1. Are you a fiduciary?

This is the most important question on the list, and it should be your first. A fiduciary is legally obligated to act in your best interest at all times — not just when it’s convenient, and not just when regulators are watching. Many financial professionals are held to a lesser standard called suitability, which only requires that their recommendations be “suitable” for you, not necessarily the best option available.

Ask plainly: “Are you a fiduciary 100% of the time?” A straightforward yes is the only acceptable answer. If an advisor hedges or qualifies their response, that tells you something important.

2. How are you compensated?

Understanding how your advisor gets paid is essential to understanding their incentives. There are three primary compensation models:

1. Fee-only: The advisor is paid directly by you — through a flat fee, hourly rate, or percentage of assets under management — and receives no commissions of any kind.
2. Fee-based: The advisor charges fees but also earns commissions on products they sell. Despite sounding similar, this is meaningfully different from fee-only.
3. Commission-only: The advisor earns money solely through commissions when they sell you financial products.

Fee-only advisors have the cleanest incentive structure because their compensation is not tied to what they sell you. At Roan Capital Partners, we operate on a fee-only model — meaning our recommendations are guided entirely by what is best for your financial plan, not by what generates a commission.

3. What credentials do you hold?

The financial industry has hundreds of designations, and not all of them carry the same weight. The credentials that matter most include:

• CFP (Certified Financial Planner): Requires rigorous coursework, exams, experience, and ongoing education. The gold standard for comprehensive financial planning.
•  CPA (Certified Public Accountant): Especially valuable for tax planning integration.
• CTFA (Certified Trust and Financial Advisor): Relevant for estate planning and trust administration.
• CIMA (Certified Investment Management Analyst): Demonstrates advanced investment management expertise.

Always verify credentials independently through FINRA BrokerCheck or the CFP Board’s website.

4. What services do you offer?

Some advisors specialize in investment management only. Others offer comprehensive financial planning that covers retirement income, tax strategy, estate planning, insurance, and more. Before hiring anyone, confirm that their service offerings match your needs.

If you are approaching retirement, you likely need more than portfolio management. You need a coordinated plan that addresses Social Security claiming strategy, healthcare costs, withdrawal sequencing, and how to pass assets to your family efficiently. Ask whether the advisor takes a holistic approach or a narrow one.

5. Who is your typical client?

A good advisor will be honest about who they serve best. If you are a near-retiree with significant assets, you want an advisor who works with people in similar situations — not one whose practice is primarily built around young professionals just starting out.

Ask for a description of their typical client: age range, asset level, primary concerns, and goals. If the description does not sound like you, keep looking.

6. How will you communicate with me?

Frequency and format of communication vary widely across advisory firms. Some advisors schedule formal annual reviews and are otherwise hard to reach. Others provide quarterly check-ins, proactive outreach during market volatility, and accessible support whenever questions arise.

Before you hire, clarify: How often will we meet? Who will I speak with when I call? Will I have a dedicated point of contact, or will I be passed around to different team members?

7. How do you approach investment management?

Ask about their investment philosophy, how they construct portfolios, and how they handle market downturns. A thoughtful advisor should be able to explain their approach in plain language without relying on jargon.

Specifically ask how they have guided clients through periods of significant market volatility — 2008, 2020, and more recent turbulence. How did they communicate? Did their clients stay the course? What would they do differently?

8. What is your approach to tax planning?

Investment returns are only part of the picture. How much you keep after taxes matters just as much as how much you earn. Ask whether the advisor integrates tax planning into their overall strategy or whether taxes are treated as an afterthought.

Tennessee has no state income tax on wages, which is a meaningful advantage for retirees. But federal taxes on retirement distributions, Social Security benefits, and investment gains can still significantly erode your income in retirement if not managed carefully. An advisor who understands tax-efficient withdrawal sequencing can save you tens of thousands of dollars over a retirement that may span 30 years or more.

9. Can you provide references from current clients?

A reputable advisor should be willing to connect you with existing clients who can speak to their experience. While privacy considerations may limit what an advisor can share, asking the question itself is valuable. An advisor who is unwilling or unable to provide any references warrants closer scrutiny.

You can also research an advisor’s professional history through FINRA BrokerCheck and the SEC’s Investment Adviser Public Disclosure database, both of which are publicly available online.

10. What happens to my plan if you retire or leave the firm?

This question is often overlooked, but it matters — especially if you’re beginning a relationship that you expect to span decades. Ask about succession planning. Is there a team in place? Will you be transferred to a colleague, or will you need to find a new advisor on your own?

At Roan Capital Partners, our team structure ensures that clients have continuity of care and are never dependent on a single individual for their financial guidance.