Ask the advisor to explain in writing when they act as a fiduciary and whether that commitment applies to every account and recommendation in your relationship. Review the advisory agreement, Form ADV and Form CRS where applicable. Check the firm and individual in the appropriate public regulatory databases. Registration alone does not establish that every service is provided in a fiduciary capacity, so ask directly about any brokerage or insurance roles.

There is no single standard price. Advisors may charge a percentage of assets under management, a flat fee, an hourly fee, commissions, or a combination. Ask for a written estimate of your total annual cost in dollars, including advisory fees, investment expenses and other applicable charges. Compare the services included, any minimum fees, and how the cost changes as your assets or needs change.

Fee-only advisors receive compensation from clients rather than commissions from selling financial products. Commission-based professionals may receive compensation when clients purchase certain investments or insurance products. Some professionals use a combination of fees and commissions, often described as fee-based. Ask about every source of compensation, relevant affiliations, and potential conflicts. Then confirm that the written disclosures match the explanation you receive.

An independent advisory firm operates separately from a bank, while a bank advisor works within a banking organization or an affiliated business. The label alone does not determine the quality of advice or the obligations that apply. Compare the actual services, investment choices, compensation, custody arrangements and fiduciary commitments. Ask who will serve you, whether recommendations are restricted, and how the advisor coordinates with your other professionals.

Look for an advisor whose planning process addresses your goals, cash flow, investments, retirement income, taxes, insurance needs and legacy priorities. Ask which services are included and which require outside professionals. A useful first conversation should explore how these areas interact, rather than focus only on investment performance. Ask how the advisor will coordinate with your CPA and estate attorney and keep the plan current.

Ask for a review of how your current investments fit your goals, time horizon, cash needs and comfort with risk. Provide recent statements and information about account types, fees and significant tax considerations. Clarify the review’s scope, cost and deliverables before proceeding, including whether transferring assets is required. A useful review should explain the reasoning behind any suggested changes and consider their costs and tax consequences.

Look for a clear fiduciary commitment, understandable fees, relevant experience and a planning approach that fits your circumstances. Review public disclosures and ask about conflicts, account custody and investment philosophy. Find out who will handle your relationship, how often you will meet, and how questions are answered between meetings. Compare advisors using the same questions so you can assess their explanations and service commitments consistently.

Look for experience coordinating retirement income across investments, pensions, Social Security and other resources. Ask how the advisor evaluates withdrawals, taxes, market declines, inflation and the needs of a surviving spouse. Request an explanation of how the plan will be reviewed and adjusted over time. Confirm the fiduciary commitment, total fees and responsibilities in writing, and choose someone who explains the tradeoffs clearly.