How to Interview a Financial Consultant: Key Questions

Chosen theme: “How to Interview a Financial Consultant: Key Questions.” Use this friendly, practical guide to step into your first meeting with confidence, clarity, and the right words at the right time. Share your must-ask questions in the comments and subscribe for upcoming interview checklists.

Verify Credibility: Credentials, Fiduciary Duty, and History

Ask which credentials they hold—CFP, CFA, CPA/PFS, ChFC—and what each means for your needs. Verify licenses like Series 65 if providing advice. Then ask directly: Are you a fiduciary at all times, for all recommendations? Invite them to explain fiduciary duty in plain English.

Follow the Money: Fees, Value, and Conflicts of Interest

Ask whether they are fee-only, fee-based, or commission. Request a simple, dollar-based example for your situation, not a percentage alone. Have them list every potential cost—advisory fees, fund expenses, transaction charges—and show where they appear on statements. Save your example to compare across candidates.

Your Whole Life Plan: Taxes, Estate, Insurance, and Coordination

Ask how they manage asset location, tax-loss harvesting, withdrawal sequencing, and charitable strategies. Request samples of year-end tax letters and coordination with your CPA. If they never initiate tax conversations, the cost of missed opportunities may dwarf advisory fees.

Your Whole Life Plan: Taxes, Estate, Insurance, and Coordination

Ask how they work with attorneys on beneficiary designations, titling, and trust funding. Request a review cadence for powers of attorney and insurance needs. Good consultants spot coordination gaps early, not after an emergency. Subscribe for our estate review prompt list to start the conversation.

Communication and Fit: Service Model That Works for You

Ask who they serve best—tech professionals, business owners, retirees—and whether account minimums apply. If you don’t match their sweet spot, they may still help but fit may suffer. Seek a partner who lights up describing clients like you.

Communication and Fit: Service Model That Works for You

Request their communication cadence: quarterly reviews, midyear planning, and on-demand check-ins during life events. Ask for a sample performance report and planning dashboard. Insist on clarity you can understand in five minutes, not a maze of tiny footnotes.

Measure What Matters: Benchmarks, Success Metrics, and Expectations

Ask how they measure success beyond returns: funded goals, tax savings, fee transparency, risk alignment, and plan completion rates. Request a one-page scorecard you can review each quarter together. If they cannot measure it, it may not truly be part of their process.

Measure What Matters: Benchmarks, Success Metrics, and Expectations

Discuss time-weighted versus money-weighted returns, benchmarks relevant to your allocation, and how cash flows impact results. Ask them to demonstrate attribution so you understand what drove performance. Clarity today prevents frustration later when numbers inevitably vary from headlines.