Your first meeting with a financial advisor can certainly feel overwhelming, but preparation can make all the difference. To help decide whether this type of relationship is the right fit for you, Heath Grossman, CFP® shares five questions to consider asking an advisor in this week’s Money Wisdom Question Series.

1. Are They a Fiduciary?

A fiduciary is someone who manages money or property for someone else’s benefit, not for their own. They are legally and ethically required to act in your best interest. Working with a fiduciary can help ensure you’re receiving unbiased advice tailored to your unique goals, risk tolerance, and situation.

2. What Areas Do They Specialize In?

Some advisors specialize in working with people at the beginning of their careers. Others tailor their services to those close to or in retirement. Additionally, some advisors are purely money managers while others assist with the broader elements of financial planning. Getting clarity can help ensure their specialties match your specific needs.

3. How Do They Measure Clients’ Success?

A good advisor measures success by more than just market performance or rates of return. Their top priority should be helping you achieve your long-term goals—both financial and lifestyle. Everyone’s situation is different. So, it’s important that they track your progress toward specific, personal objectives rather than performance benchmarks.

4. How Will They Communicate with You, and How Often?

This question helps set expectations for the advisor or advisory team’s responsiveness and level of ongoing support. Establishing consistent communication is crucial for building trust with the whole organization. If your advisor takes a vacation or is sick, it’s important to know whether there will be other team members available to help you.

5. Do They Work with Other Professionals?

Many firms collaborate with estate planning attorneys, CPAs, accountants, and other professionals. This allows them to support multiple aspects of a client’s financial planning. These established relationships can help address your broader financial needs more effectively.