Your advisor is retiring.
You don’t have to decide this week.

What it means. Anyone giving investment advice for pay must be registered, and regulators keep a public record of their licenses, jobs and any problems.

Why ask. It confirms they are who they say they are, before you trust them with your money.

A good answer sounds like: “Yes. Here’s my CRD number. Look me up on BrokerCheck or adviserinfo.sec.gov.”

What it means. A fiduciary must legally put your interests first, ahead of their own and their firm’s. Some advisors are fiduciaries only part of the time, for example when giving advice but not when selling you a product.

Why ask. It tells you whose interests come first in every recommendation they make.

A good answer sounds like: “Yes, at all times, for all of my advice, and I’ll put that in writing.”

What it means. Whether they regularly work with people in your situation: retirees, business owners, widows, executives.

Why ask. Someone who has done it many times sees problems coming that a generalist can miss.

A good answer sounds like: Specific examples, without client names, and how they would approach your situation.

What it means. When a client complains or a regulator takes action, it is recorded on the advisor’s public record.

Why ask. Past behavior is one of the best clues to future behavior.

A good answer sounds like: A straight answer that matches what you find when you look them up yourself.

What it means. You may pay an advisory fee (often a percent of your assets), costs inside the funds you own, and sometimes commissions.

Why ask. Percentages hide the size of the bill. 1% of $1 million is $10,000 every year.

A good answer sounds like: One dollar figure for the year, all layers included, in writing.

What it means. “Fee-only” advisors are paid only by you. Commission-based advisors are paid by the companies whose products they sell. Many are paid both ways.

Why ask. How someone is paid can shape what they recommend.

A good answer sounds like: A plain explanation, plus their Form CRS: a short, required summary of services, fees and conflicts.

What it means. One advisor’s fee may cover only picking investments. Another’s may include retirement income, tax and estate planning.

Why ask. You can only compare prices when you compare the same services.

A good answer sounds like: A written list of what is included and what costs extra.

What it means. The person who answers your calls, and the person who steps in when they are away.

Why ask. Large firms may route you to a call center. Solo advisors may have no backup at all.

A good answer sounds like: Two names, and you have met both.

What it means. Some meetings just read back your account performance. Planning meetings revisit income, taxes, goals and family changes.

Why ask. It shows whether you are buying investment management or ongoing advice.

A good answer sounds like: A meeting schedule and an example agenda.

What it means. Switching may change your investments, your custodian (the firm that actually holds your money, such as Schwab or Fidelity), your fees and your paperwork.

Why ask. No surprises. Selling investments to move them can trigger taxes.

A good answer sounds like: A specific list of changes, including any tax impact, before you sign anything.

What it means. What happens to your accounts and your plan if they stop working.

Why ask. You are reading this because nobody asked it last time.

A good answer sounds like: A named successor or a written plan, and how you would be told.

What it means. A document saying who takes over their clients, and how, if the advisor can no longer work.

Why ask. It protects you from going through this again, suddenly.

A good answer sounds like: “Yes,” and they will tell you who.

What it means. How many more years they plan to work.

Why ask. If they plan to “go until I can’t,” you may face this again soon.

A good answer sounds like: An honest number of years, plus the plan for after.