20 Questions to Ask Your Financial Advisor or Wealth Manager During the Interview (and Expert Tips)
Choosing a financial advisor is a major step toward building a secure financial future — but knowing how to evaluate one can feel overwhelming. Many people walk into their first meeting unsure of what questions to ask a financial advisor, or even intimidated by the jargon.
To help you feel more confident and prepared, here’s a list of good questions to ask a financial advisor or wealth manager during your initial consultation. These questions cover everything from qualifications and compensation to strategy and long-term fit:
- What licenses, certifications, or designations do you hold?
- Are you a fiduciary 100% of the time?
- How long have you been a financial advisor?
- What types of clients do you typically work with?
- Do you have any disciplinary history or regulatory issues?
- How do you get paid?
- What services are included in our engagement?
- How often will we meet or review my plan?
- Will you be the person I always work with?
- How do you personalize advice for my unique goals and situation?
- What’s your investment philosophy?
- How do you manage risk in my portfolio?
- How will you help me plan for retirement?
- How do you handle tax planning and optimization?
- What happens if the market crashes or my plan goes off track?
- What technology or tools do you use to track my finances?
- How do you keep my personal and financial data secure?
- What’s your process if I want to leave or change advisors?
- How do you stay educated and up-to-date in the financial industry?
- What’s your ultimate goal in working with clients like me?
Below we’ll break down what each question actually reveals, why it matters, and how to spot red flags or strong signals of a trustworthy advisor— whether you’re preparing your questions for a financial advisor first meeting or evaluating what to ask a wealth manager during a more advanced consultation.
Questions to Understand if a Financial Advisor Is Legit (Background & Credentials)
When it comes to evaluating credentials and ethics, these are some of the most important questions to ask a financial advisor in an interview. They help uncover whether you're speaking with someone qualified and transparent — especially during your first meeting with a financial advisor.
1. What licenses, certifications, or designations do you hold?
This question helps confirm the advisor has the training and ethical standards to manage your money responsibly. It’s one of the foundational questions to ask your financial advisor early on.
Look for recognized designations like CFP®, CFA, or CPA. Each represents a different area of expertise, and not all titles are equal.
Further Reading: Check out this article for common licenses and certifications and what they mean.
2. Are you a fiduciary 100% of the time?
Registered Investment Advisors (RIAs) are fiduciaries by law, which sets them apart from many other types of financial professionals.
This is one of the best questions to ask a financial advisor, because the answer affects how recommendations are made and whether they’re influenced by commissions.
Red flag: If they dodge this question or offer a vague response.
3. How long have you been a financial advisor?
Experience provides perspective. Advisors who’ve navigated clients through recessions, market booms, and personal life changes are better equipped to handle uncertainty. Tenure can also reveal how stable their practice is.
Expert tip: Ask how they helped clients through the 2008 crash or 2020 market dip.
4. What types of clients do you typically work with?
An advisor who understands your financial situation — whether you’re a business owner, physician, tech employee, or nearing retirement — is more likely to anticipate your needs and customize advice effectively.
Follow-up: Ask how they tailor plans for someone in your income bracket or career stage.
5. Do you have any disciplinary history or regulatory issues?
You deserve transparency. If there’s a history of customer complaints, fines, or lawsuits, it’s your right to know. Trust is built on transparency, and one of the first questions to ask a financial advisor should be about their record.
This question also signals that you’re a responsible, diligent client — and that alone can change how seriously they treat you.
Follow-up: Confirm their answers through AdvisorCheck.
Questions to Ask to Understand the Financial Advisor’s Work
Understanding how an advisor engages with clients day to day is key. These are smart things to ask a financial advisor to get a clear picture of their process, team structure, and commitment. If it’s your first time meeting a financial advisor, don’t hesitate to ask follow-ups.
6. How do you get paid?
Compensation models influence the advice you receive. Fee-only advisors typically have fewer conflicts of interest, while commission-based models may create incentives to sell certain products. This is one of the best questions to ask financial advisor candidates before committing.
Expert tip: Ask for a written breakdown of fees, including hourly rates, assets under management (AUM) percentages, and product-based commissions.
7. What services are included in our engagement?
Not all advisors offer the same scope. Some only manage investments, while others provide full financial planning — including retirement projections, tax strategies, insurance analysis, and estate planning.
This is a core question for financial advisor clarity — so you know what you’re paying for. Knowing what’s included helps you assess value.
Expert tip: Ask whether they collaborate with CPAs, attorneys, or have those experts in-house.
8. How often will we meet or review my plan?
Life changes — and so should your financial plan. Regular reviews keep you on track and help you adjust to new goals, income, or market conditions. Annual check-ins are the minimum; quarterly is even better.
Expert tip: Ask what happens between meetings — can you email questions, or are check-ins limited?
9. Will you be the person I always work with?
Some firms assign clients to junior advisors after the initial meeting. You want to know who your main point of contact is and ensure consistency in communication and advice.
Red flag: If they deflect or say “we use a team-based approach” without further explanation.
10. How do you personalize advice for my unique goals and situation?
One-size-fits-all plans rarely work. This question helps you understand how they adapt advice based on your life stage, values, family dynamics, and financial goals — not just investment performance.
Expert tip: Ask for a sample plan or anonymized example tailored to someone like you.
Will This Financial Advisor’s Strategy Actually Help Me Reach My Goals?
Not all strategies are created equal. These questions to ask when interviewing a financial advisor help you evaluate whether their philosophy aligns with your goals, risk tolerance, and timeline. They’re essential for long-term success.
11. What’s your investment philosophy?
This reveals their core approach to managing your money. Do they believe in active trading or passive indexing? Do they time markets or follow a long-term allocation strategy? You want alignment between their methods and your comfort with risk.
Follow-up: Ask how they diversify across asset classes and adjust strategies in response to inflation or global events.
12. How do you manage risk in my portfolio?
One of the smartest questions for financial advisor is how they balance growth with downside protection.
Risk is unavoidable, but how it’s handled defines your long-term success. Advisors should explain how they minimize losses, maintain liquidity, and rebalance portfolios to keep you aligned with your goals.
Expert tip: Ask how your portfolio would perform in a 20% market drop.
13. How will you help me plan for retirement?
If you’re unsure what to ask a financial advisor, make this one a priority.
Retirement isn’t just about saving — it’s about distribution, taxes, healthcare, and longevity planning. This question ensures they have a structured process for replacing your income and adjusting plans as you age.
Expert tip: Ask how they calculate retirement readiness and what assumptions they use.
14. How do you handle tax planning and optimization?
Taxes can quietly erode returns. A strong advisor will use strategies like tax-loss harvesting, Roth conversions, or smart withdrawal sequences to help you keep more of what you earn.
Red flag: If they say, “We don’t do tax planning — ask your CPA.”
15. What happens if the market crashes or my plan goes off track?
One of the best questions to ask a financial advisor is how they’ll support you during a downturn or personal setback.
You want an advisor who plans for volatility, not just smooth sailing. Ask how they adjust strategies during downturns, what safety nets are in place, and how they’ll keep you informed and calm under stress.
Expert tip: Ask for a real-life example of how they guided a client through a crisis.
What Should I Expect From a Financial Advisor Over Time?
These are valuable questions to ask a new financial advisor or when reassessing an existing relationship. As your needs evolve, it’s important to revisit what tools, communication, and safeguards are in place to support you.
If you’re wondering what questions should I ask my financial advisor over time, this is where to start.
16. What technology or tools do you use to track my finances?
Advisors who use up-to-date tools can offer more transparency and better insights. Look for client dashboards, budgeting apps, secure portals, and aggregation tools that give you a full financial picture in one place.
Follow-up: Ask for a demo of the platform they use.
17. How do you keep my personal and financial data secure?
With rising cyber threats, you need to know how your advisor protects your sensitive information. Encryption, secure storage, and two-factor authentication should be standard.
Red flag: If they mention spreadsheets or email as their main tools.
18. What’s your process if I want to leave or change advisors?
This question ensures you stay in control. Some firms have transfer fees or lock-in periods, while others make it simple. Knowing your exit options builds trust and helps you avoid future frustration.
Expert tip: Ask how long the transition would take and what documentation is involved.
19. How do you stay educated and up-to-date in the financial industry?
Markets, laws, and tools change constantly. A great advisor invests in ongoing education through certifications, seminars, and industry groups to give you the best guidance possible.
Expert tip: Look for CE credits, involvement in professional associations, or published thought leadership.
20. What’s your ultimate goal in working with clients like me?
This helps you understand their motivation. Are they focused on helping you succeed or just growing their business? The best advisors view clients as long-term partners, not transactions.
Follow-up: Ask what success looks like to them in a client relationship.
Questions to Ask a Financial Planner
If you're seeking more than just investment advice, you may be interviewing a financial planner — not just a financial advisor. While these roles often overlap, a financial planner focuses more on your overall financial life, including budgeting, retirement income strategy, insurance, estate planning, and long-term goal setting.
Because of this broader focus, it’s important to tailor your approach and prepare the right questions to ask a financial planner — not just investment-related ones.
Financial planners often hold the CFP® (Certified Financial Planner) designation, which signals comprehensive training in all areas of financial planning — not just asset management.
1. What areas of financial planning do you specialize in?
Not all planners handle everything. Some may focus on retirement, others on tax efficiency, insurance, or estate planning. This question helps ensure their strengths align with your priorities.
Expert tip: Ask for examples of how they’ve helped clients in similar life stages or financial scenarios.
2. Do you create comprehensive financial plans, or just investment strategies?
Some planners offer detailed roadmaps, including savings targets, debt payoff strategies, risk management, and insurance needs. Others stop at portfolio allocation. Know what you’re getting.
Follow-up: Ask to see a sample (anonymized) financial plan.
3. How do you incorporate budgeting and cash flow planning into your services?
Cash flow is the foundation of any solid plan. A good financial planner should help you understand and optimize how money moves in and out of your accounts — not just grow your assets.
Expert tip: Ask if they provide budgeting tools or apps to track spending.
4. Do you offer retirement income planning or just retirement savings advice?
Accumulating money is only half the story. A planner should help you figure out how to draw down assets tax-efficiently, account for healthcare costs, and protect against outliving your money.
Red flag: If they say “That’s not part of what we do,” it might mean they’re more investment-focused than planning-oriented.
5. How do you stay unbiased when recommending insurance or estate planning solutions?
Some financial planners are also licensed to sell insurance — which can be a conflict of interest. Make sure any recommendations are driven by your needs, not commissions.
Expert tip: Ask whether they’re fee-only or fee-based, and whether they receive commissions from third parties.
Confidence Starts With the Right Questions
If you’re still wondering what questions should I ask a financial advisor, remember: the goal isn’t to impress them — it’s to protect your future. Asking a financial advisor the right questions empowers you to make informed decisions, avoid costly mistakes, and build a relationship with someone who truly understands your goals.
The most successful financial relationships begin with clarity and transparency. And knowing what to ask your financial advisor can uncover red flags, strengthen trust, and help you find a partner who truly prioritizes your goals.
Before you sign any agreement, research their background and business history using AdvisorCheck, a free and trustworthy tool that helps protect your financial future.
FAQ
Can I ask for my advisor’s ADV Part 2 disclosure form?
Yes. This ADV Part 2 disclosure outlines the advisor's services, fees, and any past disciplinary issues. You can ask them directly or find it on the SEC’s website.
Can I see anonymized case studies from my financial advisor?
Yes. Advisors often share real scenarios (without names) to help you understand how they handle specific goals or challenges.
Is it okay to ask my financial advisor tough questions?
Absolutely. A good advisor welcomes informed clients and views tough questions as a sign of mutual respect.
How can I verify if a financial advisor is licensed and has a clean record?
Use trusted databases like AdvisorCheck.
Are there things some financial advisors avoid telling clients?
Sometimes, especially when compensation or conflicts of interest are involved. That’s why you need to ask clear, specific questions from day one.
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The content of video and blog articles are for informational and entertainment purposes only and do not constitute investment, tax, legal, or financial advice. Always consult with a qualified professional before making any financial decisions. The views expressed are those of the author and do not reflect the opinions or recommendations of any affiliated entities.
