Questions to Ask Financial Advisor

Hiring a financial advisor is a major step toward taking control of your financial life. Whether you're planning for retirement, building an investment portfolio, or navigating a complex financial situation, the right advisor can bring clarity, confidence, and customized support. But not all advisors are the same—and knowing what to ask before committing is essential.

To help you make an informed decision, we’ve outlined the most important questions to ask a financial advisor. These questions go beyond surface-level topics. They dig deep into how the advisor operates, what services they provide, how they charge, and whether their values align with your financial goals.

1. What Are Your Qualifications and Credentials?

Start by confirming your advisor's credentials. Look for designations such as:

CFP® (Certified Financial Planner)CFA (Chartered Financial Analyst)CPA (Certified Public Accountant) with a PFS (Personal Financial Specialist)ChFC (Chartered Financial Consultant)

You should also verify whether they are a registered investment advisor (RIA) or operate under another regulatory body. RIAs have a fiduciary duty, meaning they are legally obligated to act in your best interest.

2. Are You a Fiduciary?

This is one of the most critical questions. A fiduciary is legally and ethically required to put your interests ahead of their own. Advisors who are not fiduciaries may be incentivized to recommend financial products that pay them commissions, even if those products aren’t right for you.

Always ask for a clear yes or no—and request it in writing. A true personal financial advisor who’s a fiduciary will have no issue confirming this.

3. How Do You Get Paid?

Understanding the advisor's fee structure helps you spot potential conflicts of interest. Advisors generally fall into these categories:

Fee-only: They charge a flat fee, hourly rate, or percentage of assets under management. They do not earn commissions. This is typically the most transparent and client-focused model.Fee-based: May charge fees but also receive commissions on financial products.Commission-based: Earn money by selling mutual funds, insurance, or other investment vehicles.

Knowing if the advisor is fee-only can help ensure they’re focused on your best interests—not on their own financial incentive.

4. What Is Your Fee Structure?

Diving deeper into compensation, ask how fees are calculated. Common options include:

Flat fee for ongoing financial plans or comprehensive servicesHourly rate for one-time consultations or specific advicePercentage of assets (typically 0.5%–1% annually) for investment management

Request a written breakdown of fees. Ask if there are any additional costs for estate planning, tax coordination, or rebalancing your investment portfolio.

5. What Services Do You Provide?

Not all advisors offer the same level of service. Some focus exclusively on investment advice, while others offer full-spectrum financial plans that include:

Retirement planningEstate planningTax strategiesInsurance evaluationBudgeting and debt reductionCollege savings planningAsset allocation reviews

Clarify whether they take a holistic, personalized financial approach or if their services are more limited.

6. How Will You Help Me Reach My Financial Goals?

Every client’s goals are different—whether it’s buying a home, starting a business, planning a legacy, or retiring early. A strong advisor should help you define clear financial goals, then build a roadmap to achieve them.

Ask how they assess your financial situation, what tools or projections they use, and how they adjust strategies over time. You want someone who not only listens but also plans proactively.

7. What’s Your Investment Philosophy?

This reveals how the advisor manages risk, growth, and market volatility. Their investment philosophy should align with your comfort level and objectives.

Ask:

Do you believe in passive or active investing?How do you approach asset allocation?What’s your process for selecting investments?How do you respond to market downturns?

You want a clear, consistent, evidence-based strategy—not vague or emotionally driven decisions.

8. Who Will I Be Working With?

Sometimes, the person you meet initially won’t be the one managing your account day-to-day. Find out:

Will I have direct access to you or a team?How often will we communicate?Do you offer virtual meetings or in-person only?Will I get personalized advice or a generic template?

Your personal financial advisor should make you feel like more than just a number.

9. How Do You Customize Financial Plans?

Every financial plan should be tailored—not copy-pasted. Ask how they gather information to understand your full picture, including:

Income and expensesDebt and liabilitiesAssets and investmentsFamily dynamicsCareer timelineLifestyle goals

A strong advisor builds personalized financial strategies, adapting over time as your life evolves.

10. Can You Help With Estate Planning?

Even if you’re not wealthy, estate planning is important. It ensures your assets are distributed according to your wishes and can reduce tax burdens for heirs.

Ask:

Do you help with wills, trusts, and healthcare directives?Will you work with my attorney or refer one?How do you incorporate estate strategies into overall financial plans?

The right advisor should address this proactively, not just when you bring it up.

11. How Do You Handle Tax Planning?

Taxes can eat into your investments, savings, and retirement. A great advisor doesn’t just focus on growth—they also protect what you keep.

Ask:

How do you manage tax-loss harvesting?Do you coordinate with my CPA or tax preparer?Do you offer tax strategies within investment management?

This can be a game changer in long-term wealth building.

12. What Is Your Experience with Clients Like Me?

Your advisor should have experience working with people in a similar financial stage or profession. Ask:

Do you specialize in small business owners, retirees, doctors, or young professionals?What are common concerns you help clients like me solve?Can you give examples of customized investment portfolios you’ve created for similar clients?

This ensures their expertise matches your needs.

13. How Often Do You Review and Adjust My Plan?

Markets shift. Life changes. And your plan should evolve with both.

Ask:

How frequently will we meet?Will you initiate changes or wait for me to reach out?How do you track progress toward my financial goals?

A proactive advisor keeps you on track—not just reacting when problems arise.

14. What Happens If You Retire or Leave the Firm?

Advisory relationships are often long-term. You want to know what happens if your advisor is no longer available.

Ask:

Do you have a succession plan?Who would take over my account?Is your firm independent or part of a larger group?

Having a registered investment advisor with a solid team or succession strategy can give you peace of mind.

15. Do You Sell Financial Products?

Advisors who earn commissions may push certain financial products. This can create conflicts of interest that impact your outcomes.

If they do sell products, ask:

How do you determine if the product fits my needs?Are there alternative solutions you would recommend?Are you compensated differently for different products?

Prefer advisors who prioritize transparency and offer objective recommendations.

16. Do You Work with Other Professionals?

Your financial life is interconnected. The best advisors collaborate with:

CPAsEstate attorneysInsurance brokersMortgage lenders

Ask how your advisor coordinates across services to ensure your investment management, taxes, legal docs, and insurance are aligned. A team-based approach enhances your overall plan.

17. Can I See a Sample Financial Plan?

A legitimate advisor should be able to show a mock-up (with client details removed) of a typical plan they create. Review it for:

Clear investment adviceLong-term projectionsRisk analysisBudgeting strategiesCustom recommendationsAction steps and milestones

This gives you a preview of what to expect—and whether their format resonates with you.

18. What’s Your Client Retention Rate?

A strong personal financial advisor builds long-term trust. Ask how long their clients typically stay and what reasons cause clients to leave. High retention usually indicates satisfaction and trustworthiness.

Final Thoughts

Choosing a financial advisor is one of the most important decisions you can make for your future. By asking the right questions upfront, you’ll identify whether the advisor’s approach aligns with your needs, goals, and values. From investment philosophy to fee structure, transparency and trust should be at the core of your relationship.

Don’t be afraid to interview multiple advisors. Treat it like hiring a CEO for your money—because that’s exactly what you’re doing

Looking for guidance on how to align your financial plan with your ideal retirement location? Connect with a trusted advisor today and take the first step toward building a secure, personalized retirement strategy.