Questions to Ask Your Financial Advisor
1. Does your Financial Advisor have adequate education at a top tier school?
What to Look out For: Some advisors’ education backgrounds can be surprising. Some never went to college.
Richard is proud to have earned his degree from the Carroll School of Management Honors Program at Boston College. In 2016, BC was the #22 ranked college in the county according to Forbes and Bloomberg ranked it #3 of all U.S. undergraduate business programs. Richard is also honored to be an alumnus of The London School of Economics. In 2016, LSE was ranked #6 in Europe and #23 in the world according to the Times Higher Education World University Rankings.
2. Does your Financial Advisor have a Finance or related degree?
What to Watch Out For: Some advisors attain credentials at the secondary, professional continuing education arms of reputable institutions and then pass that off as the place they matriculated. A quick check of Linkedin can demonstrate the difference between a 4-year degree and a 4-day course. Do not be fooled by training certificates masquerading as diplomas.
Richard attended Boston College and the London School of Economics and is an active member of both institutions’ alumni associations. Further proof of his matriculation can be provided upon request.
3. Does your Financial Advisor have proper training?
What to Watch Out For: Some advisors get 3 weeks of product training and then are presented to the public as adequately trained to handle million dollar accounts. Nothing could more frightening and further from the truth. Only comprehensive training programs fully prepare an advisor to give advice regarding your future. Do not work with someone whose training is only comprised of how to sell you something.
Richard has comprehensive training at a number of institutions. Beginning with his intensive 3-month investment banking training at JPMorgan Chase, he has reinforced his knowledge of the financial and economic forces that can impact investments. He has further participated in financial advisor training at Merrill Lynch for which he has an extensive training log of hundreds of hours of financial classes and continuing education courses. Building on this knowledge base he participated in significant training programs at Fidelity Investments as well. He has a well-rounded and thorough understanding of the financial world learn from multiple sources, multiple disciplines and multiple perspectives.
4. Does your Financial Advisor have adequate industry experience?
What To Watch Out For: Some advisors include non-advisory, non-wealth management roles in their experience. These roles are primarily support and sales related and provide limited experience of fundamental decision-making in the financial planning and investment process. Ask what roles or titles your advisor maintained and what were the duties of those positions. Selling credit cards is not the same as financial advisory experience.
Richard worked in investment banking until 2001. Post 9/11, he transitioned into the Private Wealth Group at Merrill Lynch working on a billion-dollar private wealth team until it dissolved. Richard then went through advisor training at Merrill Lynch and then ended up working for a top 100 Merrill Lynch producer. He had extensive interactions with a variety of clients in many capacities, learning the right way to do business in a comprehensive and thoughtful way. After several years on a successful team, Richard decided to pursue a different avenue and left Merrill for Fidelity Investments. Again, through extensive interaction with hundreds of clients through Fidelity’s branch network, he obtained first-hand knowledge of the discount brokerage world and how it fits with client objectives. Richard spent 5 years as a financial advisor in the JPMorgan Chase headquarters and prestigious Chrysler Building branches managing assets for over 800 clients After his tenure at JPMorgan, Richard went independent and started working toward founding The Cahill Group. Through servicing clients of all kinds, from retail to private wealth, from individuals to institutions, Richard has a deep well of experience from which to draw in the execution of his duties as a loyal, financial advisor.
5. Does your Financial Advisor have any client complaints on their record?
What to Watch out For: Client complaints are sometimes, but not always, a good way to judge how an advisor conducts business. They can be an indicator of honesty, trustworthiness and competency. Look to see if any damages were granted as a result of a customer dispute. This can demonstrate that independent third parties have reviewed the complaint and found there was legitimate financial error on the part of the advisor.
Richard has zero client complaints on his record. Over thousands of client and hundreds of investments, not a single client has filed any type of complaint against him.