may have so many questions about financial planning. So I've written my responses here to the best questions to ask a financial advisor, whether you're speaking with me or someone else.
Most Millennials who work with a financial advisor reach an "Oh, s&*#" moment that prompts them to reach out for help. But even then, so many questions about financial planning may remain. I hope my responses here to the best questions to ask a financial advisor will help you in your family's search.
Awards
"Best financial advisor for millennials"
Business Insider
"40 Under 40" Class of 2021
InvestmentNews
"Top 100 Financial Advisor in the U.S."
Investopedia
"Best of D.C." Money Management Services
Washington City Paper
"Top Financial Advisor"
Washingtonian
Yes. As a Certified Financial Planner, I'm held to a strict standard of fiduciary duty. I must always put my clients' interests ahead of my own.
#1: Are you a fiduciary?
I'm a fee-only financial advisor. I don't have any products to sell and I don't earn any commissions. Illumint clients pay a flat fee for the financial planning services they receive. You can learn about Illumint's services here.
#2: How do you get paid?
I take a passive, time-tested, research-based approach to investing. I'll never pretend that I (or anyone else) can consistently pick specific companies or industries who will outperform others. Instead, we maximize your diversification, minimize your costs, and align your investment risk with the timing of when you plan to use the money. Ultimately, then, your returns are based on what the global stock market offers. Over time, as different companies in the U.S. and abroad grow, you'll be in a position to build your wealth.
#3: What is your investment philosophy?
Are you ready to Take Control of Your Financial Future?
Illumint clients don't need a custodian! Based on my experience as a financial advisor for Millennials, people around our ages don't need to pay someone to manage our investments for us. So I don't ask you to invest with any particular company. Nor do I require that you move your existing investments under my control. At Illumint, we focus on investment education. I want to empower you (with my help) to learn to invest confidently.
#4: Who Is Your Custodian?
Never.
#5: Do you earn fees for referring clients to Other Professionals?
I'm a Certified Financial Planner (CFP®), which is the most rigorous credential that the financial planning profession offers. I hold a Series 65 license, which government regulators require to practice financial planning. And I received an undergraduate business degree from Georgetown University and an MBA in finance from Georgia Tech. You can learn more about my background here.
#7: What Are Your Qualifications?
Absolutely! In fact, you can find Illumint's fee on the page where I talk about being a flat fee financial advisor.
#6: Will You Detail Your Fees in writing?
#4: Who Is Your Custodian?
Illumint clients don't need a custodian! Based on my experience working with Millennials, people around our ages don't need to pay someone to manage our investments for us. So I don't ask you to invest with any particular company. Nor do I require that you move your existing investments under my control. At Illumint, we focus on investment education. I want to empower you (with my help) to learn to invest confidently.
The most appropriate asset allocation for you specifically depends on when you think you may want to use your money. Retirement, for example, demands a different asset allocation than a college tuition bill two years from now. In all cases, we will diversify your investments as much as possible, often using total stock market index funds.
#8: What asset allocation will you use?
#7: What Are Your Qualifications?
I'm a Certified Financial Planner (CFP®), which is the most rigorous credential that the financial planning profession offers. I hold a Series 65 license, which government regulators require to practice financial planning. And I received an undergraduate business degree from Georgetown University and an MBA in finance from Georgia Tech.
Are you between the ages of 25-45? Has your income grown in recent years? Or, alternatively, has your savings grown as you've moved further away from your college years? Are you managing relationship finances as part of a two-income household? Then, yes, all of my clients are like you!
#10: Do you have clients like me?
#9: What services do you provide?
From my perspective, any aspect of your life that touches your finances should be fair game as part of comprehensive financial planning for Millennials. So of course, we'll work on tax planning, retirement planning, insurance planning, and estate planning. But let's not forget other important financial topics to you, like child care, housing decisions, college savings, and student loans.
