Want to Hire a Financial Planning Firm? 5 Questions to Ask

A financial planner shakes hands with his new client at a table in an office.

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As a financial planner, I know how difficult it can be to sort through all the different firms out there to find out who delivers above-level service at a reasonable cost. And it’s not to say everything is bad — financial planners are doing a lot of things right. But the industry certainly doesn’t make it easy for people to find and work with a financial professional.

One of the contributing factors is that many financial planners have gotten extremely comfortable with how they do things. Many financial advisers have been doing this for years, and they may be doing things the same way they’ve always done them. They may have also accumulated hundreds of clients, making it difficult to provide the first-class, comprehensive service people want.

Fortunately, it is possible to find a financial planner who will do great work for you and your family. The key is knowing what to look for during your search. Here are my top five questions to ask when looking for a financial planning team.

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Question No. 1: Are you licensed to provide investing advice?

Some financial professionals are insurance-only people who can offer advice on insurance products (such as life insurance, disability insurance or annuities). However, they cannot offer investing advice, which is a crucial part of a comprehensive financial plan. They may also work for a large insurance company and don’t have access to the same range of products that an independent adviser has. Insurance-only professionals typically work on commission and may not provide the same level of ongoing service that a fee-based adviser provides.

Joe F. Schmitz Jr., CFP®, ChFC®

Joe has built a comprehensive retirement planning company focused on helping clients grow and preserve their wealth. Under his leadership, a team of experienced financial advisers use tax-efficient strategies, investment management, income planning and proactive health care planning to help their clients feel confident in their financial future — and the legacy they leave behind.

Question No. 2: Are you an investment-only adviser?

Some advisers charge a full 1% (or more) fee to provide only investment advice. They usually don’t provide other important services, like proactive tax planning or estate planning. I recommend looking for an adviser who charges a similar 1% fee but includes the five pillars of financial planning (income, investment, tax, health care and estate) in their services.

Question No. 3: What are your added costs?

Investment fees and expenses can drag down your returns and potentially leave you with less money for retirement. Added costs can come in the form of using mutual funds, which have higher internal expenses on top of a potential management fee. Or the adviser could use a third-party platform that charges a fee. These expenses are all in addition to the 1% the adviser is already charging and may not add value to the services you’re receiving.

Question No. 4: Will you do what you say you'll do?

Be on guard for advisers who say, “We can do that,” and then it never gets done. People who come to us from another adviser often tell us that their previous adviser would say they would do something but then never implement it. Or they feel like their previous adviser never brought new ideas to the table or wasn’t consistent with communication.

Look for someone who is proactive about introducing effective strategies, follows up on ideas and tasks, and stays in frequent contact about what’s happening with your portfolio.

Question No. 5: Are you a full-service firm?

Most people will benefit from a team who does it all. As I mentioned earlier, I recommend looking for a team that provides the five pillars of financial planning: tax planning, estate planning, income planning, investment planning and health care.

In many cases, your financial planner will work with other qualified professionals, such as an estate planner or CPA/accountant. The great news is that you can typically get this type of service for the same cost you may already be paying an investment-only adviser. When you have all your professionals collaborating together, it helps ensure nothing is missed.

Even if you have an existing relationship with an adviser, it’s a good idea to review these questions and make sure your adviser is still providing the right level of service for you. If you’re looking for this type of planning and you’re in or nearing retirement, our team would be happy to talk with you. You can schedule a complimentary 15-minute call here.

The appearances in Kiplinger were obtained through a PR program. The columnist received assistance from a public relations firm in preparing this piece for submission to Kiplinger.com. Kiplinger was not compensated in any way.

Disclaimer

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Joe F. Schmitz Jr., CFP®, ChFC®, CKA®, is the founder and CEO of Peak Retirement Planning, Inc., which was named the No. 1 fastest-growing private company in Columbus, Ohio, by Inc. 5000 in 2025. His firm focuses on serving those in the 2% Club by providing the 5 Pillars of Pension Planning. Known as a thought leader in the industry, he is featured in TV news segments and has written three bestselling books: I Hate Taxes (request a free copy), Midwestern Millionaire (request a free copy) and The 2% Club (request a free copy).

Investment Advisory Services and Insurance Services are offered through Peak Retirement Planning, Inc., a Securities and Exchange Commission registered investment adviser able to conduct advisory services where it is registered, exempt or excluded from registration.