Questions You Didn’t Know You Should Be Asking Your Financial Advisor
Most people ask about returns and fees when meeting with a financial advisor — but the most important questions are often the ones you don’t know to ask. Here’s what really matters when building a confident financial plan.
The Questions Everyone Asks
When people meet with a financial advisor for the first time, the same few questions usually come up:
- What kind of return can I expect?
- How much do you charge?
- Am I doing okay financially?
Those are valid questions — but they only tell part of the story.
As Duane Silbernagel put it, “Am I doing okay? is one of the hardest questions to answer, because it depends entirely on your lifestyle and goals.”
What’s right for one person may not fit another. Comparing yourself to friends or neighbors — the classic keeping up with the Joneses mentality — often leads to unnecessary stress and poor decisions.
True financial wellness is about aligning your money with your life, not with someone else’s.
The Questions You Should Be Asking
1. How liquid am I?
Liquidity — or how easily you can access your money — is one of the most overlooked parts of financial planning.
Some investments have long surrender periods or limited withdrawal options. As Duane explained, “We’ve seen clients tied up in things that don’t make sense for their situation — investments that are hard to exit or carry big penalties.”
Before you commit, make sure you know how accessible your funds are if life takes an unexpected turn.
2. What are the penalties or trade-offs if I need access to my funds?
Shannon Brennan recalled a client who inherited an illiquid investment through a divorce settlement and could only sell one percent per year — a process that would have taken nearly two decades to unwind.
Her advice: always ask what your options are before you buy.
3. What value am I receiving for the fees I’m paying?
Fees matter, but so does what you get in return. Shannon noted, “Think of your fee as the value you’re receiving — expertise, oversight, and ongoing planning that helps you make smarter, tax-efficient choices.”
As Duane added, “A do-it-yourselfer might not be taking full advantage of the opportunities available.”
Finding the Right Fit
A strong financial plan begins with a strong relationship.
Rilee Johnson summed it up well:
“You don’t want a yes-man. You want someone who can be honest with you — who’s not afraid to say, ‘That’s not a good strategy, and here’s why.’”
Transparency, shared values, and mutual respect form the foundation of every good advisor-client partnership. Sometimes, it’s less about numbers and more about communication — finding someone who will challenge your assumptions while supporting your goals.
Uncovering Hidden Risks
Most clients don’t know what they don’t know — and that’s exactly why working with an advisor matters.
Rilee emphasized, “It’s really on the advisor to identify the gaps and risks in a plan. The client’s job is to be open and honest.”
That transparency helps reveal issues like:
- Limited liquidity or over-concentration in certain assets
- Gaps in insurance or income protection
- Portfolio risk that exceeds your comfort level
Duane also discussed the concept of portfolio drawdown — how far a portfolio might fall during a market correction. “Nobody complains when the market’s going up,” he said, “but understanding how much you could lose helps determine the right level of risk.”
No Question Is Off-Limits
When it comes to your financial life, curiosity is a strength — not a weakness.
“If someone feels like certain questions are off-limits,” Shannon shared, “that shows there’s a lack of trust. We don’t want that — ask anything.”
No topic should be too small or too personal if it helps you understand your plan better.
Why Asking the Right Questions Matters
The more thoughtful and honest your questions are, the more tailored your plan can be.
Duane summarized it perfectly:
“Our job is to figure out how to get you where you want to go. The more we know about what’s important to you, the better we can design a strategy that truly fits.”
In other words — it’s not about having all the right answers. It’s about asking the right questions, together.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
