Superior Financial LLC

Plan, Navigate, Achieve.

Superior Financial LLC - Fee Only Financial Planning in Southeast MN - Retirement planning, education, insurance, tax, estate, debt, investment management

"Without counsel plans fail,
but with many advisers they succeed."
Proverbs 15:22

Tough Questions to Ask Advisors

How do you choose a Financial Planner?
Here are some tough questions to ask:

(You can print these questions here)

  1. What is your educational background?
  2. What are your financial planning credentials/designations and affiliations?
  3. How long have you been offering financial planning services?
  4. Do you have clients who might be willing to speak with me about your services?
  5. Will you provide me with references from other professionals?
  6. Have you ever been cited by a professional or regulatory governing body for disciplinary reasons?
  7. Describe your financial planning work experience or provide your resume.

BUSINESS PRACTICE

  1. How many clients do you work with?
  2. Are you currently engaged in any other business, either as a sole proprietor, partner, officer, employee, trustee, agent or otherwise? (Exclude non-investment related activities which are exclusively charitable, civic, religious or fraternal and are recognized as tax-exempt.)
  3. Will you or an associate of yours work with me?
  4. If an associate will be my primary contact, please provide the Background & Experience information for each associate as well.
  5. Will you sign the Fiduciary Oath?
    The advisor shall exercise his/her best efforts to act in good faith and in the best interest of the client. The advisor shall provide written disclosure to the client prior to the engagement of the advisor, and thereafter throughout the term of the engagement, of any conflicts of interest which will or reasonably may compromise the impartiality or independence of the advisor.The advisor, or any party in which the advisor has a financial interest, does not receive any compensation or other remuneration that is contingent on any client’s purchase or sale of a party based on the referral of a client or the client’s business.
  6. Do you have a business continuity plan?

COMPENSATION
Financial planning costs include what a client pays in fees and commissions. Comparison between advisors requires full information about potential total costs. It is important to have this information before entering into any agreement.

  1. How is your firm compensated and how is your compensation calculated?
  2. Do you have an agreement describing your compensation and services that will be provided in advance of the engagement?
  3. Do you have a minimum fee?
  4. If you earn commissions, approximately what percentage of your firm’s commission income comes from:
    _____ Insurance Products
    _____ Annuities
    _____ Mutual Funds
    _____ Limited Partnerships
    _____ Stocks and Bonds
    _____ Coins, tangibles, collectibles
    _____ Other
  5. Does any member of your firm act as a general partner, participate in, or receive compensation from investments you may recommend to me?
  6. Do you receive referral fees from attorneys, accountants, insurance professionals, mortgage brokers, or others?
  7. Do you receive on-going income from any of the mutual funds that you recommend in the form of “12(b)1” fees, “trailing” commissions, or other continuing payouts?
  8. Are there financial incentives for you to recommend certain financial products?

SERVICES
Financial Planners provide a range of services. It is important to match client needs with services provided.

  1. Do you offer advice on:
    _____ Goal Setting
    _____ Cash Management & Budgeting
    _____ Tax Planning
    _____ Investment Review & Planning
    _____ Estate Planning
    _____ Insurance needs in the area of life, disability, long-term care, health and property/casualty
    _____ Education Funding
    _____ Retirement Planning
    _____ Other
  2. Do you provide a comprehensive written analysis of my financial situation and recommendations?
  3. Does your financial planning service include recommendations for specific investments or investment products?
  4. Do you offer assistance with implementation with the plan?
  5. Do you offer continuous, on-going advice regarding my financial affairs, including advice on non-investment related financial issues?
  6. Do you take custody of, or have access to my assets?
  7. If you were to provide me on-going investment advisory services, do you require “discretionary” trading authority over my investment accounts?

REGULATORY COMPLIANCE
Federal and state laws require that, under most circumstances, individuals or firms holding themselves out to the public as providing investment advisory services are required to be registered with either the U.S. Securities & Exchange Commission (SEC) or the regulatory agency of the state in which the individual/firm conducts business.

Are you (or your firm) registered as an Investment Advisor
_____ With the SEC
_____ With the state of _________________________

Please provide your Form ADV Part II or brochure used in compliance with the Investment Advisors Act of 1940.

If not registered with either the SEC or any state, please indicate the allowable reason for non-registration.

This form was created by the National Association of Personal Financial Advisors (NAPFA) to assist consumers in selecting a personal financial planner. It can be used as a checklist during an interview or sent to prospective planners as part of a preliminary screening. NAPFA recommends that individuals from at least two different firms be interviewed.

(You can print these questions here)

Privacy Policy

All written content on this site is for information purposes only. Opinions expressed herein are solely those of Superior Financial, LLC, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties' informational accuracy or completeness. All information or ideas provided should be discussed in detail with an adviser, accountant or legal counsel prior to implementation.

This website may provide links to others for the convenience of our users. Our firm has no control over the accuracy or content of these other websites. Investment advisory services are offered through Superior Financial, LLC, an investment adviser domiciled in and registered with the State of Minnesota. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute.

Follow-up or individualized responses to consumers in a particular state by our firm in the rendering of personalized investment advice for compensation shall not be made without our first complying with jurisdiction requirements or pursuant an applicable state exemption. For information concerning the status or disciplinary history of a broker-dealer, investment adviser, or their representatives, a consumer should contact their state securities administrator.

No mobile information will be shared with third parties/affiliates for marketing/promotional purposes. All other categories exclude text messaging originator opt-in data and consent; this information will not be shared with any third parties

Superior Financial, its principals and representatives do not share personal data (phone numbers) and consent with third parties / affiliated or partners.