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Choosing the right financial advisor can make a huge difference in your financial future—especially as you approach retirement. But with so many professionals out there, how do you separate a trusted expert from someone who’s just looking to sell a product?

Asking the right questions is a great place to start. Here are the eight most important questions to ask a financial advisor before deciding to work together:

1. Are You a Fiduciary?

This should be your first and most important question. A fiduciary is legally and ethically obligated to act in your best interest—not their own. Surprisingly, not all financial advisors are fiduciaries. Some may be held to a lesser standard, only needing to recommend products that are “suitable,” even if they’re not the best fit.

Why it matters: A fiduciary duty helps ensure your advisor is focused on what’s best for you.

2. What Are Your Credentials?

A good advisor should be transparent about their education, training, and professional certifications. Look for designations like CFP® (Certified Financial Planner™), RICP® (Retirement Income Certified Professional®), CIMA® (Certified Investment Management Analyst®)—credentials that require rigorous education, experience, and ongoing ethical standards.

Why it matters: Credentials can be a strong indicator of expertise and commitment to professionalism.

3. What Is Your Expertise?

Just like doctors, financial advisors often specialize. Some focus on retirement planning, others on early career professionals, budgeting & debt management, etc. Make sure your advisor’s expertise aligns with your goals—especially if you’re near retirement or navigating a complex financial situation.

Why it matters: An advisor who understands your unique needs can build a more effective, customized plan.

4. How Many Clients Do You Have?

This question gives you insight into how much time and attention you might receive. Advisors with hundreds of clients may not be able to offer personalized service. On the other hand, those with a focused, manageable client base are often more accessible and proactive.

Why it matters: You want to feel like more than just a number. Make sure your advisor has the bandwidth to support you.

5. Where Do You Hold My Money?

A trustworthy advisor should never directly hold your funds. Instead, your assets should be held with an independent third-party custodian (like Fidelity or SEI Private Trust Company). This adds a layer of security and transparency.

Why it matters: Separating the advisor from the custodian protects you from fraud and gives you independent access to your accounts.

6. What Is Your Investment Philosophy?

Every advisor has a unique approach to investing—some are more aggressive, some conservative, others may lean heavily on active or passive strategies. Understanding how they build portfolios, manage risk, and adjust for market changes helps you see whether their approach aligns with your goals and comfort level.

Why it matters: A mismatch in philosophy can lead to frustration, confusion, or taking on more risk than you're comfortable with.

7. What Is the Total Cost to Work With You?

Ask for a complete breakdown of fees. This includes advisory fees, fund expenses, trading costs, and any commissions. Are they fee-only (paid solely by clients) or fee-based (may also earn commissions)? Clear and transparent pricing is a hallmark of a trustworthy advisor.

Why it matters: Knowing the total cost helps you evaluate the value of the services you're receiving—and avoid any surprise charges.

8. How Often Will We Communicate?

Will you hear from your advisor only once a year, or are they proactive in providing regular updates, check-ins, and reviews? Clear communication expectations set the tone for the relationship—and ensure you stay on track.

Why it matters: Financial planning is ongoing. Regular communication keeps you informed, confident, and relaxed.

Final Thoughts

Hiring a financial advisor is a big decision. These eight questions are a powerful starting point to help you find an advisor who’s not just qualified, but genuinely aligned with your best interests.

Whether you're approaching retirement, seeking better investment strategies, or just want a second opinion, the right advisor can help you make smarter decisions and feel more confident about the future.

At Comal Wealth Management, we specialize in retirement planning and tax strategies for those nearing retirement. If you would like to evaluate our firm, please check out our Free Retirement Readiness Review™. We are based in New Braunfels, TX but serve clients virtually, nationwide.