You have the right to receive multiple competitive options and to choose your advisor, product and company. There are many different types of financial products available. Know your options and work with an advisor who provides you with multiple options.
Choosing A Financial Advisor:
A qualified financial advisor and/or insurance agent, especially one who has taken the Financial Integrity Pledge, can guide you through the process of reviewing your needs, selecting a product, underwriting (if necessary) and monitoring your product’s performance.
Their license(s) and certifications should be up-to-date demonstrating completion of advanced trainings and exams.
Additionally, all qualified advisors should know the product market of the product they are recommending. In other words, if they are recommending a mutual fund, they should familiar with how mutual funds work and if recommending insurance, they should understand how insurance works. This will allow them to recommend products which are truly the best fit for you. Their research and resources should save you time and money.
Choosing a Financial Products:
Product recommendations should match your needs and goals while fitting within your financial budget.
Products options will be presented clearly for your consideration. They should include, as applicable:
- Why is the product being recommended?
- Product type
- Product features
- Full pricing disclosure including all expenses
- What are the contractual provisions? What can be changed?
- Guarantees, if applicable
- What components of the investment are under someone else’s control rather than the marketplace? Surrender Charges (early withdrawal penalties)
- For insurance coverage amount, deductible, co-pays, coinsurance, waiting period (if applicable)
Choosing an insurance Company:
Review the company’s policies, stability, ability to pay claims and consider reviews from other consumers. Whether long term insurance (think decades), such as life, long-term care, and disability insurance or short term, as with auto insurance, you need to choose a company that will actually pay a claim. Therefore, a critical component of insurance planning is to choose your insurance company wisely.
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