What makes a good financial adviser?

Author and financial consultant Ruth Hayden answered caller questions about everything from financial advisers to managing your own funds.

To hear Ruth on air with MPR News host Kerri Miller, select the audio player above.

The best investors are educated consumers. Well-informed consumers are better equipped to choose the best advisers, ask the right questions and stick to their financial plans.

Hayden offered some suggested questions to use when you are interviewing professionals who will be giving advice on your investments:

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1. What is your title? What are your credentials? How long have you been doing this?

2. Who is your typical client? What is the minimum amount of money that you need your clients to have?

3. How often do you meet with your clients?

4. Are you a fiduciary? Tell me what that means for me in working with you.

5. How are you compensated — in total?

6. What is your investment strategy for handling a market crash, in two different scenarios: Before I'm retired and still earning money, and after I'm retired and will need consistent income from my investments.

7. Are you willing to explain to me why you are choosing each investment, how it fits into my financial plan and what costs are associated with it?