21 Questions to Ask a Wealth Manager

A good financial relationship begins with open conversation; after all, choosing a wealth manager isn’t only about investment performance. It’s about finding someone who takes the time to understand your financial picture, clarify your goals, and build a plan that reflects what matters most to you.

Whether you’re preparing for retirement, managing family assets, or simply ready to organize your finances more intentionally, asking the right questions can help you get a clear sense of an advisor’s approach, philosophy, and communication style.

If you’re researching questions to ask a wealth manager or choosing a financial advisor, this wealth management checklist will help you feel confident as you evaluate your options.

At CS Bank, we encourage clients to ask thoughtful questions as they build meaningful relationships with financial professionals. Here are 21 questions that can help guide that conversation.

Experience and Credentials

1. What licenses and certifications do they hold?

Financial professionals often hold a combination of industry licenses and certifications that reflect their training, regulatory qualifications, and scope of practice. Common securities licenses include the Series 7 (General Securities Representative), Series 24 (General Securities Principal), Series 63 (Uniform Securities Agent State Law), and Series 65 (Uniform Investment Adviser Law), as well as the Securities Industry Essentials (SIE) exam. Together, these credentials indicate a strong foundation in investment products, compliance, and client advisory services—signaling a commitment to professional standards and ethical financial guidance.

2. How long have they been working as a wealth manager?

Experience brings perspective. Advisors who have worked through different economic cycles often develop insights that help them support clients through both strong and uncertain markets.

3. What types of clients do they typically work with?

Some advisors specialize in retirement planning, while others focus on business owners, families, or multigenerational wealth. Knowing who they usually serve can help you determine whether their expertise aligns with your financial situation.

4. Are they a fiduciary, and will they always act in my best interest?

A fiduciary is legally obligated to act in the client’s best interest. Asking this question ensures clarity about how an advisor approaches recommendations and decision-making.

Services and Approach

5. What types of financial planning services do they offer?

Wealth management can encompass retirement, tax, insurance, and estate considerations, not just investments. Asking this question helps clarify whether an advisor’s services align with your broader financial needs.

6. How do they tailor strategies to individual goals and risk tolerance?

A strong wealth management process begins with understanding, not assumptions. Look for an advisor who asks about your values, time horizon, and comfort level with risk before developing any recommendations.

7. Can they assist with estate planning or charitable giving?

Estate and philanthropic planning can be important elements of a long-term financial strategy. Some wealth managers work closely with estate attorneys or nonprofits to help clients structure plans that reflect their wishes and priorities.

8. How do they collaborate with my CPA or attorney?

Many financial decisions overlap with tax and legal considerations. Asking this question helps you understand whether an advisor coordinates with your existing professionals for a cohesive financial approach.

Fees and Transparency

9. How are they compensated: flat fee, hourly, commission, or a percentage of assets?

Fee structures vary across firms. Understanding how your advisor is paid can help you identify potential conflicts of interest and assess which model best fits your preferences.

10. Are there any additional costs I should be aware of?

Beyond advisory fees, there may be custodial charges, fund expenses, or transaction fees. A transparent advisor should clearly explain all potential costs up front.

11. How do they ensure recommendations aren’t influenced by commissions or incentives?

This question opens the door to an honest discussion about objectivity. Advisors should be able to explain how their structure prioritizes the client’s interests.

12. Will I receive a written agreement outlining their services and fees?

Documentation helps ensure mutual understanding. A written agreement should outline services provided, costs, and how the relationship will be managed.

For more details on what to expect from the investment process, visit CS Bank’s Investment FAQ.

Investment Philosophy

 

13. How do they select investments for clients?

Investment selection should be guided by research, planning, and client objectives. Ask how the advisor evaluates opportunities and determines suitability for your portfolio.

14. What is their approach during market downturns?

A consistent, disciplined strategy can help maintain perspective when markets fluctuate. Asking about an advisor’s process during volatility reveals how they communicate and adjust over time.

15. Do they use actively managed funds, passive strategies, or a mix?

Both active and passive strategies have potential benefits. What matters is how each approach aligns with your time horizon, preferences, and tolerance for risk.

16. How often do they review or rebalance portfolios?

Regular reviews help ensure a portfolio continues to reflect your objectives and risk profile. It’s helpful to know how often rebalancing occurs and what triggers changes.

To learn more about CS Bank’s investment philosophy and approach, visit About Our Strategy.

Communication and Relationship

17. How often will we meet or communicate?

Clear communication helps maintain a strong advisor-client relationship. Ask how often meetings occur, whether virtually or in person, and what forms of communication you can expect between reviews.

A consistent schedule builds trust, creates accountability, and ensures you’re always aware of progress toward your financial goals—even when markets or life circumstances change.

18. How will I track the progress of my financial plan?

Many advisors offer online dashboards, quarterly reports, or review meetings to discuss progress. Asking this question helps you understand how you’ll stay informed and involved.

Look for tools that make it easy to monitor performance, track goal milestones, and visualize how day-to-day financial choices impact your long-term objectives.

19. What happens if my primary advisor leaves the firm?

Continuity matters. Ask about the firm’s team structure and how they ensure that someone familiar with your financial plan is always available to assist you.

An established succession process or team-based service model helps protect your experience, keeping your strategy intact and your records accessible through any transition.

20. How do they stay informed about market trends and regulatory changes?

Ongoing education is key to providing sound financial guidance. Advisors should engage in professional development and remain current on financial news and regulations.

Certifications, continuing-education programs, and participation in industry conferences demonstrate a proactive commitment to staying knowledgeable and serving clients with up-to-date insights.

Long-Term Planning

21. How do they help clients define and revisit their financial goals over time?

Life changes, careers evolve, families grow, and priorities shift. A wealth manager should help you periodically reassess your goals to ensure your financial strategy continues to reflect your current circumstances.

This question emphasizes partnership: it's not about achieving results, but about continuously defining and refining what financial well-being means to you.

Asking Questions Builds Confidence

When it comes to wealth management, the best decisions come from understanding. Asking clear, informed questions helps you take an active role in your financial life and ensures you’re comfortable with the process, services, and values of any advisor you choose to work with.

At CS Bank, we believe transparency and communication are the foundation of strong client relationships. Our wealth management professionals work with individuals and families across Northwest Missouri and Arkansas to help define financial goals and create strategies aligned with their stage of life.

To start a conversation or learn more about our process, connect with a CS Bank Advisor to schedule your consultation today.