Ask questions that produce a document, a specific example or a clear division of responsibility. “Will you take care of everything?” invites a broad promise. “Who prepares my withdrawal schedule, and when will I receive it?” gives you something you can verify.

Use the same core questions with each candidate, and with an existing advisor when the relationship needs a review. You do not need a perfect answer to every question in the first meeting. You do need to know which answers remain unresolved before committing.

What exactly are you agreeing to do?

Describe your two or three most important decisions. Ask which are included, which require a separate engagement and which fall outside the professional's expertise. Request a sample deliverable with all client information removed, or a description of the process.

If retirement planning is included, ask whether the work covers spending, Social Security, pensions, taxes, withdrawals and survivor income. If estate planning is mentioned, clarify whether that means reviewing beneficiary choices, coordinating with an attorney or drafting documents through a qualified legal professional.

Ask who will do the work. The person leading the sales meeting may not be the person preparing the analysis or answering future questions. Confirm the team structure and who takes responsibility when specialists disagree.

What will I pay in the first year and later years?

Request a dollar estimate using a stated account value and investment mix. Ask for advisory fees, investment expenses, account charges, transaction costs and separately billed services. Identify compensation that comes from a product provider rather than directly from you.

Keep one-time and recurring charges separate. A hypothetical $2,000 planning project plus a $3,000 annual retainer is a $5,000 first-year service cost, but it is not necessarily a $5,000 annual cost forever. Conversely, a waived first-year fee does not establish the ongoing price.

Ask which services are bundled and how the fee changes if assets grow, you withdraw money or your needs become simpler. Use the comparison worksheet to record the same assumptions for every proposal. Unknown commissions or product costs should be listed as open questions, not entered as zero.

In which role are you acting, and what conflicts exist?

Ask whether the recommendation is provided through an advisory relationship, a brokerage relationship or another arrangement. If the professional has several roles, ask when each applies and how you will know.

Request the relevant Form CRS and advisory brochure. Ask how compensation, proprietary products, referral arrangements or asset-based billing could influence a recommendation. A fiduciary obligation is meaningful, but it does not eliminate every conflict.

For an old 401(k), ask how keeping the existing plan and moving to a new employer's plan were considered. A rollover recommendation should address the alternatives, costs and features you would give up. Refer to the old-plan options guide when evaluating the explanation.

How will investment decisions be made?

Ask how the portfolio connects to your goals, time horizon and ability to absorb losses. Request an explanation of the intended allocation, investment selection, costs and rebalancing rules in terms you can understand.

Clarify whether the advisor can trade without asking each time, which restrictions you can set and how concentrated or illiquid holdings will be handled. Ask what would cause the plan to change and what would not.

Ask how performance will be reported and which benchmark will be used. A household's diversified portfolio should not be judged solely against whichever market segment recently performed best. Fees, cash flows and the measurement period must be handled consistently.

Where will my assets be held?

Identify the custodian and confirm that you will receive statements independently from that institution. Understand the advisor's authority over trading, fee deductions and transfers. Do not rely only on a presentation or custom performance report.

Ask how you verify a new transfer instruction and whom to contact if something looks wrong. A clear operating process is useful even when you trust the people involved. It reduces dependence on an unfamiliar email or rushed phone call.

Discuss access if the primary advisor is unavailable, leaves the firm or retires. Your records and service should not depend entirely on one person's memory.

What happens between meetings?

Request a service calendar or a written explanation of ongoing work. Ask which events prompt an additional review: a job change, inheritance, death, major purchase, tax-law change or a material change in spending.

Clarify response expectations and the channel for urgent questions. “Unlimited access” does not define a response time or establish that every request is included in the fee. Ask how additional work is scoped and priced.

For an existing relationship, compare the last year with the agreement. List completed work, unresolved decisions and missed follow-up. Give the advisor an opportunity to explain and correct a service gap before deciding whether a change is needed.

How can the relationship end?

Read cancellation, prepaid-fee and transfer provisions. Ask which investments can move to another custodian and which may require a sale, special approval or a surrender charge. A decision to change advisors should include transition taxes and costs.

Confirm how planning documents and account records will be delivered. Ask whether you can purchase planning without transferring assets, or end management while retaining a separate planning relationship if that would fit your needs.

After the meeting, write a brief comparison: the work promised, the full cost, the responsibilities and the unanswered questions. Check registration and credentials independently. The best next step is the one that resolves the most important uncertainty before you sign.

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