20 Questions to Ask Your Financial Advisor Before You Get Started
Choosing a financial advisor is a big decision. You are trusting someone with your savings, your goals, and often your family's future. Before you sign anything, it helps to have a clear list of what to ask. These 20 questions to ask your financial advisor are grouped into five areas so you can interview advisors side by side and compare their answers.
Bring this list to your first meeting, take notes, and pay attention not only to the answers but to how the advisor listens.
Questions About Credentials and Registration
Start with the basics. These questions help you understand who you are working with and how they are regulated.
How are you and your firm registered? Ask whether the firm is a registered investment adviser, a broker-dealer, or both. You can verify on the SEC's Investment Adviser Public Disclosure site and FINRA BrokerCheck.
Do you act as a fiduciary for my accounts? Ask when, and for which accounts and services, the advisor is required to act in your best interest.
What credentials and experience do you have? Ask about professional designations and the kinds of clients the advisor works with most.
Can I see your Form CRS and Form ADV? These documents describe services, fees, conflicts of interest, and disciplinary history.
Questions About Services and Planning Approach
Next, find out what you will actually receive.
What services are included? Ask whether the relationship covers investment management only, or also financial planning, retirement planning, and estate coordination.
How do you get to know a new client? Listen for questions about your goals, family, and values before any talk of products.
Do you create a written financial plan? Ask what it includes and how often it is updated.
Do you work with business owners? If you own a business, ask about company retirement plans and succession planning.
Do you offer trust services? If you are a trustee or beneficiary, ask whether trust administration support is available.
Questions About Investments
These questions help you understand how your money would be managed.
How do you decide how my money is invested? Ask how your goals, time horizon, and comfort with risk shape the portfolio.
Will you make changes without asking me first? This is the difference between discretionary and non-discretionary management.
How do you handle difficult markets? Ask how the advisor communicates and what process they follow when markets are volatile.
Where will my assets be held? Most advisors use an independent custodian. Ask which one and how you can access your accounts.
Questions About Fees and Conflicts
Understanding cost is essential. Do not be shy about these.
How are you paid? Ask whether fees are based on assets, flat, hourly, commissions, or a combination.
What will I pay in total? Ask about advisory fees plus any fund or account expenses.
What conflicts of interest do you have? Every firm has some. A good advisor will explain theirs clearly.
Are there any account minimums? Ask whether the firm has a minimum and what happens if your assets change.
Questions About Communication and Coordination
Finally, make sure the relationship will work day to day.
How often will we meet, and how will we communicate? Ask about review schedules and how quickly the team responds.
How will I track my progress? Ask about reports, online access, or tools for monitoring goals.
How will you work with my CPA and attorney? Coordination may help keep your tax, legal, and investment decisions aligned.
How to Use These 20 Questions
A list is only helpful if you use it well. Here are a few tips for how to interview a financial advisor.
Meet With More Than One Advisor
Comparing two or three advisors can help you see real differences in approach, services, and cost.
Notice How They Listen
The best conversations are two way. Notice whether the advisor asks thoughtful questions about you.
Ask for Answers in Writing
For fees and services, ask where you can find the information in writing, such as the Form CRS.
Keep the List for Later
Many of these questions are worth revisiting after you start working together. For ongoing check-ins, see our guide to a quarterly financial check-up and key questions to ask your advisor.
How Pinnacle Advisors Answers Some of These Questions
Pinnacle Advisors is an SEC registered investment adviser located in Mansfield, Ohio, and its Form CRS and ADV are available on its website. The firm describes itself as "a family-owned and operated Wealth Management firm that has been dedicated to shaping the financial success stories of individuals and families."
Services
Pinnacle offers Wealth Management Programs, trust management services including the Trustee Scorecard™ and Beneficiary Scorecard™, and retirement plans for small business owners.
Tracking and Coordination
The Wealth Scorecard® provides real-time monitoring for real-life goals. Through its Wealth Collaboration™ programs, Pinnacle brings your CPA and attorney to the table to provide holistic planning.
Who Pinnacle Advisors Serves and Where
Pinnacle works exclusively with individuals, business owners, and their families. The firm serves clients in Ohio, Florida, and across the nation, with its headquarters in Mansfield, Ohio, and offices in Mentor, Medina, and Columbus, Ohio; Sarasota/Bradenton and Tierra Verde, Florida; and Manhattan, Kansas.
Bring Your Questions
If you have your list ready, we would be glad to answer it. You can Schedule a Call, request a Free Assessment, or Download our eBook. Your needs lead the way. Start your snapshot.
Frequently Asked Questions
What are the most important questions to ask a financial advisor?
Key questions include how they are registered, whether they act as a fiduciary, what services are included, how they are paid, and how they will communicate with you.
What should I bring to my first meeting with a financial advisor?
Bring recent account statements, a list of goals, recent tax returns, information on retirement plans and insurance, and your list of questions.
How do I know if a financial advisor is trustworthy?
Check registration and disclosures on the SEC and FINRA lookup tools, read the Form CRS, and ask direct questions about fees and conflicts of interest.
What is a red flag when hiring a financial advisor?
Possible red flags include pressure to decide quickly, vague answers about fees, promises of specific returns, and reluctance to share disclosure documents.
How many financial advisors should I interview?
Many people meet with two or three advisors to compare approaches, services, and costs before choosing.
Should I ask a financial advisor about their fees upfront?
Yes. Understanding how an advisor is paid and what you will pay in total is an important part of choosing the right fit.
This article is for educational and informational purposes only and should not be construed as personalized investment, legal, accounting, or tax advice. Pinnacle Advisors is an SEC registered investment adviser located in Mansfield, Ohio. The Company is neither an attorney nor an accountant, and no portion of this content should be interpreted as legal, accounting or tax advice. It should not be assumed that future performance of any specific investment or investment strategy or any planning or consulting services will be profitable, equal any historical performance level(s), or prove successful if Pinnacle is engaged. Investing involves risk, including the possible loss of principal, and there are no guarantees that any strategy will achieve its objectives. Please review the Important Disclosure Information and Form CRS available on the Company's website.
IMPORTANT DISCLOSURE INFORMATION
Please remember that past performance is no guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Pinnacle Advisors [“Pinnacle”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Pinnacle. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. No amount of prior experience or success should be construed that a certain level of results or satisfaction will be achieved if Pinnacle is engaged, or continues to be engaged, to provide investment advisory services. Pinnacle is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Pinnacle’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.pinnacleadvisors.com. Please Note: Pinnacle does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Pinnacle’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are a Pinnacle client, please contact Pinnacle, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.
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