The right questions, asked early, tell you more about an advisor than any brochure or website. Here's a working list, organized by what each one is actually trying to uncover.
About credentials and standards
- Are you a fiduciary at all times when advising me, or only in certain situations?
- What credentials do you hold, and what did it take to earn them?
- Have you ever had a complaint or disciplinary action filed against you?
About fees
- How exactly do you get paid — by me, by commission, or both?
- What would my all-in cost look like this year, in dollars?
- Are there any additional fees beyond your own — fund expenses, custodial fees, trading costs?
About services and fit
- What kind of client do you typically work with, and does that match my situation?
- What's included in our relationship, and what would cost extra?
- How do you coordinate with my accountant or attorney, if at all?
About the working relationship
- How often will we talk, and through what channels?
- What happens if I want to make a change you disagree with?
- What would our first six months together actually look like?
A useful signal
None of these questions should make a good advisor uncomfortable. If one does, that's information too.