10 questions to ask when interviewing financial advisors

“I can’t tell the difference between any of you.”

That’s what a successful real estate entrepreneur said to me recently over coffee.

Honestly, he has a point. 

There’s no legal requirement to hold yourself out as a “financial advisor.”

Someone with that title may be a wealth manager, financial planner, investment adviser, or simply a broker.

Distinguishing between business models is almost as confusing as understanding health insurance.

The financial services industry has done a masterful job of blurring the lines.

Good advisors and bad apples exist everywhere, from wirehouses to insurance companies to independent firms.

But what matters most is:

Do you like them, trust them, and feel confident in their technical ability?

If any of those are missing, the relationship won’t work.

When I was in my mid-20s researching the industry, one question kept nagging at me:

Why wouldn’t anyone managing someone else’s money be required to act in their client’s best interest 100% of the time?

Almost fifteen years later, the lines are blurrier than ever.

My personal belief: advice is best delivered in a fully independent, fiduciary model.

That said, good advisors exist across channels if you know what to look for.

So how do you cut through the noise?

If you’re interviewing advisors, here are 10 questions worth asking:

1. How do you get paid, and what are my true all-in costs?

2. Are you a fiduciary? 100% of the time?

3. Who is your typical client and why do they work with you?

4. What are your experience and credentials?

5. How often will we meet?

6. Where will my accounts be held?

7. What services do you provide beyond investments?

8. Can you show me a sample portfolio and financial plan for someone like me?

9. What can’t you do for me?

10. What happens if we disagree?

The best advisors educate. They guide. They’re comfortable saying “I don’t know.”

Find someone you trust to tell you what you need to hear, not just what you want to hear.