Questions to Ask Before Hiring a Wealth Advisor

Hiring a wealth advisor is a consequential, long-term decision, and the interview is your opportunity to evaluate not just competence but standard of care, compensation, and fit. The right questions cut through polished presentations to what actually matters. Here are the essential ones, organized by what they reveal — and the meta-signal worth watching throughout: an advisor who answers all of these directly and welcomes the scrutiny is showing you their character, while evasiveness on any of them is itself an answer. **

Standard of care and compensation (the foundation). Are you a fiduciary, at all times, and will you put that in writing? (The single most important question.) Exactly how are you compensated — fees, commissions, third-party payments? What is the all-in cost to me, including product and transaction fees? Do you have any conflicts of interest, and how do you manage them? These four establish whose interests the advice serves and what it truly costs.

Competence and fit. What are your credentials, and what do they mean? (CFP, CFA, CPA, and others signal different training.) What does your typical client look like — and am I typical or an outlier for your practice? What services do you provide — comprehensive planning, or investment management only? Do you have experience with my specific complexities? (Concentrated stock, business ownership, multi-state or international matters, estate and tax complexity, alternatives.) Who will actually handle my account — you, or a team, or junior staff?

Process, accountability, and trust. How do you build and manage a financial plan and portfolio — what's your philosophy and process? How often will we communicate, and how will you report performance and progress? How do you get paid if the market falls — and how do you approach downturns with clients? Can I see a sample plan or report? Can you provide references, especially clients like me? And crucially: How do I verify your background? — then actually do it, through FINRA BrokerCheck, the SEC's IAPD, and relevant state boards, checking for disciplinary history. ** Ask a reference the question that cuts through everything: "What's been disappointing, and how did they handle it?" Every long relationship has friction; the answer reveals the professional.

*Educational only; not financial, investment, tax, or legal advice. Consult a qualified professional about your situation.*