Are you a fiduciary?
Ask whether the adviser is required to put your interests first, and when that duty applies.
ASK FIRST
Ask first before choosing a financial professional.
Ask First helps you slow down, compare professionals, and ask better questions before hiring an adviser. The goal is to understand the relationship before you make an important planning decision.
Choosing a financial adviser
Take time to compare before you decide.
The right adviser can help you organize information, understand choices, and feel more prepared for planning conversations. No adviser can promise investment returns, so the relationship should be based on clear questions, clear answers, and a good fit for your needs.
Consider interviewing more than one professional. Ask whether their specialty matches the help you need, how they approach planning and investing, and whether any products, commissions, or conflicts should be understood before you move forward.
Questions to ask before you hire someone
Use plain questions to understand the relationship.
How are you paid?
Fee-only advisers are paid directly by clients. Fee-based advisers may receive client fees and other compensation, so ask what that means in your situation.
What credentials and licenses do you hold?
Ask what licenses, exams, and credentials are behind the adviser’s work. Series 65, Series 66, and Series 7 licenses are not the same as professional credentials. Certified Financial Planner, or CFP, is one recognized financial planning credential.
What kinds of clients do you usually help?
Choose someone whose experience fits the questions you need answered, such as retirement planning, taxes, estate planning, or charitable giving.
What is your planning or investment approach?
Ask how the adviser builds recommendations, explains risks, and helps you understand tradeoffs before you decide.
Are there products, commissions, or conflicts I should understand?
Be cautious if someone pressures you to buy commissioned products before explaining alternatives, costs, and conflicts clearly.
Useful places to verify information
Check public resources before you choose.
These outside resources can help you review background information and find professionals to interview.
FINRA BrokerCheck
Use BrokerCheck to review registration and background information for brokers and investment advisers.
Open BrokerCheckNAPFA Find an Advisor
Use NAPFA to search for fee-only financial advisers and compare possible professionals to interview.
Open NAPFA