You may have typed in any of the following challenges or questions to get to this page:
What questions should I ask a financial advisor in the first meeting?
What do I ask a financial advisor if I don't know anything about investing?
How do I evaluate a financial advisor after my husband passed away?
Is my financial advisor a fiduciary, and how do I find out?
How much does a financial advisor cost, and what should I ask about fees?
I inherited money and have three advisor meetings next week. What do I say?
Written by Amy Parvaneh, founder and CEO of Select Advisors Institute
Excerpt and Summary:
If you've inherited money, lost a spouse, or just finalized a divorce, you may be sitting across from a financial advisor for the very first time. Knowing which questions to ask (and what a good answer sounds like) can save you years of frustration and a lot of fees. Here is a simple list you can bring with you, plus the follow up questions most people forget. If you'd rather not walk into those meetings alone, Select Advisors Institute can help.
I have my first advisor meeting next week. What should I even ask?
What if I don't know enough to ask the right questions?
That's the fear I hear most. And it makes complete sense.
You might have just inherited your parents' portfolio, and their advisor already called you twice.
You might be a widow whose husband met with "the money guy" every quarter while you made dinner.
You might be newly divorced, with a settlement in a brokerage account you've never logged into.
You might have a list of three names from your attorney, your sister and your country club, and no idea how to compare them.
Here's the good news. You don't need to know about investing to interview an advisor well. You need to know about them.
The first meeting is not a test for you. It's a test for them.
Bring a notebook. Ask every question. Write down the answers word for word if you can (or bring a friend who will). The advisor who gets impatient with your questions is giving you a very useful answer.
Are you a fiduciary...all the time?
This is the first question on every list, and for good reason.
A fiduciary is legally required to put your interests first. But here's the catch: some advisors wear two hats. They act as a fiduciary when they give you advice, and as a salesperson when they sell you a product. Same person, same handshake, different rules.
So the fiduciary vs financial advisor question is really a two part question:
"Are you a fiduciary 100% of the time, for every account and every recommendation?"
"Will you put that in writing?"
A clear "yes" and "of course" is what you want to hear. A long pause followed by "well, it depends" is worth a follow up conversation.
You'll also hear a soup of letters: RIA, CFP, CFA, wealth manager. They don't all mean the same thing. [RIA vs CFP vs wealth manager vs financial advisor!]
How do you get paid...and how much will I really pay?
Most people feel awkward asking about money. Please don't. You're interviewing someone to care for your money, so it's the most natural question in the world.
How much does a financial advisor cost? It depends on how they're paid, and there are a few common ways:
A percentage of the assets they manage, often somewhere between 0.5% and 1% a year.
A flat fee or retainer, no matter how much money you have.
Commissions on the products they sell you.
A mix of the above (which is where it gets confusing).
Good follow up questions include:
"What is my total all-in cost, including the funds and managers you use, in dollars, not just percentages?"
"Do you or your firm earn anything extra if I buy a certain product?"
"Does the fee go down as my assets grow?"
"What would it cost me to leave?"
Ask them to write it down. A good advisor will happily show you the full picture on one page.
[read about the cost of financial advisors]
Who will I actually be working with?
This one surprises people.
The person who meets you in the beautiful conference room may not be the person who answers your calls. In bigger firms, the senior advisor often wins the relationship and then hands it to a junior team member.
I saw this from the inside during my years at Goldman Sachs Private Wealth Management and PIMCO. Nobody is being sneaky. It's just how many teams are built. But you deserve to know before you sign.
"Who will be my day to day contact?"
"Can I meet that person before I decide?"
"How many families does each person on your team look after?"
"If you retire or leave, what happens to me?"
Ask to meet the team, not just the star.
How will you work with someone like me?
This is the question that separates a good advisor from the right advisor for you.
If you've just inherited money, lost a spouse or come through a divorce, your needs are different from a retired engineer who reads the markets every morning. You may need patience. You may need someone who explains things twice without sighing. You may need help with what to do with inheritance money long before you need a fancy portfolio.
So ask:
"How many of your clients are widows, heirs or recently divorced?"
"What do the first 90 days look like with you?"
"How often will we meet, and how will you explain things to me?"
"Will you work with my CPA and estate attorney, or is that on me?"
"What happens if I'm not ready to invest everything right away?"
If you're working through finances after divorce, also ask whether they've worked with clients who came out of a settlement where the ex handled everything. Experience with your exact situation matters more than a fancy title.
What should I listen for in their answers?
Knowing what to ask a financial advisor is half of it. Knowing how to evaluate a financial advisor's answers is the other half.
Good signs:
They ask you more questions than you ask them.
They talk about your life before they talk about products.
They're comfortable saying "I don't know, let me find out."
They tell you there's no rush.
Signs to slow down:
They recommend specific investments in the very first meeting.
They speak mostly to the man in the room (yes, still).
They brush off fee questions with "don't worry about that."
They make it sound like you'll miss out if you wait.
Bottom line: you're not looking for the smartest person in the room. You're looking for the person who makes you feel smarter when you leave.
What do I do after the interview?
Don't decide in the parking lot.
Go home. Lay your notes side by side. Compare fees, team, communication style and how each advisor made you feel. Then check their public record (every registered advisor has disclosures you can look up).
If the answers all start to blur together, that's normal. Most people interview two or three advisors and come out more confused than when they started...because everyone sounds lovely in the first meeting.
[read: How to Find a Financial Advisor]
The list of questions goes on and on!
And that's exactly where Select Advisors can come in and help!
Don't go through the process of finding or changing a financial advisor alone. We can help!
How can Select Advisors Institute help me ask the right questions when interviewing a financial advisor?
At Select Advisors Institute, we do not manage investments or provide financial advice. Instead, we offer strategic support to help you navigate the complexities of wealth management, ensuring that your financial relationships are structured to serve your best interests. By providing these services, we help you maintain control over your financial decisions, ensuring that your wealth management strategy aligns with your unique needs and objectives.
We'd love to speak with you about your goals, answer some of your top questions about the financial industry, and/or refer you to some of my favorite financial advisors in this space that may match your exact needs.
If you're interviewing advisors for the first time after an inheritance, the loss of a spouse or a divorce, you face unique challenges. You may not know what a good answer sounds like, and every advisor seems polished in the first meeting. Having a neutral person help you prepare the questions, sit in on the meetings and compare the answers can make the decision feel a lot less lonely.
We provide comprehensive support by assisting in the organization and management of your financial advisor evaluation process. Our services include helping you define your financial needs and priorities before engaging professionals, drafting or reviewing RFPs for advisory and planning services, and building comparison frameworks across firms, services, and compensation models. We also track communications during advisor meetings to identify gaps or follow-ups, ensuring that you have all the necessary information to make informed decisions.
Hi, I'm Amy Parvaneh,
Since 2014, my firm has guided 100s of financial firms and thousands of financial advisors. I have been in the financial services industry since 2001, with a successful career at Goldman Sachs Private Wealth Management and then PIMCO.
Beyond advisor selection, we assist in gathering background materials and documentation for review, help interpret fee structures and service models, and coordinate introductions to firms that meet your specific criteria. Our team reviews public disclosures, monitors advisor changes or staff turnover that may impact your relationship, and facilitates communication with your legal, tax, and family office teams. We aim to translate industry jargon into terms that align with your values, providing debrief support after advisor interviews and designing internal decision-making frameworks across stakeholders. By serving as a neutral, long-term liaison, we help monitor alignment, organize your existing team for better visibility and clarity, and support onboarding logistics for newly selected firms. Our goal is to ensure that the advisor you choose fits your actual life, not just their presentation.
https://www.linkedin.com/in/amyparvaneh/
If you have any of the below questions, it's time to call us!
What questions should I ask a financial advisor in the first meeting?
How do I know if an advisor is a fiduciary all the time?
How do I compare fees between three different advisors?
What is my total all-in cost, in dollars, with each advisor?
Who will actually be my day to day contact?
How do I evaluate a financial advisor's answers if I don't know investing?
Should I bring a family member or friend to advisor interviews?
What are the warning signs in a first meeting?
How do I check an advisor's disclosures and background?
Should I keep my parents' or my late husband's advisor?
How do I ask about fees without feeling awkward?
What should the first 90 days with a new advisor look like?
How many advisors should I interview before deciding?
What if every advisor sounds the same?
Will the advisor work with my CPA and estate attorney?
What should I ask about what happens if my advisor retires or leaves?
How do I tell an advisor I've chosen someone else?
What questions should I ask after a divorce settlement?
How do I know if an advisor has experience with widows or heirs?
Can someone sit in on my advisor meetings with me?
Select Advisors Institute is not a registered investment adviser and does not provide investment, legal, or tax advice. We are a boutique management consulting firm deeply embedded in the wealth management, asset management, family office, and UHNW sectors, advising financial institutions on strategic growth, talent development, investor communication, and brand positioning, while guiding ultra-high-net-worth families in advisor selection, coordination, and the day-to-day management of complex wealth structures.
Managing the wealth of ultra high net worth investors and family offices is a highly specialized and nuanced endeavor that requires the expertise of seasoned financial advisors. The best financial advisors for UHNW clients possess specialized knowledge, a fiduciary mindset, a customized approach, a robust network, a proven track record, expertise in philanthropic planning, and a sterling reputation. By carefully considering these factors, UHNW individuals and family offices can select financial advisors who are best suited to meet their unique and intricate financial management needs.