By Max Novak, MBA, CFP® · November 2026
A good financial advisor can help you make confident decisions about saving, investing, taxes, and retirement, and give you an experienced partner when life changes. Finding the right one starts with a good conversation.
Before hiring a financial advisor, ask whether they're a fiduciary, what their qualifications are, how they're paid, how often you'll interact, how they invest, and who you'll work with. Here are twelve questions worth asking, why each matters, and what our answers would be if you asked us.
1. Are you a fiduciary?
A fiduciary is obligated to act in your best interest when providing advice. Ask whether the advisor acts as a fiduciary throughout your advisory relationship, since some professionals serve in different capacities depending on the service or account.
Our answer: Yes. We're fee-only fiduciaries, and advisory services are offered through Core Planning LLC, a Registered Investment Advisor.
2. What are your qualifications?
The CFP® certification is a widely recognized credential for financial planners. It requires a bachelor's degree, extensive coursework, a comprehensive exam, professional experience, and ongoing ethics and continuing education. You can verify a certification with CFP Board and review an advisor's registration and history on the SEC's Investment Adviser Public Disclosure site or FINRA's BrokerCheck, a normal step when choosing any professional.
Our answer: Our co-founders are Max Novak, MBA, CFP®, and Zach Novak, CFP®, ABFP™. Both are CFP® professionals with experience at established financial planning and wealth management firms.
3. How do you get paid?
Advisors are commonly paid a percentage of the assets they manage, a flat fee, an hourly or project-based fee, commissions on products they sell, or a combination. Knowing the structure helps you understand what you'll pay over time. It's helpful to see the cost in dollars: a 1% fee on a $900,000 portfolio, for example, is $9,000 a year.
Our answer: As of November 2026, our published flat annual advisory fee is $4,000 or $6,000, depending on the plan. Investment management is included, and we don't earn commissions.
4. How often will we interact?
Ask how often you'll meet, how to reach your advisor between meetings, and whether they'll reach out to you. A proactive advisor starts relevant planning conversations, such as reviewing benefit elections before open enrollment or identifying tax-planning opportunities as they arise, rather than relying on you to know which questions to ask.
Our answer: We meet more often at the start while we build your plan, then generally two to four times a year, often around January cash-flow planning, tax season, open enrollment, and year-end raises or bonuses. Between meetings, we reach out when a decision needs your attention.
5. What is your investment philosophy?
An advisor's investment philosophy explains how they build and manage portfolios, whether through low-cost index funds, active management, individual stocks, or a mix. A clear answer should connect to your goals and explain how the advisor sets your mix of stocks and bonds, manages taxes, and responds to market declines.
Our answer: We focus on low costs, broad diversification, and tax efficiency. Your allocation reflects your goals, risk tolerance, time horizon, and withdrawal needs.
6. Where will my money be held?
Many advisory firms use an independent custodian, such as Schwab, Fidelity, or Altruist, to hold client accounts while the advisor manages the investments. The custodian keeps the accounts and provides statements, so you can view your holdings directly. If you'll be transferring accounts, ask whether your investments can move as they are rather than being sold, which can create taxes in a taxable account.
Our answer: Your managed accounts are held in your name at Altruist, an independent custodian, while we manage the investments.
7. What services do you provide?
Some advisors focus on managing investments, while others also help with taxes, cash flow, insurance, estate planning, college savings, employee benefits, and retirement income. Ask what's included and whether the advisor helps you act on their recommendations or leaves the next steps to you.
Our answer: We provide comprehensive financial planning and investment management, including help implementing the recommendations. Whether you're obtaining life insurance, putting estate documents in place, or completing a backdoor Roth, we help you understand the next steps and follow up on outstanding items.
8. Do you require a minimum investment?
Some firms require a minimum amount of investable assets, while others set a minimum annual fee or have no minimum. It's a quick way to learn whether a firm is set up to work with someone in your situation.
Our answer: We have no investment minimums in order to work with us.
9. What extra costs should I be aware of?
The advisory fee is one part of your total cost. Mutual funds and ETFs charge their own expense ratios, and some accounts carry platform, trading, or service fees. Insurance and annuity products may also have internal costs. Asking about these gives you a complete picture of what you'll pay.
Our answer: The funds in your portfolio carry their own expense ratios, which are separate from our advisory fee. Some applicable third-party services also carry a charge on the assets that use them: Altruist's tax-loss-harvesting service costs 0.10% a year on enrolled assets, and certain model portfolios we sometimes use cost 0.12% a year on the assets invested in them.
10. Who will I work with, and will it be the same person?
Good planning builds on context, so it helps to know whether the person you meet first will be your ongoing advisor, whether you'll generally work with the same person over time, and who steps in when they're unavailable. Some firms have one advisor lead each relationship, while others pair a lead advisor with associate planners and a service team.
Our answer: You'll work directly with Max or Zach as your ongoing advisor. Both are familiar with your financial picture, so the other can step in when needed.
11. How many clients do you work with?
An advisor's time is finite, so the number of households they serve affects how much attention each one receives. The right number depends on how complex those clients' situations are and how much support staff the advisor has, so it's useful to ask about both current client numbers and growth plans.
Our answer: As of November 2026, we work with about 80 households. We plan to work with about 75 to 100 households per advisor, a level intended to preserve time for proactive service and follow-through.
12. What happens if I decide to leave?
It's helpful to understand the exit terms at the start. Your advisory agreement should explain how much notice is required, how fees are billed and whether any prepaid fees are refunded, and whether there are costs to transfer your accounts. If you own products such as annuities or certain insurance policies, ask whether they carry surrender charges.
Our answer: We bill quarterly, and you can cancel at any time with no further advisory payments due. If you've already paid for the quarter, you can continue receiving services through the end of that paid period.
Financial advisor red flags to watch for
Most advisors are dedicated professionals, and a concern below isn't automatically disqualifying. It simply deserves a clear explanation and, where possible, independent verification.
- Guaranteed or unusually high returns. Investing involves risk, and promises of high returns with little downside don't reflect how markets work.
- Pressure to commit immediately. A good advisor gives you time to review the agreement and make a comfortable decision.
- Scare tactics used to sell a service or product. An advisor should explain risks clearly and in context. Exaggerating threats or suggesting you'll face financial disaster unless you buy a particular product or hire them is a reason to pause.
- Fees that aren't clearly explained. Your advisor should help you understand the advisory fee and other applicable costs before you commit.
- Unverifiable credentials or concerning disciplinary history. Verify credentials independently and review any disclosures in context, asking for clarification where needed.
- Recommendations that don't fit your plan. Advice should connect clearly to your goals, time horizon, and risk tolerance.
The right advisor brings expertise and an approach that fit the way you want to work. These questions help you find that person and start the relationship on clear footing.
We'd be glad to answer these questions for you
Book a free 30-minute intro call to talk through your goals and see whether we're a good fit.
Book a free intro callThis article is for general educational purposes only and is not personalized financial, tax, legal, or investment advice. Novak Financial Partners published this article and has a financial interest in readers considering our services. Fees, household counts, and service details reflect our practice as of November 2026 and are subject to change. Advisory services are offered through Core Planning LLC, a Registered Investment Advisor. For additional disclosures, please visit corepln.com/disclosures.
