What to Ask When Interviewing a Financial Advisor

Choosing a financial advisor is one of the most important decisions you’ll make for your long-term financial health. But not all advisors are created equal. Some prioritize your best interests, while others may be incentivized to sell products. That’s why asking the right questions up front is critical.

In this guide, we’ll walk you through the key questions to ask any potential advisor, so you can hire someone who aligns with your goals, values, and financial life.

Why It Matters

Hiring a financial advisor without proper vetting can lead to:

High fees that eat into your returns
Conflicted advice that benefits them, not you
Mismatched investment strategies
Missed opportunities for tax savings or estate planning

Let’s make sure that doesn’t happen.

Essential Questions to Ask a Financial Advisor

1. Are You a Fiduciary at All Times?

A fiduciary is legally obligated to act in your best interest. Some advisors are fiduciaries only part-time or for some accounts.

What you want to hear: “Yes, I’m a fiduciary 100% of the time.”

2. How Do You Get Paid?

There are several compensation models:

Fee-only: Paid directly by you (hourly, flat fee, or % of assets)
Commission-based: Paid through selling products
Fee-based: A hybrid of both

What you want to hear: “I’m fee-only.”
Be cautious with: Commission-based compensation.

3. What Are Your Total Fees?

Ask for a breakdown of:

Advisory fees (% of assets or flat)
Fund expense ratios
Trading costs
Any hidden or third-party fees

Follow-up: “Can you show me the total annual cost in dollars for my portfolio?”

4. What Services Do You Provide?

Not all advisors offer full-service planning. Clarify if they handle:

Retirement planning
Tax strategies
Insurance analysis
Estate planning
Education funding
Investment management

Look for comprehensive support if you want holistic planning.

5. What’s Your Investment Philosophy?

Ask how they choose investments and manage risk.

Listen for:

Diversification
Low-cost indexing
Long-term approach
Evidence-based strategy

Be cautious if they promise market-beating returns or push specific products.

6. What Types of Clients Do You Typically Work With?

You want someone familiar with your financial situation whether you’re a young professional, business owner, retiree, or high-income earner.

Follow-up: “How many clients like me have you helped?”

7. How Will We Communicate and How Often?

Will you meet quarterly or annually?
Is there ongoing access by phone or email?
Will I work with you directly or a team?

Look for a communication plan that fits your style.

8. What Credentials Do You Hold?

Some trusted certifications include:

CFP® (Certified Financial Planner)
CPA (Certified Public Accountant)
CFA (Chartered Financial Analyst)

Ask: “Are you in good standing with FINRA/SEC?”

9. Can You Provide References or Reviews?

This helps you understand how others experience working with the advisor.

Red flag: Hesitation or refusal to offer references.

10. Do You Have a Disciplinary History?

Search their background on:

You want a clean record.

Printable Checklist: Questions for Your Financial Advisor Interview

Here’s a quick summary you can print or save:

Are you a fiduciary 100% of the time?
How do you get paid (fee-only, fee-based, commission)?
What are all the fees I’ll pay annually?
What services do you offer besides investment management?
What is your investment strategy?
What kind of clients do you usually serve?
How will we communicate, and how often?
What are your credentials (CFP, CPA, CFA, etc.)?
Can you share references or client reviews?
Do you have a clean disciplinary record?

Final Thoughts

Interviewing a financial advisor isn’t just about finding someone knowledgeable it’s about finding someone you can trust to put your interests first, explain things clearly, and provide personalized guidance as your life evolves.

Next up: Fiduciary vs. Commission Planners: Know the Difference
Before you hire, make sure you fully understand how different types of advisors operate and who’s really working in your best interest.