Eight Questions to Ask a Financial Advisor

Partnering with a financial advisor can bring peace of mind, but you can’t entrust your financial future to the first professional you speak to. Ask these essential questions to ensure you choose a skilled, experienced advisor who will build you a roadmap to financial wellbeing.  

#1 Are you a fiduciary? 

When considering potential advisors, prioritize those who serve as fiduciaries. A fiduciary is a professional or organization entrusted with managing assets and is legally bound to act in your best interest. This goes beyond intention — it’s a legal obligation to ensure their advice aligns with your needs, not theirs. 

OpenPlan® advisors take this commitment seriously, as CFP(R) Professionals are held to the fiduciary standard through the Certified Financial Planning Board. 

#2 What credentials do your advisors hold? 

Certification means credibility. Consider seeking advisors with the CERTIFIED FINANCIAL PLANNER™ (CFP®) designation from the CFP Board, as it is the gold standard in the industry.  

#3 What is your scope of services? 

Some financial advisors focus on specific areas, such as portfolio management, while others offer comprehensive financial planning services that incorporate every facet of your financial picture. These can include investments, tax and estate planning, insurance, education planning, and other key aspects of your financial life. OpenPlan® offers a comprehensive, dynamic financial planning service that evolves with you. 

#4 Can you walk me through your investment philosophy? 

A trustworthy advisor should clearly explain how they approach investing—and why. Make sure they address these three essential areas: 

• Diversification & Asset Types: Do they go beyond just stocks and bonds? Look for a strategy that includes ETFs, index funds, mutual funds, and possibly exposure to global markets or emerging economies — not just large U.S. companies. 
• Value vs. Growth Strategy: Do they lean toward value or growth investments — or strike a balance between the two? Understanding their tilt helps determine if it aligns with your goals and risk tolerance. 
• Market Timing: Do they try to predict when to jump in or out of the market? That kind of guesswork often leads to poor outcomes. A sound approach favors long-term discipline over short-term speculation. 

An advisor should clarify investment strategies, including diversification, and whether or not they focus on market timing. OpenPlan® uses evidence-based research to eliminate guesswork, optimizing your portfolio for long-term success. 

#5 How will our relationship work in the future? 

Special relationships aren’t just for romance or international diplomacy. A dedicated team thoroughly understands your preferences, goals, and risk tolerance. Some firms have a 1-800 number you call, while others assign a dedicated advisor.  

OpenPlan® emphasizes customization and collaboration. Your dedicated CFP® advisor works with you to create and adapt your plan, ensuring regular communication and support during life transitions while having access to a team for when you need help with a time-sensitive need.  

OpenPlan® combines the best of both large and small firms: personalized service with access to holistic financial expertise. 

#6 What does your typical client look like (is their situation similar to mine)?  

Understanding how an advisory firm supports clients with similar life situations, financial planning needs, and long-term goals can provide valuable insights. Ask how the firm approaches clients with comparable challenges if you have a complex benefits package or compensation structure. 

OpenPlan® works with clients in every life stage, many with different goals but all with the same purpose: building a life with meaningful clarity and direction around their finances. 

#7 Do you require a minimum amount of investible assets?  

Many firms require investment management to use their services and won’t work with clients under a certain amount ($500k or $1M are typical thresholds). If the firm operates on an hourly or flat fee basis, ask about fees that might come into play if you have follow-up questions or need to adjust your financial plan. 

OpenPlan®’s no-minimum-net-worth requirement means we partner with diverse clients, tailoring our advice to your unique circumstances. 

#8 What’s your fee structure? 

Understand the different fee structures financial advisors may offer. Fee-based advisors charge a client fee and earn commissions for recommending certain investments. In contrast, fee-only advisors are compensated solely through the fees you pay for their services and do not receive commissions or third-party payment. 

Request the firm’s Form CRS — a clear and concise disclosure document. It overviews the firm’s fee structures and includes key details such as disciplinary history. 

OpenPlan®’s fixed-fee model removes conflicts of interest, ensuring you receive honest advice with no hidden agendas or commissions. 

This content is for informational and educational purposes only and should not be construed as individualized advice or a recommendation for any specific product, strategy, or course of action. Brighton Jones, its affiliates, and employees do not provide personalized investment, financial, tax, or legal advice through this communication. This material is not intended to, and does not, create a fiduciary relationship under ERISA or any other applicable law. For individualized advice tailored to your specific circumstances, please consult with your adviser.