Good financial advisors can add value in a lot of ways, but choosing the advisor who is best for you isn’t always an easy task.
With varying titles, certifications, fee structures, service models, regulatory agencies, and philosophies, identifying the differences between advisors — and figuring out which one is best to meet your specific needs — can be tricky and even downright confusing.
To help you make the most informed decision when hiring a financial advisor, it’s important to ask the right questions so you find an advisor who aligns with your values and goals.
We reviewed several articles to see what many suggest as the key questions to ask when interviewing potential financial advisors. We’ve compiled the most common ones below, along with Fully Financial’s answers to each.
Before we jump into the questions, our first recommendation starts with you. In our experience, there’s usually a very specific and personal reason someone decides to start looking for a financial planner. For example:
Before reaching out to a potential advisor, take stock of your own goals and immediate areas of concern. What do you want to accomplish by hiring a financial planner? The answer to this question will help you determine the right answers to the key questions we dive into below.
To put it in the simplest terms, a fiduciary is someone who puts their clients’ interests ahead of their own. Believe it or not, not all financial advisors are obligated to act as fiduciaries for their clients — making this perhaps one of the most important questions to ask when choosing a financial planner.
To take it a step further, instead of just asking, “Are you a fiduciary?” ask if the advisor is legally and ethically obligated to act as a fiduciary 100% of the time. Some financial advisors can take their “fiduciary hat” on and off. In other words, some advisors are only required to act as fiduciaries some of the time.
And to be crystal clear that the advisor you plan to hire will act as your fiduciary 100% of the time, ask them if they’d be willing to sign a fiduciary oath, committing to always put your interests first. If an advisor is a true fiduciary, they should have no problem signing a document stating such.
At Fully Financial, we have accepted a legal and ethical fiduciary obligation to all our clients, 100% of the time. We will gladly provide a signed fiduciary oath affirming our commitment to always put our clients’ best interests first.
Specific services vary from advisor to advisor. Some financial advisors just sell insurance. Some financial advisors are just investment managers. Comprehensive planners, on the other hand, will provide advice around a wide range of topics, including retirement planning, tax planning, cash flow management, estate planning, and more.
This is where our earlier recommendation — assessing your goals for hiring a financial planner — really comes into play. It may be that you don’t want or need comprehensive services or someone managing your portfolio. Perhaps you have a niche concern or singular area where you want help. It’s important to know what you need so you can listen for it when asking an advisor about their services.
At Fully Financial, we designed our services to cover everything your money touches. As your family’s personal CFO, we provide comprehensive financial planning and investment management, as well as ongoing financial advice and implementation.
The personalized services we provide include:
We’re best suited to work with clients who are ready to delegate all of their ongoing financial planning and investment management (vs. singular planning areas or one-time plans).
If you didn’t already know this, you may be shocked (or perhaps even terrified) to learn that there is no legal standardization of titles for financial advisors. Someone can use the title “financial advisor” regardless of their education, experience, credentials, or background.
To make sure you’re choosing an advisor who is qualified to manage your hard-earned savings, ask about their experience serving clients, their educational background, and their professional certifications.
For example, when asking about designations, you may look specifically for a CFP® professional. To use the CFP® credentials, an advisor has to complete a series of rigorous coursework and exams, have at least three years of financial planning experience, adhere to strict ethical standards, and fulfill continuing education requirements each year.
Fully Financial’s co-founder and financial planner Ben Jacobs has nearly 10 years of experience as a comprehensive financial planner. In addition to earning his master’s degree in financial planning from the University of Georgia, Ben has earned multiple advanced designations and credentials, including:
If you’re going to hire a financial planner, it’s fair to ask how much you’re going to have to pay for their time and service. An advisor’s fee structure really boils down to three things:
To better understand the potential answers to these questions, it’s good to have a basic overview of the most common fee structures for financial advisors:
When talking with an advisor, ask if they can provide a clear breakdown of the fees you will be responsible for paying, including the formula for how those fees are calculated. Any advisor who prioritizes honesty and transparency will be able to provide this to you easily.
Fully Financial is 100% fee-only. We are paid exclusively and directly by our clients for the advisory services we provide to them, and we never accept commissions or kickbacks from third-party companies. As an independent, fee-only firm, our recommendations are always rooted in what’s best for our clients and never result in compensation from outside companies. Our only incentive is to do what’s best for our clients.
We believe this is the best right, the right way, and — for us — the only way to do business as a financial advisor, as it drastically minimizes the potential for conflicts of interest and helps ensure clients always get the financial advice that’s right for them.
Our fee structure is based on the value of assets under our management. Clients with fewer than $300,000 pay a minimum fee of $250 per month. Our tiered fee schedule goes from 1% down to 0.25% annually based on the amount of assets we manage. Our pricing is all-inclusive, transparent, and easy to find on our website.
Just like with services, the actual planning process and ongoing advisor-client relationship varies from advisor to advisor. For example, some advisors only offer annual review meetings, while others may ask to meet 3-4 times a year.
You want to make sure the meeting cadence an advisor offers (and in some cases requires) works for you. You also want to make sure you can access the advisor in a way that allows you to feel comfortable and confident in your financial decision-making. For example, outside of scheduled review meetings, is the advisor available for phone calls, emails, one-off meetings, or video calls?
At Fully Financial, we provide financial planning, advice, and management services that cover everything your money touches. As a high-touch boutique advisory firm, we designed a carefully crafted process that prioritizes both optimal financial outcomes and exceptional client service:
We want to be fully immersed in our clients’ financial plan — and we are there for them at every turn. Beyond our initial discovery and implementation meetings at the start of new client relationships, we provide daily monitoring of all assets under our management and remain deeply involved in implementation strategies throughout the year. Some examples include:
We request that our clients meet with us at least once a year to check-in, review portfolio performance, and make sure their financial plan still reflects their current situation. That said, we offer a flexible meeting cadence depending on the needs of each individual client. And while our office is based in Athens, GA, we meet and communicate with our clients in-person, over the phone, via email, and through video conferencing.
Our clients can reach out to us any time if they have questions or concerns about their finances or money decisions.
Many financial planning firms have an asset minimum requirement for new clients. For example, some comprehensive wealth management firms may require you to have at least $1,000,000 in investments for them to manage in order to work with them.
If you don’t meet the asset minimum, some firms may flat out refuse to work with you. Others may assess a surcharge in addition to their standard fee.
Rather than having an asset minimum, some financial advisors may have a minimum fee. Other financial advisors may have no minimums at all.
Asking a financial advisor what their minimum asset requirement or minimum fee is could help you decide if they are the right fit for you based on your specific situation.
We believe everyone can benefit from fiduciary financial advice, regardless of the size of their portfolio. That’s why we have no asset minimum or account size requirements. We have a tiered fee structure based on the value of assets under our management. Clients with fewer than $300,000 under our management pay a flat minimum fee of $250 per month.
Some financial planners may choose to serve a very narrow clientele or niche. For example, some advisors may only work with people of a certain age or life stage (e.g., retirees or millennials), who work in a particular profession (e.g., tech companies, physicians, engineers, pilots), or who own a business.
When creating Fully, we were very intentional and decisive about not having a niche. One of the main reasons we started our firm was to make fee-only financial planning more accessible in the Athens, GA community. We wanted to help more people, not less.
We find joy in helping people from all walks of life with their own unique backgrounds, values, goals, and needs.
Although we don’t have a niche, our personal backgrounds and the local economy in Athens have led to us serving a high percentage of clients within certain communities and particular professions, relative to the general population, including:
Many people have multiple professional advisors, from financial advisors to tax accountants to estate attorneys. Depending on your needs and situation, you might find it helpful if all your advisors work together rather than you having to relay all the information from one advisor to another. A collaborative approach can help save you time and ensure all your professional advisors are on the same page when it comes to relevant details about your situation.
We believe in a collaborative approach when it comes to financial planning. To the level our clients are comfortable, we communicate directly with their other professional advisors and even attend meetings with the client and their CPA and estate attorney. We also provide recommendations to our clients when they are searching for a CPA or estate attorney in the Athens area.
There are times when we may reach out to their advisors proactively. For example:
While certainly not required, being part of professional associations can indicate an advisor’s commitment to advancing the financial planning profession and their own professional development.
Fully Financial is dedicated to the fee-only financial planning profession and future generations of fiduciary advisors. We are proud members of the National Association of Personal Financial Advisors (our co-founder Ben Jacobs serves on NAPFA’s national board of directors), XY Planning Network, and Fee-Only Network. Locally, we are members of the Athens Area Chamber of Commerce and the Athens Downtown Development Authority.
If you’ve decided to start looking for a financial advisor, choosing the right one is a big decision. Once you’ve taken stock of your own goals, needs, and immediate pain points, you’re ready to start searching for a planner who can appropriately and effectively address them. Oftentimes, that’s easier said than done.
Using the key questions listed above when vetting potential advisors should give you a good idea as to whether or not you’ll feel comfortable and confident working with them. Don’t be afraid to ask them tough questions. A good advisor will clearly address any and all questions you have, while making sure you feel heard and understood.
After you interview a financial advisor, revisit their answers to your questions, and take time to consider some additional important factors:
Engaging a financial advisor is one of the most important professional relationships you’ll ever have. So beyond checking all the right boxes in terms of service model, qualifications, and fee structure, it’s equally important that you feel comfortable talking to them, enjoy interacting with them, and trust them to always do what’s right and what’s best for you.
P.S. If you are interested in learning more about Fully Financial, you can check out our About Us page and read our FAQs.
If you’re looking for a financial planner in Athens, GA, to help you navigate all areas of your financial life, we’d love the opportunity to talk with you. Reach out to us anytime to see how we can help maximize your financial outcomes.
Fully Financial is a registered investment advisor offering advisory services in the State of Georgia and in other jurisdictions where exempt. This article is provided for educational, general information, and illustration purposes only and does not constitute specific investment advice. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. We encourage you to consult a professional financial planner, accountant, and/or legal counsel for advice specific to your situation.
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