What questions should I ask a financial planner?
ACS Answer
Before taking this step, you should have the names of 3 or 4 planners to consider. It's best to talk with each of them in person. As you've probably learned, some people are uncomfortable with the subject of cancer. To make an effective financial plan, there must be a good "fit" between you and your planner. You need to see each planner's reaction to your cancer experience. You also should consider including someone you trust when you talk with the planner. This person can be a friend or loved one. Financial decisions often affect others, and your loved ones should understand your financial picture. This person also can observe the planner's reactions.
With most financial planners, the first meeting is free of charge. To make the most of the meeting, jot down your financial needs, concerns, and goals. Also, consider asking at least some of the following questions:
- Can you describe your typical client?
- Have you ever worked with a client who has cancer? Or, have you helped with the finances of someone in your family, or a friend, who has cancer?
- How would your planning advice to me differ from a typical financial planning client?
- Do you feel comfortable dealing with this issue?
- What would be the issues you see as most important in my particular situation? Describe the financial planning process you would take me through.
- Are you familiar with all aspects of medical coverage, disability benefits, life insurance, accelerated benefits, and viatical settlements?
- Are you familiar with the employee rights of cancer patients?
- Do you prepare written plans? How detailed are they?
- How often will you review my finances?
- How often should I talk with you?
- What do you expect from me?
- Do you recommend specific products? How do you decide how my money should be divided?
- Describe your investment style or philosophy. Do you specialize in certain types of investments? Do you exclude any types?
- What type of investment strategy would you recommend for someone in my situation?
- How are you paid? How are your fees determined (fee, commission from the sale of financial products, fee plus commission)?
- Have you ever been disciplined by a regulatory group?
- If our relationship doesn't work out, how would we end it?
- Can you supply references?
Related Resources
The American Cancer Society can provide several booklets about financial issues and cancer, upon request:
- Costs of Cancer
- Financial Guidance for Cancer Survivors and Their Families
- Financial Guidance for Those With Concerns About Cancer
- Medical Insurance and Financial Assistance for the Caner Patient (also available in Spanish)
Find books that cover this and other cancer topics at the American Cancer Society bookstore.
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