Are you a fiduciary, and will you agree to act in my best interests at all times?
If the answer isn’t yes on both counts, this can be a short conversation. Say goodbye, and find somebody else to work with.

I’d like to meet you in person before agreeing to work with you. Will you do this, and will it cost me anything for the initial meeting?
If the answer isn’t yes, say goodbye, and find somebody else to work with.

Can you please tell me all of the ways you make money? Commissions from clients? Commissions from firms whose products you may try to sell me? Fees from clients?
You don’t want to be working with someone who stands to gain by putting you in certain products over others—say one life insurance policy instead of another or one type of college savings plan instead of another. There’s just too much temptation to give advice that enriches the advisor upfront—without enough concern for whether it makes you better off down the road.

Will you work on an hourly basis?
This may be the only way you can afford to hire a planner. If so, say so. The folks from the Garrett network can certainly help you, but other professionals might be willing to cut you a deal as well.

Are you just charging hourly fees because you’re not established enough to make a living earning 1% annual fees from your clients?
Maybe. But so what? Newer advisors are likely to be hungrier and more eager to provide good service. Others may do some hourly work out of principle, because they believe that providing a bit of short-term help to people who can’t afford anything else is the right thing to do.

If you take a percentage of my assets, does the percentage decline as I have more money? If not, why not?
They should agree to this. Are things that much more complicated at $500,000 than $100,000? Or at $1,500,000. Maybe a little, but probably not that much. So why should you pay 1% to eternity? As in any industry, some advisors will cut deals, make exceptions and all the rest. Just ask for a better deal – the worst that can happen is that they’ll say no.

Where will I fall in terms of your priorities if I have less money than most clients?
Maybe preface this by reminding the advisor that you understand that more profitable customers deserve more time—and that you just want to know where you would stand.

How soon can I expect returned phone calls?
Believe it or not, some people in the client service business will just let messages pile up on their desk. Look for an honest, thoughtful response here. Someone who tells you that they always respond within an hour is probably lying.

Will you answer questions by email?
You’d think everyone would in this day in age, but financial professionals don’t always like to do this. If you’re someone who can’t usually make personal calls during the work day, this may be important to you.

Have you ever been disciplined by any membership group, industry association or regulatory body?
You can check yourself, but it’s good to ask, too. If they seem offended by the question, they’re hopelessly naïve. You’re looking to them to assist with your life savings, so you’d be nuts not to do a background check.

What’s your investment philosophy?
There’s no right answer here necessarily. Some investment managers are hyper-aggressive or super-conservative. As long as they’re upfront with you and give you a chance to flee in fear if you don’t like their approach, then you’ll be fine. One good answer might be this: my philosophy is to do whatever’s best for the client’s particular circumstance.

Am I going to have to move my money to a different brokerage firm in order to work with you?
Often you will. This is a bit of a pain, but most advisors who require this can give you clear instructions on how to make this relatively simple and tax effective.

What do you care and know the most about, and what do you care and know the least about?
This is always a fun one. Anyone who tells you they’re equally good at everything is probably not being honest. Many people find insurance boring and others don’t care much about credit cards or budgeting. Good advisors should know their weaknesses and have referrals at the ready for other people who can help you in those areas.

Do you use a planner or broker yourself? If not, why not?
The dogs should eat their own dog food, shouldn’t they? If they don’t, ask why.