Top 5 questions you should ask a financial advisor

WealthSouth Financial Advisors William Howell + Tim Yessin sit at a table.

WealthSouth Financial Advisors William Howell + Tim Yessin. | Photo by WealthSouth

Whether you’re a seasoned investor or new to wealth management and in need of financial advice, there are some important things you should know when speaking with a financial advisor.

Tim Yessin of WealthSouth — one of Lexington’s largest Wealth Management firms that has served the Bluegrass since 1909 — shares five questions you should ask a financial advisor to feel confident in your financial journey. 💸

What type of investment advisor are you?

There are two primary types of investment professionals with different approaches in operating and serving their clients. Some investment advisors, like those at WealthSouth, work as Fiduciary Advisors, and are required to act in the best interest of their clients both legally and ethically.

The other type, Brokers/Dealers, can buy + sell securities on behalf of their clients under the Suitability Standard of care.

How are you compensated?

All financial advisors are paid for the work they do for you, but it’s important to know their compensation structure. Bonus: There could be cost savings for you.

Do you invest in proprietary products?

Some financial advisors will only invest in products managed by the companies that employ them. Most of the time, there are better + less expensive investment options available outside of those firms.

Photo of WealthSouth investment planning professionals sitting around a table. — WealthSouth’s investment planning process incorporates cash flow needs, taxes, estate plans, risk tolerance, overall expenses, outside assets + any other considerations unique to a client’s needs.

What is the process you use to select securities within my portfolio?

An advisor should be able to explain how they select stocks, bonds, mutual funds, etc. for you — and who at their firm makes those decisions.

A critical element in reaching your financial goals is your portfolio’s allocation. Read: The proportion of stocks to bonds (also called equities to fixed income).

Getting to the proper allocation requires a great deal of understanding of your ultimate financial goals, which generally requires more than just a casual conversation between you and an advisor.

Keep reading for a full explanation on why these questions are so important to ask a financial advisor.*

LEARN MORE FROM THE EXPERTS

This content was created in partnership with WealthSouth and written by Garcelle Vierra Erdie.

POLL

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Today

Good Morning Bedlam and Mama Said String Band | Tue., Oct. 4 | 7 p.m. | Burl Live Music, 375 Thompson Rd, Lexington | $15.00 | Bluegrass, folk + Americana tunes from Good Morning Bedlam and Mama Said String Band
MasterChef Junior Live! | Tue., Oct. 4 | 7 p.m. | Lexington Opera House, 401 West Short Street, Lexington | $33.00 - $53.00 | A high-energy, interactive live cooking performance featuring contestants from the hit TV show’s eighth season.

Wednesday

Fall Forest Scavenger Hunt | Wed., Oct. 5 | 1-2 p.m. | Raven Run Nature Sanctuary, 3885 Raven Run Way, Lexington | Free | Kids in grades K–5th are invited to join park staff on a guided scavenger hunt exploring the changing colors of the forest.

Thursday

Keith Urban: The Speed of Now World Tour | Thu., Oct. 6 | 7 p.m. | Rupp Arena, 430 West Vine Street, Lexington | $29.50 - $89.50 | Move + groove to the sounds of 15-time Academy of Country Music Award-winning artist Keith Urban as he plays from his album, “The Speed of Now.”

Friday

Fall Block Party | Fri., Oct. 7 | 5-9 p.m. | Greyline Station, 101 W. Loudon Ave., Lexington | Free | Stop by for an evening of live music, local vendors, and great food including tabletop games, pumpkins, seasonal drinks + more.
Reptiles Rule! - Main Library (Families) | Fri., Oct. 7 | 5-6 p.m. | Woodford County Library Main Branch, 115 North Main St., Versailles | Free | Join the Kentucky Reptile Zoo to meet + learn about reptiles from around the world including tortoises, pythons, and a baby alligator.

Saturday

Walk to End Alzheimer’s | Sat., Oct. 8 | 9 a.m. | Central Bank Center, 430 W Vine St, Lexington | Free | Support the Alzheimer’s Association + its mission of ending Alzheimer’s disease through research and support at this fundraising walk.

Sunday

Blues on the Greens 2022 | Sun., Oct. 9 | 1-9 p.m. | Irish Hills Golf Course, 1233 Camargo Road, Mount Sterling | $10.00 | Bring your lawn chair and set up for a day filled with the best blues music around from the Central Kentucky Blues Society — food + drinks will be available for purchase.

We have a monthly guide filled with events + activities you can plan for in advance. Click the button below to bookmark ideas for upcoming date nights, family outings, and time with friends.

100+ MORE EVENTS

Weather

71º | Mostly sunny | 6% chance of rain

Coming Soon

Par 6 Social — an upscale sports bar — is expected to open in February of 2023 in the former Bar Louie spot at Fayette Mall. The entertainment center will have three Topgolf Swing Suites holding up to eight people. Additionally, the pub will feature 13 large TVs + a menu of bar favorites like burgers, wings, and beers. ⛳ (Lexington Herald-Leader)

Open

In more Fayette Mall news, the Inebriated Baker’s second location is now open. Stop by seven days a week — Monday-Saturday 10 a.m.-9 p.m. + Sunday, 12 p.m.-6 p.m. — for its boozy cupcakes, cheese spreads, and candy. See the menu. 🧁

Civic

Have you ever wondered about the role of a magistrate? Learn for yourself at CivicLex’s County Office Open House next Mon. Oct. 10 at 6 p.m. in the Pam Miller Downtown Arts Center, 141 E. Main St. Here you’ll get to engage directly with Fayette County officials + candidates to learn about the impact of their work. (CivicLex)

Eat

There are only a few weeks left to enjoy some epic outdoor eats from Luna at The Grove. The food truck at Harvey’s Beer Garden will be serving its final dinner on Sat., Oct. 22 + its final brunch on Sun., Oct. 23. You can catch Luna’s at Al’s Bar for the winter season. 🍽️

Watch

In honor of its 100th birthday, the Kentucky Theatre will be featuring a special, one-time showing of the 1922 silent classic film “Nosferatu” on Sat., Oct. 15 at 7:30 p.m. The spooky screening will be accompanied by a live organ performance — costumes are encouraged. 📽️

Real Estate

Have you ever wanted to live on a vineyard? Well, now you can. Talon Winery, 7086 Tates Creek Rd., has 13, 10-acre lots available, known as Talon Estates. Three lots have already been sold, but the remaining 10 boast beautiful Bluegrass + vineyard views. Get more details. 🍇

Number

15,000+. That’s the number of books donated by local Lexingtonians for the International Book Project’s Eastern Kentucky book drive. The donations will be used to help replenish the libraries at schools across Eastern Kentucky. Way to go, Lexington. (International Book Project)

Cause

From now until Nov. 23, Central Music Academy (CMA) + WUKY will be taking donations for its annual instrument drive. If you have any unused instruments you’re ready to part ways with, consider donating to CMA to help it provide free music lessons to local children. See what they can accept. 🎸
Hank the Horse needs our help. Hank has made it to the quarterfinals in America’s Favorite Pet contest. Let’s help get him to the next round by voting for him here, between now + Thurs., Oct. 13. Good luck, Hank. 🐴

Shop

Pumpkin spice lattes aren’t the only thing heating up this fall. Shop the hottest local fashion in our online retails store, all while supporting LEXtoday. We’re talking cozy sweatshirts, comfortable caps, and fashionable bags. Snag your favorite LEX gear now.

Drink

We’re a beverage-loving kind of people (peep our guide to the Brewgrass Trail), so allow us to level up your libations. Craft cold brew at home with this Deluxe Cold Brew Coffee Maker and open wine with ease with this cordless electric wine opener. Did we mention each is rated over 4.5 stars? 🌟*

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Sports

Frontrunners: Run for a cause

Runners at last year’s Pride Run. | Photo by Kathryn Decker | Kathryn Decker

Looking to break a sweat + have a good time this weekend? Then head to Coldstream Park this Sat., Oct. 8 at 9 a.m. for Frontrunners Lexington’s Pride Run 2022, co-presented by Fayette County Public Schools’ LGBTQ Advisory Committee.

The race will feature 13 age groups + three gender categories — male, female, and non-binary. Proceeds will help provide resources for student, teacher, and administrative training throughout FCPS, and support for LGBTQ+ students, families, and allies.

The event is co-hosted by Frontrunners Lexington — a nonprofit, membership-led run/walk group that promotes fitness + connection among the LGBTQ+ community. The group meets twice a week:

Wednesdays | 7 p.m. | Ecton Park, 956 Turkey Foot Rd.
Saturdays | 8 + 9 a.m. | Third Street Stuff & Coffee, 257 N. Limestone

While we’re talking about running groups, we want to hear from you. What running groups are you a part of? Do you have any favorite races coming up? Let us know.

THE WRAP

Today’s issue was written by City Editor Molly.

Editor’s pick: I was so inspired by seeing so many pictures + posts from The Bourbon Chase this past weekend. So much so, that I’m thinking about getting a team together. Send me all of your pro tips for training (also any running groups) and assembling a team.

Missed yesterday’s newsletter? Learn about EOP Architects, here.

Connect with us.

Editorial: Aaron Mikel, Molly Thompson, Jessalin Heins-Nagamoto, Kaylee Holland, Ashlea Hearn, Emily Shea | Send us a scoop, question, or feedback.

Sales: Marin Fiske | Advertise with us.

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