The title "wealth manager" isn't regulated the way you might expect. The same two words can describe a true fiduciary partner or a salesperson with a quota. The difference rarely shows up on the website — it shows up in the answers to a few direct questions.
Before you trust anyone with the wealth you've spent a lifetime building, ask these seven.
1. Are you a fiduciary — always?
A fiduciary is obligated to act in your best interest. Ask whether that standard applies to every recommendation, or only some. A vague answer is itself an answer.
2. How exactly are you paid?
Fees, commissions, or both? You want a clear, written explanation. Hidden compensation creates hidden incentives.
3. Who holds my money?
Your assets should sit with an independent, qualified custodian — never with the advisor directly. That single structural fact protects you from a great deal.
4. Do you coordinate with my CPA and attorney?
The best outcomes come from integration. If your advisor works in isolation from your other professionals, money leaks through the gaps between them.
5. What happens to my plan if something happens to you?
Continuity matters. Ask how the relationship and your plan are protected over decades, not just this quarter.
6. Can I verify your background?
A confident professional will point you to FINRA's BrokerCheck before you even ask.
7. Who, specifically, sees my whole picture?
If no single person is accountable for how each decision affects everything else you own, you don't have a wealth manager — you have a vendor.
The right answers sound like accountability. The wrong ones sound like a sales script.
What a good answer sounds like
On fiduciary duty: a direct yes, in writing, all of the time — not "we have a fiduciary platform" or "for advisory accounts." The distinction matters: a fiduciary must put your interest first; a suitability standard only requires a recommendation be defensible. If the answer takes more than one sentence, you have your answer.
On compensation: a number, not a speech. Whether the model is a percentage of assets, a flat retainer or hourly, you should leave the meeting able to write down what you'll pay this year, what's included, and what costs extra. Discomfort with that question is itself data.
On scope: listen for whether they describe coordinating your whole financial life — tax, estate, protection, investments — or only managing a portfolio. Many excellent investment managers simply don't do the rest. That's fine, if you know who does.
On custody: your assets should sit at an independent, third-party custodian in your name, visible to you at all times. This is table stakes, and the right answer is boring.
Fee models, decoded
Assets under management (AUM) — a percentage of the portfolio, aligned with growth but historically tied to gathering assets rather than advising on the whole picture. Flat retainer — a fixed annual fee for a defined scope, increasingly common for complex planning relationships because it doesn't depend on where assets sit. Hourly or project — clean for one-time work, awkward for ongoing coordination. Commission — compensation embedded in products sold; the model with the steepest built-in conflicts. None is automatically wrong. The test is whether the advisor explains theirs without flinching — and what behavior it quietly rewards.
Red flags worth walking away from
- Performance promises, or returns discussed before goals.
- Vagueness about compensation, custody or conflicts.
- A proposal in the first meeting — before they could possibly understand your situation.
- Pressure framed as scarcity: rate locks, closing windows, "this week only."
- No mention of your CPA or attorney — coordination isn't on the menu.
Choosing for the next twenty years
You are not hiring a quarter's performance; you're choosing the person who will sit with your family through exits, market cycles and estate transitions. Ask who the team is behind the name on the door, what happens if the founder is unavailable, and how the relationship looks in year ten. Then verify independently: every advisor's registration, history and disclosures are public on FINRA's BrokerCheck and the SEC's adviser search — a confident professional will point you there before you ask. Our own answers to these questions live in the FAQ and the founder's story — and the coordination gap explains the difference between a manager and an architect.
How to run the search itself
Treat it like the hire it is. Shortlist three — different models if possible, so the contrasts teach you something. Verify before you meet: registration, history and disclosures are public on BrokerCheck and the SEC's adviser search; five minutes there beats an hour of charm. Meet twice: the first meeting is their presentation; the second is your agenda — bring a real, current decision and watch how they think, what they ask, and whether they say "it depends" where it genuinely does. Run the scenario test: describe the most complex thing on your horizon — a sale, an inheritance, a concentrated position — and listen for who they'd involve and in what order. A portfolio answer to a coordination question tells you what the relationship would actually be.
And notice the questions they ask you. An advisor who asks about your family, your business and your fears before your account balances is interviewing for the right job.
This article is for educational purposes only and does not constitute individualized investment, tax, or legal advice. Please consult a qualified professional about your specific situation.