In what form should financial information be given to a CFA
Dear Terry Savage,
I am in the process of consolidating my financial information and choosing a CFA for help. When I have chosen an Advisor, what, in the way of information should be given them? I have brokerage accounts and an IRA with securities. Do I copy the accounts and remove the Account numbers for safety? There is a personal trust and a family trust – do I release Trust documents to an advisor? Will or estate documents if necessary? Thank you in advance for your help.
Terry Says
First, you need to make sure you are working with a FIDUCIARY FEE-ONLY financial advisor — not a salesperson or broker! Find one you can trust here.
At that point, in order to do a complete job of advising you, you’ll discuss all of the above with the advisor, preferably in person, so you can bring your documents.
If things need to be uploaded, a good advisor has a secure, encrypted format for you to upload sensitive documents.
An advisor is going to discuss not only your investments but your estate plan, your life insurance, long-term care insurance, your personal risk tolerance, your tax situation. That’s why you truly need a FIDUCIARY (who puts that in writing!) to work with you. Please do check out Wealthramp linked above. It is the only way you (and I) can be sure you are working with a person you can trust!
