Financial Advisor Interview Guide

How to Choose the Right Financial Planner

Selecting the best financial planner is an important decision for you. Plenty of friends and family may have recommendations, but in the end, it’s all about you, your goals, and your finances.

Introduction Introduction
      

Introduction

If you don’t feel comfortable enough to ask the questions you need to ask and have your concerns listened to, it’s not a fit. As you meet with planners, watch to see if they understand your needs. Are they listening to you or just launching into a prepackaged spiel?

Your planner should treat you as an individual, not just another deal to close. Go into the discovery meeting, that initial meeting where both you and the advisor are getting to know one another and establish a good fit, with the following in mind: 

  • Personality match

    Do their philosophies, values, and energy match your or your expectations?

  • Location and access

  • Unique knowledge

    You want to be your planner’s ideal client.

  • Transparency

    Simply put, your financial planner should work in your best interest at all times.
  
Chapter 1

Read that form ADV

A form ADV is the disclosure document that every financial advisor must use to register with the SEC or with the state that they serve clients in. You can think of it as a detailed "financial resume" and compliance record for an advisory firm, but it's not always a walk in the park to read. 

 

The form ADV can be a little daunting, and most planners will not focus on it, nor will most clients read it. However, you can be an educated shopper if you read the ADV. Read through it to get an idea of your planner’s background and education. Be sure to make note of a few specific items:

 

  • Item 4: Advisory Business

    You should be able to envision how you will work through the planning process together.

  • Item 5: Fees & Compensation

    There are a variety of fee types you may see:

     

    AUM: Assets Under Management: You are charged a percentage of the money you have your planner managing for you.

     

    Ongoing: This is planning that continues beyond the initial plan creation.

     

    Project: Some prices are based on each project, and some planners will have specific menu items.

    Hourly: You are charged for the time your planner works on your planning.

     

    You want to look for the following statement: “We do not accept compensation for the sale of securities or other investment products, including asset-based sales charges or service fees from the sale of mutual funds,” or something similar.
You don’t have to find your fit alone. 

At XYPN, we help fee-only advisors who offer everything you just read into real, working businesses that support people like you. 

If you’re ready to find a partner on your side, it’s time to take the next step.

Explore XYPN advisors and see what’s possible →

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Pro-Tip: We believe professional advice should put you first. That’s why every financial advisor in the Network signs an oath to work in your best interest. To be listed on the XYPN Find an Advisor search portal, advisors must hold a CFP® designation, offer fee-only planning, sign a fiduciary oath, provide virtual services, and remain in good standing. 

    
Chapter 2

Questions to ask your planner candidates

Plan to interview several planners

Below are the questions you’ll want to have  answered, with a bit of background on each question. As you review the planner’s materials, watch out for guaranteed returns or “free” planning. Free planning is just hiding the fee somewhere else, likely in a commission you haven’t been told about. Please print the last page to facilitate your conversations with financial planners.

 

Your Interview Guide, Step by Step

Now, let’s walk through each area you should be asking questions in and around. 

 

  • Who do you typically work with? Tell me about how you decided on that focus.

    You want to be your planner’s ideal client. There are many planners and many planning needs. Find a planner who understands where you are in life and the financial planning issues you face. Hearing the back story on how your planner chose their niche is a window into the excitement and passion they feel about the work they’ll be doing for you.

  • What are your qualifications?

    The gold standard for financial planners is the CERTIFIED FINANCIAL PLANNER® (CFP®). If you have specific needs, you may find additional designations that are useful for your planner to have. Ask your planner about their educational background and continuing education practices

  • Will I work with just one planner or is there a larger team?

    Some planners work alone, others have an ensemble of planners who specialize in different areas of planning. There is not a right or wrong here, but you should understand if you will be a client of the firm or client of the planner.

  • How are you compensated? Are you fee-only?

    You want to hear a “Yes!”

     

    If a planner is not fee-only you need to be aware that sales of some products give higher commission. Some planners are limited to selling their companies' products. Ask about this!

     

    Don’t be fooled by “Fee-based,” that just means fees and commissions. Fee-only means no money from anyone but you, the client. That means:

     

    • No referral or affiliate fees

    • No commissions of any sort

    • Not limited in what they are allowed to recommend

    • No money that will impact what they recommend to you

  • How do you determine your fees?

    Make sure you understand how they determine fees. This should be easy to understand. Some planners need to know a bit about you and your planning needs to determine your fees, but how they are determined should be transparent to you. 

  • What if you refer me to someone for other work? Do 
    they pay you?

    The answer here should be no. You want to be referred to providers (think: insurance) your planner trusts to do the best for you, not the one who pays. Ideally, your planner will give you a few referrals so that you can pick the person with whom you most wish to work

  • Are you a fiduciary? Do you adhere to the fiduciary
    standard at all times?

    You want a fiduciary planner. No quality planner should be afraid of this word.  Simply put, they work in your best interest at all times. Your planner should work to reduce conflicts of interest at all times and reveal any conflicts that remain.
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Your Turn: Think about your own scenario. 

List your top three areas you're looking to find support with. Then ask yourself: What's brought me to this search? What support is going to be the most impactful to me today? This year? In 5 years? Make sure you're open and honest about your needs with any advisor you interview.

  • What are some of the topics we will be addressing?

    This is your way to see how comprehensive your planner truly is. The word comprehensive can get used rather loosely, so get it defined for you by each planner you interview. Some topics you want to hear are:

    • Portfolio Analysis & Investment Planning
    • Retirement planning
    • Budget Analysis & Cash Flow
    • Estate planning review
    • Insurance and risk mitigation review
    • Tax planning

    • Education planning

  • How often will we meet? What if I need help between
    meetings?

    You need to know what you are getting for your fees. Many clients will make financial decisions not realizing they could have reached out to their planner for help. It’s good to know you can run that job offer or mortgage refinance idea past your
    planner.

  • What is your investment philosophy?

    There are several good answers here, but you should understand the planner’s outlook on investments and your planner should be able to meet you where you are no matter how much, or how little, you know about investments. If they can’t take time to help you learn and understand, you should look for a planner who will.

  • Why did your last client leave?

    You are looking for attitude and red flags here. How is your planner addressing any issues that arose and led a client to leave? Was it a natural part of the process or due to a planning issue?

  • What contingency plans do you have in place should
    something happen to you?

    This is a little dark, but it’s important. Accidents happen. Your planner should have some other planners to lend a hand in an emergency. 

Advisors in the Network must operate on a fee-only basis, meaning all of their compensation from client work comes exclusively in the form of fixed, flat, hourly, percentage, or performance-based fees.

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