10 smart questions to ask a financial advisor

Picking a financial advisor isn’t always simple. You’re asking someone to look closely at your money and your plans, which can feel pretty personal. That’s why it helps to go in with a short list of questions. The right ones can make conversations easier and help you determine if this person might be a good fit for your family.

First, ask yourself if you need a financial advisor.

If so, here are 10 questions worth asking, whether you’re just getting started, saving for college, or thinking ahead to retirement.

1. What are your credentials and licenses?

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Financial advisors can hold different designations (CFP®, CFA®, CPA, etc.), and each has different education and testing requirements. Ask them not just to list letters after their name but to explain how that training shows up in the advice they’ll give you. For example, do they specialize in taxes, investments, or retirement? Understanding their background can help you match their strengths to your goals while helping you develop a financial plan.

2. Are you a fiduciary?

A fiduciary is legally required to put your best interests first. Not every advisor is one, so it’s worth confirming. You can also ask them to share an example of how they’ve acted in a client’s best interest, even when it wasn’t the most profitable option for themselves. This helps you see how seriously they take that responsibility.

3. How do you get paid?

Advisors may be fee-only (charging a flat rate or percentage of assets managed), fee-based (fees plus commissions), or commission-only. Dig a little deeper: Do they earn more if you buy a particular product? Will you get an itemized breakdown of fees? The more transparency here, the easier it is to trust their advice.

4. What’s your experience with families like mine?

Money management looks different for every family. Parents may want help teaching kids about money, setting savings goals, or investing for college. Ask for examples of clients with similar priorities, like families juggling multiple kids’ activities or planning for college and retirement at the same time. Their stories can tell you whether they really understand your day-to-day financial pressures.

5. What services do you provide?

Some advisors focus mainly on investments, while others offer broader planning, including retirement, taxes, insurance, or even budgeting. Ask them to lay out exactly what’s included, what costs extra, and what they don’t handle. This way, you won’t be surprised if you need to bring in another professional later.

6. How often will we communicate?

Some families want frequent check-ins, while others prefer once-a-year reviews. Ask how often you’ll hear from your advisor, in what format (emails, phone calls, in-person meetings), and whether you can reach them for quick advice between scheduled reviews. You’ll want to know how available they’ll be during big life changes.

7. Can you walk me through your typical client relationship?

This question can reveal whether they take time to educate clients, involve families in decisions, and adjust plans as life changes. Ask them to outline what the first year with them usually looks like, from the initial meeting to ongoing check-ins. Their answer will give you a feel for how hands-on they are.

8. What is your investment philosophy?

You want to make sure your advisor’s approach matches your comfort level with risk. Some may lean heavily on stocks, others on ETFs, or a more balanced approach. Ask them to explain how they balance short-term needs (like saving for a car) with long-term goals (like retirement). If they can explain it simply and clearly, it’s a good sign they can keep you in the loop as markets shift.

9. How will you help me stay on track?

Life gets busy. A good advisor should have a process for checking progress and helping you adjust when things change, like a new job, a child starting college, or unexpected expenses. Ask about the tools they use (like progress reports, dashboards, or reminders) and how they’ll keep you accountable without overwhelming you.

10. What happens if I decide to move on?

It’s not always forever. Ask about exit policies, including any fees for leaving, and how your records will be handled. Do they make it simple to transfer investments or paperwork? Will they provide guidance if you want to switch providers? A trustworthy advisor should be upfront about all of this and should make parting ways just as professional as starting out.

Building trust through the right questions

Starting the conversation with good questions helps set the tone for a healthy advisor relationship. It’s a simple way to gauge their openness, experience, and alignment with your goals, which is really what helps build trust over time.

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This blog post is provided "as is" and should not be relied upon as a substitute for professional advice. Some content in this post may have been created using artificial intelligence; however, every blog post is reviewed by at least two human editors.