20 Vital Questions to Ask When Selecting a Wealth Advisory Firm

Evaluating and selecting a financial advisory firm is a critical decision, as they will play a significant role in your financial well-being. Here are 20 vital questions to ask when considering a financial advisory firm or assessing your current one:

1. Are you a fiduciary?

2. What services does your firm provide beyond investment advisory?

3. Could you outline the full spectrum of costs and fees associated with working with your firm?

4. Specifically, how do your advisors receive compensation?

5. Which custodians does your firm use and who provides reporting and billing services?

6. Could you elaborate on your tenure as financial advisors?

7. What educational background and financial planning credentials does your firm possess?

8. How do you engage with clients, and at what frequency?

9. What access and software will be available for tracking and reviewing my accounts?

10. What is your firm's guiding investment philosophy?

11. Do you manage money in-house or outsource it to reputable managers? Who?

12. In the event of needing funds, how accessible is my money?

13. How do you engage with my next generation, beneficiaries, and legal appointees?

14. How do you engage with my tax and legal professionals?

15. May I obtain a copy of your disclosures?

16. May I have a copy of your company’s privacy policy?

17. Do you have cyber security measures in place? 

18. How do you measure value and performance delivered to your clients?

19. What is the most challenging part of your role as advisors? 

20. What other key attributes about you and your firm do you consider vital for me to remember?