So, you need to hire a financial advisor but you don’t know anything about managing money and assets. Or, you already have a financial advisor but you’re not sure if they’re a good fit. How do you figure it out? Ask great questions! What questions do you ask? My guest today is a financial advisor to doctors and dentists who own their own practices, and he’ll give us the questions he thinks are useful for you and questions that sound great but are not.
Drew Powers is the Founder of Powers Financial Group, LLC, a Registered Investment Advisor. He specializes in advanced insurance and investment strategies for doctors. Drew is 100% independent, he doesn’t work with any investment or insurance company, which means he’s able to give unbiased advice that is most beneficial for his clients. Drew started his career in 2001 as a Market Maker on the Chicago Board Options Exchange, where he managed trading portfolios comprising hundreds of equity- and equity-index option listings. In 2008, he transitioned to the role of Financial Advisor and Investment Advisor Representative, where he helped clients develop individual financial strategies. At Powers Financial Group, Drew leverages his stock and options trading expertise with his financial advising experience to help clients increase and protect their wealth. Drew lives in Naperville with his wife and their two children. He is an avid downhill skier, active in youth sports, a proud “Rooster” within the Naperville Jaycees, and is passionate about CrossFit and the Paleo/Primal Lifestyle.
In this episode Carl White and Drew Powers discuss:
The Questions that really matter:
- Are you 100% independent? Do you get a W-2 from an insurance company, an investment company, and/or a broker dealer?
- How do you get paid? (Explain all the ways you get paid, the options I have in paying you, and differences in payments between companies you use.)
- Do you have other clients like me for whom you did similar work? (Other Doctors, other practice owners, other high-earners, others with this same type of transaction or situation.)
The Questions that get asked but matter less:
- Are you a Fiduciary? (Technically, Bernie Madoff was a Fiduciary.)
- How much money do you manage? (What answer are you excited about: a lot or a little?)
- How many clients do you have? (What answer are you excited about: a lot or a little?)
- Are you a [insert designation here]? (CFP, CFA, CPA)
Questions to consider instead:
- How do you handle conflicts of interest in your practice?
- Do you have the capacity to take on another client right now? How often will we communicate?
- What kinds of education do you have specific to my needs?
Want to be a guest on PracticeCare?
Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here’s the link where you can get the process started.
Connect with Drew Powers
Connect with Carl White
Website: http://www.marketvisorygroup.com
Email: whitec@marketvisorygroup.com
Facebook: https://www.facebook.com/marketvisorygroup
YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig