Once you’ve chosen a financial planner, it will be your turn to answer lots of questions. Your financial planner will need to know what stage of life you’re in, and what your financial goals are—whether saving for a child’s education or planning for retirement. You’ll need to be very direct about your goals and tolerance for risk. If he or she does not seek to fully understand your individual situation and preferences, you may not have selected the right planner.

Make sure you know and understand the policies of the individual or firm you’re dealing with. It’s your right to know where your funds are at all times, and to understand how they may be accessed and by whom. Remember, you have the right to withdraw your money at any time for any reason, but you may incur fees and/or tax liability for doing so. Make sure you understand the details.

If your chosen planner is also a registered representative (e.g., licensed to sell stocks and bonds), he or she may not make a trade without your permission, unless you have granted discretionary authority. That is, the authority to act on your behalf without contacting you first. Think twice before granting discretionary authority. Such authority should be given only under very limited circumstances, since it gives your representative the power to make trades with your money without your express permission.

Plan to meet at least yearly with your representative to review your investments and to revise your plan, if needed. If you have a major life change during the year — such as the birth of a child or grandchild or the death of a spouse — arrange for a special meeting with your representative. Life changes often indicate the need for investment changes.