Retirement & Tax Planning Answers
What Questions Should I Ask a Retirement Planner in a First Meeting?
Quick answer
Ask whether the planner is a fiduciary at all times and will say so in writing, how the planner is paid and what that costs in dollars on your actual assets, who holds your money, and what written deliverable you will receive. Then verify the answers yourself in public records before you sign anything.
How to prepare for and run a first meeting with a retirement planner
A short process for screening a planner before you share account details or sign anything.
- 1
Look the firm and person up first
Search the firm and the individual at adviserinfo.sec.gov. Confirm the registration, open the Form ADV Part 2A brochure, and read the fee and disciplinary sections. If the person is also a broker, check FINRA BrokerCheck. Note anything you want explained.
- 2
Ask for Form CRS and the brochure in advance
Request Form CRS and Form ADV Part 2A by email before the meeting. A planner who has them ready and sends them without hesitation has made your comparison easier.
- 3
Verify credentials directly
Check any CFP designation on the CFP Board verify page and any enrolled agent status through the IRS. Do not rely on a website or business card. Confirm the Arizona registration or notice filing status through the Arizona Corporation Commission Securities Division if you are unsure.
- 4
Send your question list ahead
Email your top questions on fiduciary status, total cost in dollars, custody, deliverables, who does the work, and exit terms. This lets the planner prepare real numbers, and it shows you who answers directly.
- 5
Ask for the cost in dollars on your balance
In the meeting, give a rough balance and ask for the all-in annual cost in dollars, what it includes, and what is billed separately. Write the number down.
- 6
Ask who holds the assets and who does the work
Get the custodian's name, confirm the account is titled in your name, and ask for the name and credentials of the person who will build and review your plan.
- 7
Ask to see a sample deliverable
Ask for an example of a plan or tax projection, with the client information removed. This is the best way to see what you would actually receive.
- 8
Compare in writing before deciding
After meeting two or three planners, put the answers side by side and look at cost, scope, conflicts and exit terms. Take time. A planner who pressures you to sign at the first meeting has told you something.
The Questions, and Why Each One Matters
Start with the standard of care. An investment adviser registered under the Investment Advisers Act owes clients a fiduciary duty. A broker-dealer representative is held to Regulation Best Interest, which is a different standard, and many people are registered as both. Ask, 'Are you a fiduciary on all of the advice you give me, at all times, and will you put that in writing?' Firms that serve retail clients must also give a prospective client a short relationship summary, Form CRS, before or at the time of entering an advisory agreement, according to the SEC. It summarizes services, fees, conflicts and disciplinary history in plain English. Ask for it before the meeting. The longer Form ADV Part 2A brochure has 18 items, including fees, other business activities, and disciplinary information, according to the SEC's Form ADV instructions. You can find both for free through the SEC's adviser search at adviserinfo.sec.gov, or through Investor.gov.
Next, cost. Ask how the planner is paid, whether through a percentage of assets, a flat fee, hourly work, commissions, or a mix, and then ask for the total in dollars on your actual balance. Percentages hide the number. On an illustrative $1,500,000 portfolio, an annual fee of 0.75% is $11,250 and 1.00% is $15,000. Held constant for ten years with no growth assumed, those are $112,500 and $150,000. On an illustrative $2,500,000 portfolio, 1.00% is $25,000 a year. Fund expenses, trading costs and any commissions are on top. A good answer gives one all-in figure, names what is included, and says what is not. Ask about conflicts the same way: whether the firm or the planner earns commissions, sells proprietary products, or receives revenue sharing, and how that is disclosed in Form ADV Part 2A and Form CRS.
Then ask who holds your money and who does the work. Most independent advisers do not take possession of client assets. A third-party custodian holds them in an account titled in your name, and you receive statements directly from the custodian. Ask for the custodian's name and whether the planner can move money to any account other than yours. Also ask who will prepare your plan and who will answer your calls. In many firms the person in the meeting is not the person who builds the projections. Ask for the name and credentials of the individual who will work on your file, and ask what the written deliverable is: a multi-year plan, a tax projection, a withdrawal schedule, or a conversation and a slide deck.
Credentials can be checked, so check them. The CFP Board lists each CFP professional's certification status and whether there is public disciplinary history on its verify page. The IRS publishes a directory of federal tax return preparers with credentials, which includes enrolled agents. For disciplinary history on advisers and brokers, check the SEC's adviser search and FINRA BrokerCheck. The CFP Board itself notes that disclosures should be verified directly with FINRA and the SEC. In Arizona, the Arizona Corporation Commission Securities Division offers a free license and disciplinary history check through its Ask and Check page. Ask the planner which regulator they are registered with and why.
Finally, ask how the planner handles the decisions that matter most in retirement, and ask for answers specific to you. Roth conversions, required minimum distributions (RMDs), Social Security timing and Medicare premiums all interact, so ask whether they are modeled together over several years rather than one at a time. Ask what happens if you leave: your assets should transfer in kind, meaning the investments move without being sold, and the agreement should state the notice period and how any prepaid fee is refunded. Ask about minimums too. Some firms require a minimum asset level or a minimum annual fee, and that affects whether the planner is a fit regardless of quality. For Arizona residents, the planner should be able to speak to the state's flat income tax and its treatment of Social Security and Roth withdrawals, and should show the source.
How to Use the First Meeting
Treat the first meeting as an interview, not a sales call. Send the questions in advance, and ask for Form CRS and the Form ADV Part 2A brochure before you meet. Planners who do this work regularly will have them ready. Read the fee and conflict sections yourself and write down anything you want explained. Bring a short summary of your accounts, rough balances, and a list of what you want help with, but you do not need to hand over statements or account numbers at this stage.
Listen for specifics. A good answer has a dollar figure, a document name, or a person's name. 'We take care of everything' and 'it depends' with no follow-up are not answers. Ask for key points by email afterward, and compare two or three planners using the same questions. Differences in cost, scope and conflicts are much easier to see side by side. Every projection you are shown in a first meeting is illustrative, not guaranteed, so be wary of any planner who promises a result.
This list is a screen, not a ranking. A planner who answers every question well may still be wrong for you on personality, scope or minimums, and that is a fine outcome. If you already work with an adviser, the page on what to discuss with your advisor is the better starting point. If you are specifically comparing flat-fee firms, the page on vetting a flat-fee advisor goes deeper on that model.
Common Mistakes
- Asking about performance and credentials but never asking for the total cost in dollars on your actual balance, including fund expenses and any commissions.
- Accepting 'I am a fiduciary' as a verbal statement without asking for it in writing and checking whether it applies to every recommendation, including insurance and annuities.
- Skipping the public record: not reading Form CRS or Form ADV Part 2A, and not checking CFP Board, IRS, SEC and FINRA records for the person and the firm.
- Leaving the meeting without knowing what you will actually receive, such as a written plan, a tax projection, or only ongoing portfolio management.
- Signing an agreement without reading the termination terms, including notice, refund of prepaid fees, and whether assets transfer in kind.
First-Meeting Questions: What to Ask and What a Good Answer Sounds Like
Use with any planner. Verify answers in public records and confirm details that depend on your own accounts with the planner in writing.
| Question | Why it matters | A good answer sounds like |
|---|---|---|
| Are you a fiduciary on all advice, at all times, and will you say so in writing? | Investment advisers owe a fiduciary duty. Broker-dealer representatives follow Regulation Best Interest, and dual registrants can switch standards by product. | A clear yes, a written statement in the agreement, and a straight explanation of any product where a different standard applies |
| Can I have Form CRS and Form ADV Part 2A before I decide? | These filings state services, fees, conflicts and disciplinary history in the firm's own words. | Both sent by email the same day, with a pointer to the fee and conflict sections |
| How are you paid, and what is my total annual cost in dollars? | A percentage hides the dollar figure, and fund and trading costs sit on top. | One all-in dollar figure on your actual balance, what is included, and what is billed separately |
| Do you or your firm receive commissions or sell proprietary products? | Commissions and proprietary shelves can shape recommendations. | A direct answer, a pointer to where it is disclosed, and an explanation of how the conflict is managed |
| Who holds my assets, and can you move money out of my accounts? | A third-party custodian holding assets in your name, with statements sent to you, limits the risk of misuse. | A named custodian, an account titled in your name, and a clear description of what the planner can and cannot do |
| What credentials do you hold, and how can I verify them? | Credentials differ, and the public records are free. | The CFP Board verify page for a CFP professional, IRS enrolled agent status where claimed, and the SEC adviser search |
| Have there been any disciplinary actions or customer complaints? | Disclosure records for advisers and brokers are kept by the SEC, FINRA and state regulators. | An open answer and a pointer to the public record, not a defensive one |
| What will I receive in writing, and how often is it updated? | Some engagements deliver a full plan, and others deliver portfolio management and conversation. | A named deliverable such as a multi-year projection and tax estimate, a sample to review, and an update schedule |
| Who will do the work on my file? | The person in the meeting may not be the person building the plan. | A name, a role, credentials, and how to reach that person |
| How do you handle Roth conversions, RMDs, Social Security and Medicare together? | These decisions interact over several years, and the effects are hard to undo. | A multi-year projection that models them together, using your numbers, with assumptions stated and treated as illustrative |
| What happens if I leave, and what are your minimums? | Exit terms and minimums affect cost and flexibility. | Assets transfer in kind, a stated notice period, a refund of any prepaid fee, and a plain statement of minimum assets or fees |
Source: SEC Investor.gov (questions to ask when hiring an investment professional) · Verified