Start with five questionsAre you a fiduciary at all times? How are you paid? What is my total first-year cost in dollars? Who is your ideal client? Who will I actually work with?

Questions about standards and conflicts

  1. Are you required to act as a fiduciary at all times when working with me?
  2. When might you act under a different standard?
  3. Do you or your firm receive commissions, referral payments, revenue sharing, or other third-party compensation?
  4. Have you or your firm had disciplinary events I should understand?

Do not stop at a one-word “yes.” Ask the advisor to describe a real conflict and how it is handled.

Questions about fees

  1. How are you and your firm compensated?
  2. What would the first-year cost be in dollars using my approximate assets?
  3. Which investment expenses, custody costs, or planning charges are additional?
  4. Does the percentage decline as assets increase?
  5. Can I buy a one-time plan or advice without ongoing management?

Model the answer with the free fee calculator.

Questions about experience and fit

  1. What type of client do you work with most often?
  2. How many clients have needs similar to mine?
  3. When would you tell a prospective client that your firm is not the right fit?
  4. Will you coordinate directly with my CPA and attorney?

Questions about the actual service

  1. Who will be my primary contact after I sign?
  2. How many clients does that person serve?
  3. What will you deliver in the first 90 days?
  4. How often will we meet, and what happens between meetings?
  5. May I see a sample plan and annual service calendar?

Questions about investing

  1. What is your investment philosophy?
  2. How do you decide on asset allocation and rebalancing?
  3. How do taxes influence decisions in taxable accounts?
  4. How do you evaluate performance and risk?
  5. What would you do if I wanted to sell during a market decline?
Listen to the question they ask you. A thoughtful advisor should explore your goals, tradeoffs, family, tax situation, and behavior before proposing a portfolio.

How to compare advisors after each meeting

Write down the total cost, services, team, conflicts, and your impression immediately afterward. Score clarity and fit separately from credentials. Then verify important statements in the firm’s Form ADV and Form CRS.

For a shorter list matched to your situation, use the personalized advisor interview kit.

Official references