Broker Check

Frequently Asked Questions to ask Financial Advisors in San Jose

December 14, 2021

Q: How much should I pay for a financial advisor?

Financial advisor charges vary depending on several factors. This includes the state, (does this mean state regulations or geographic location?) the amount of money, or the duration of time you need the services, i.e., annually, monthly, or even hourly. In California, most of the standard charges depend on the period you need the financial advisor services. Most charges (for me) depend on the complexity of the plan and the amount of assets managed. For example, some financial advisors charge $200 - $400 on an hourly basis, or $1000 - $3000 I know a planner than charged as much as $10,000 per plan, or even an annual fee of $2000 - $7500.

Q: Does it cost money to talk to a financial advisor?

Yes, it will cost you some money to get help from a financial advisor. Though the cost varies from one financial advisor to the other, the services you require from us determine the amount you will be charged. We mainly charge on per plan, or the amount of investment or money you want us to manage for you. The charges may also a percentage of your managed cash or a fixed amount. I primarily either charge a fixed fee or a percent of assets.

Q: Is it worth paying a financial advisor?

It depends, paying a financial advisor is a personal decision you can make. Not only does it help you save time, it’ll also help you make informed decisions. Working with a qualified financial advisor also identifies gaps in your finances by minimizing expenses and increasing your gains. Additionally, hiring a financial advisor is an added advantage they're always up-to-date with the economic trends in the country.

Q: Can a financial advisor steal your money?

Yes, some financial advisors do steal clients' money. This is done through various forms such as forging clients' signatures, funds being routed through different accounts, and faking customers' documents, among other common ways. Hence, it's crucial to scrutinize the details of your financial advisor. Check our background with the Finance Industry Regulatory Authority (FINRA).

Q: Can you trust your financial advisor?

Trusting one with your investment and managing your money is a challenging thing. Therefore, the Financial Industry Regulatory Authority (FINRA) offers you the potential to check the background of the advisor you are speaking with. This gives you the courage to trust such advisors. You'd also want to go that extra mile and check their level of knowledge, training, education, references, and record. Also, be sure you understand their payment plan and understand how they are compensated (this is good!!) - which they should disclose to you.

Q: Why should you not use a financial advisor?

We can all benefit from some financial advice. Even advisor needs advice at times. How often you go depends on level of comfort.

Q: Is it better to have a financial advisor or do it myself?

It is better to evaluate your options before making any decision. Even though you might think of excluding financial advisors, their experience and skills will come in handy while the right financial decisions. It also saves you time which you could have incurred while researching the best financial routes available. Your financial plan should change over time to address changes in your personal circumstances.
In addition an experienced financial planner can provide you with an objective, unemotional assessment of your finances. This objectivity ensures your plan meets your unique financial needs and can be an invaluable aid in helping you make sound financial decisions.

Q: What is the difference between a financial planner and a financial advisor?

Financial planners are certified professionals who help individuals or companies create long-term financial goals through a stipulated program.

A financial advisor is also a certified professional who, unlike a planner, helps manage your money, including your investments and other accounts for you. And provide advice on how to invest those accounts to achieve your financial goals

Why choose Dave Henderson over the competition?

I pride myself in getting to know each client so that I can understand their individual needs and what matters most to them. This helps me recommend products and strategies designed to meet their current, and more importantly, future needs.