29 % of U.S. investors with more than $1 million in investable assets say they’re thinking about switching firms in the next 12 months—mainly because of poor communication and unclear fees (J.D. Power 2024 U.S. Full‑Service Investor Satisfaction Study).
Walk into your first—or next—meeting armed with these ten questions, and you’ll know within 15 minutes whether the advisor across the desk deserves your business.
1. How do you get paid—exactly?
An advisor should spell out every revenue stream in writing: flat planning fee, AUM tier schedule, hourly consult rate, and any product commissions. Ask to see a sample invoice. If they can’t quote dollars and percentages in 30 seconds, keep shopping.
2. Are you a fiduciary 100 % of the time?
Fiduciaries must put your interests first in every recommendation. Brokers operating under “suitability” can sell higher‑commission products so long as they’re “not inappropriate.” Anything less than a clear “Yes—always” is a deal‑breaker. Verify later onFINRA BrokerCheckor theSEC IAPD.
3. Who is your ideal client?
You want to be right in their sweet spot. If they mostly serve retirees living off bond ladders and you’re a founder juggling QSBS and stock options, you’ll be an experiment, not a specialty.
4. What licenses or certifications do you hold, and why?
The gold standards: CFP® for holistic planning, CFA® for deep investment work, CPA/PFS for tax‑heavy advice, Series 65 for fee‑only fiduciaries. Ongoing education shows they stay current.
5. How will you customize my plan?
Templates save time, but your equity vesting schedule, entity structure, and risk tolerance should dictate recommendations. Ask for a 90‑day roadmap outlining documents, milestones, and deliverables.
6. How often will we meet, and how will you communicate between meetings?
Quarterly reviews used to cut it; hyper‑growth founders often need monthly Zooms and a secure messaging portal for quick questions. Nail down cadence now to avoid ghosting later.
7. What’s your investment philosophy when markets get ugly?
Everyone talks upside; the real test is during drawdowns. Ask for a concrete example of a tactical move they made in 2022’s bear market—and how it affected client outcomes.
8. How do you coordinate with my accountant or CFO?
Tax alpha is real: location of investments, entity choice, and timing of income can add more value than a marginally better mutual‑fund lineup. Advisors should happily hop on joint calls with your CPA or fractional CFO.
(Need an upgrade? ReadHow to Choose the Right Accountant.)
9. What technology lets me see everything in real time?
Expect a portal that aggregates net worth, stores documents, and lets you run on‑demand performance and allocation reports. Quarterly PDFs are a 2005 experience.
10. Can I speak with two clients who started where I am today?
Solid advisors love introductions. Evasiveness usually means a thin—or unhappy—client roster.
Red Flags to Watch For
Vague fees (“Don’t worry, we’ll figure it out later”).
“Mostly fiduciary” language.
No niche or typical‑client profile.
Resistance to working with your tax or legal team.
What a Great First Meeting Looks Like
- Pre‑meeting doc list—last two tax returns, current statements, cap table.
- Clear agenda capturing your goals, pain points, and top priorities.
- Written next steps within 24 hours: deliverables, timelines, and data requests.
- Fee proposal on letterhead—no surprises, no acronyms you can’t Google.
Ready to interview advisors? Browse theSam’s List marketplace.
FAQ
Should I ask to see my advisor’s Form ADV?
Yes. It’s public on the SEC site and discloses fees, services, and any disciplinary marks.
Is 1 % AUM a fair fee?
It’s typical on the first $1 million. Above that, push for tiered pricing—or compare flat‑fee advisors.
How can I verify an advisor’s credentials?
Check bothFINRA BrokerCheckand theSEC IAPDto confirm licenses and rule-infractions.
What’s the difference between fiduciary and suitability?
Fiduciaries must act in your best interest in every scenario. Suitability only requires the product not be blatantly inappropriate—even if it earns the broker a bigger commission.
Author: Kimi, Co‑founder of Sam’s List
Kimi writes about what she’s learning while building Sam’s List and shares honest takeaways from her conversations with accountants and financial advisors across the country. None of this is financial advice—just the stuff most people wish someone told them sooner.
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