How to Interview a Financial Advisor
We propose one advisor based on clear criteria (experience, transparency, communication, references), so you can expect the suggested advisor to meet those standards — but it’s still wise to ask critical questions.
checklist:
- Experience: relevant background and proven track record.
- Transparency: clear fees and explanations.
- Communication: responsive and clear.
- Integrity: no pressure, honest advice.
- References: satisfied clients or recommendations.
What to expect in two meetings:
- First meeting — goals & fit: your financial situation, risk tolerance, short- and long-term goals, and how the advisor works.
- Second meeting — plan & terms: proposed strategies, fees, expected outcomes, and follow-up.
Questions For Your First Advisor Interview
What is your firm’s philosophy?
There’s no single “right” answer, but a good wealth planner first seeks to understand your goals, aspirations, risks, and concerns before making recommendations. We call these aligned-interest advisors. We believe a great advisor’s value isn’t about “beating the market” but acting as your household CFO.
How do you get compensated?
Understanding how advisors are paid helps you choose a structure that fits your needs and aligns incentives.
Common models:
- Percentage of assets under management (AUM): a simple annual fee (e.g., 0.5–1.0%) — good for ongoing oversight.
- Hourly or flat project fee: ideal for one‑off planning or specific projects.
- Commissions on products: common for certain offerings; perfectly fine when clearly disclosed.
Ask the advisor to explain how they’re paid and how that might influence their suggestions so you can pick the option that feels right.
What financial planning services do you offer?
Your ideal advisor has expertise in the areas you actually need. An advisor who specializes in Social Security and Medicare may be perfect for someone near retirement, but if you’re 30 you’ll likely benefit more from help with home affordability or long‑term planning. We match the advisor’s strengths to your priorities for the best fit.
What is your approach to investment planning?
There’s no one-size-fits-all answer. What matters is that an advisor has a clear, evidence-based process. If someone gives vague answers or immediately starts talking about their own returns, that’s a warning sign.
An advisor doesn’t need to be a superhero who acts as your household CFO and always picks the best stocks. The strongest advisors first focus on the return required to meet a client’s goals. If that required return seems realistic (given historical performance of diversified portfolios), they build an appropriate asset mix to pursue that target while minimizing risk.
Why am I a suitable client based on what you know about me?
This is best asked after an advisor has had time to learn about you, but it gets to the heart of the matter. Their answer should show they understand your situation, explain how they can improve it, and make clear how you will benefit from their guidance.
Can you give me an example of a time when you helped a similar client make progress?
A clear sign of an advisor’s expertise is experience working with clients who have similar needs. If they struggle to provide a concise example or can’t describe a clear outcome, that may indicate they’re not used to working with clients like you
How often will we review our plan to make sure we’re making the right kind of progress?
’s important to stay informed—ask how often they expect to contact you (annual, quarterly, monthly), and what communication channels they use. Useful follow-ups:
- Do you offer client portals or online tools?
- Do you send newsletters, reports, or performance summaries?
- Can you show examples of financial plans and sample asset allocations?
Seeing sample plans helps you match their philosophy to the practical recommendations you’d receive.
Questions For Your Second Advisor Interview
Who is your custodian?
A custodian is a bank or reputable brokerage where your investments are held. If your advisor acts as their own custodian, that’s actually quite common and is not a red flag. Many independent financial advisors work directly with large, reputable custodians like Schwab, Fidelity, TD Ameritrade, Pershing, or Apex, but in some cases, the advisor may handle custody themselves. This is generally a sign of a streamlined process, and as long as you trust the advisor’s reputation and transparency, there’s no cause for concern.
If I hire you and another economic crash happens, what’s your plan?
Note that you shouldn’t need to ask this question. If, during your first conversation, the advisor hasn’t made it clear that they’re focusing on positioning you for long-term success in the market rather than trying to time it, they might not be the right fit. One of the key benefits of working with a wealth advisor is that you’re not overwhelmed with panic or short-term worries, but instead, you’re able to focus on the long-term, comprehensive financial plan you’ve developed together.
What would the process look like if I decide to hire you?
This is an important question to ask during a second interview, when you’re seriously considering hiring the advisor.
Look for a clear, well-defined process for bringing you on as a client. If they hesitate or speak in vague terms, it’s a strong sign that they’re more focused on closing the deal than on building a meaningful, long-term relationship with you.
If I hire you, will I be working with you or somebody else?
Carefully consider your expectations regarding the relationship. Sometimes, a financial advisor may work with a team or alongside another advisor. If that’s the case, you’ll want to know who else will be involved in managing your finances.
Keep in mind that if you’re expecting the advisor to work directly with you, there should be no ambiguity about how the relationship will be structured and who will be handling your financial matters.
If I hire you, will I have to sell my current investments? Will there be tax implications?
Ask whether they plan to liquidate holdings in non‑tax‑advantaged accounts and why. Moving assets can trigger capital gains or other taxes and fees, so the advisor should explain:
- Which holdings they’d sell or keep and the timing, it is indeed possible that some investments will need to be sold.
- Expected tax consequences (e.g., realized gains) and any costs or transfer fees.
- Strategies to reduce taxes (tax‑loss harvesting, phased transfers, or in‑kind transfers).
- Whether they’ll coordinate with your tax adviser or provide tax‑aware implementation.
If I hire you, what are my all-in costs?
In a second meeting, ask for the total, all-in cost not just the advisor’s fee. Advisory fees matter, but also ask about the investment expenses on the products they recommend (mutual fund expense ratios, ETF fees, trading commissions, wrap fees, etc.). An advisor may charge a low advisory fee yet recommend investments with high underlying costs, which raises your actual cost.
What happens to our relationship if you retire or leave the firm?
Once you’ve found the right financial advisor, your relationship with them is typically long-term. This means you’ll be working closely together for years to come, making it crucial that you feel comfortable with them. A strong, trusting relationship is key to navigating the ups and downs of your financial journey. It’s not just about expertise or strategy, it’s about having an advisor you feel confident communicating with, someone who understands your goals and puts your best interests first. Make sure you feel heard and respected, as this rapport is fundamental to achieving your financial success over time
What other professional services do you have as part of your network (such as accountants, estate attorneys, insurance representatives, mortgage specialists, etc)?
Holistic financial advice rarely exists in isolation, many parts of planning require other specialists. This question reveals whether an advisor has a reliable network of trusted professionals (tax experts, estate planners, insurance specialists, etc.).
If they can’t provide examples of colleagues they regularly work with or recommend, that may indicate a limited network which could leave you to find and vet additional experts yourself. A strong advisor offers both advice and the connections to ensure all aspects of your financial plan are well managed.
At FindInvestPartners, we dedicate hundreds of hours each year to interviewing and evaluating financial advisors. Our Team helps you find an advisor with the right experience, skills, processes, and technology to provide excellent service. However, just as important as finding the right match is empowering you with the right questions to ask. Your confidence and trust are crucial to the long-term success of the advisor-client relationship.
If you’re interested in learning more about how we vet the advisors in our network, you can explore our selection process.