Three Key Questions to Ask Your New Financial Advisor

When it comes to feeling confident about your money, finding the right financial advisor is crucial. Whether you’re seeking guidance on investments, retirement planning, or simply looking to optimize your financial strategy, establishing a strong rapport with your advisor is the foundation on which you build toward your goals. 

But when you begin the relationship with a new financial advisor, knowing what questions to ask can often be challenging. Knowing how to ask those questions is a challenge all its own. In this article, we’ll delve into three key questions you should consider asking your new financial advisor. 

Article Overview

1. “What are you helping me solve?”
2. “What’s your big vision for your clients, and how have you set up your practice to deliver?”
3. “What are your fees?”
4. Why Ask These Questions to Your New Advisor?

“What are you helping me solve?”

The first question may seem unconventional, but it cuts to the core of your advisor’s approach. By asking what problems or goals they’re helping you address, you gain insight into their priorities and expertise. 

Are they focused on minimizing taxes, maximizing investment returns, or ensuring your overall financial satisfaction? Understanding their perspective allows you to align your expectations and ensures you’re both working towards the same objectives.

“What’s your big vision for your clients, and how have you set up your practice to deliver?”

This two-part question delves deeper into your advisor’s overarching philosophy and the structure of their practice. 

By learning their vision for clients, you gain insight into how they define success.  You learn what client problems they work passionately to solve.     

“What are your fees?”

While discussing fees may feel uncomfortable, it’s a crucial aspect of the financial advisor-client relationship. Transparency regarding fees is essential for building trust and ensuring you fully understand the costs associated with their services. 

Most people are motivated by financial incentives, and advisors are no exception.  

When you understand how an advisor is compensated, you understand their motivations better. 

Ask this question up front to establish clear expectations and avoid surprises down the line. Knowing the fees from the get-go allows you to assess the value of the services provided and make informed decisions about your financial future.

Why Ask These Questions to Your New Advisor? 

Asking the right questions when engaging a new financial advisor is paramount, whether you’re still looking for a new advisor or you’ve already signed the contract. By understanding their approach, vision, and fee structure, you can lay the groundwork for a productive and mutually beneficial relationship.\

Remember, your financial well-being is too important to leave to chance. By being proactive and asking the right questions, you set yourself up for success on your financial journey.

If you’re in the process of searching for a financial advisor, or you could use a second opinion, reach out to our team at Pleasant Wealth. We’re here to help you feel good about your money. 

About the Author

Liz Hand, CFP®, is a financial advisor and a trained Life Coach who focuses on serving women closing in on retirement or women who are already retired. With a knack for retirement income design and women’s finances, Liz shares complex financial ideas in practical terms. 

Involved in the community in various capacities, she is on the board of Women’s Impact and involved as the youth sponsor at First Mennonite Church in Canton. Liz and her husband, Nate, enjoy raising their sons, Mason & Brennan. A weekend with free time finds them enjoying downtown Canton eats & events, camping, and dreaming of getting to more National Parks (a family goal to visit them all).