How to Find the Best Wealth Management Firm for You

Top outcomes: Write three outcomes for the next 12–24 months so every conversation stays focused and productive.

Service scope: Decide whether you want investment-only help, financial planning by the hour, or comprehensive planning that includes year-round tax planning and preparation, insurance reviews, education planning, retirement income strategy, and estate attorney coordination.

Communication: When to use email or phone for quick questions, when a meeting makes sense, preferred channels (secure portal, email, phone, video), and how two-way updates happen. Confirm your meeting rhythm and whether there’s a 12-month service calendar.

Access & style: Note your preferences including style, responsiveness, and what to do before big decisions.

Relationship fit, credentials & continuity: Consider how important it is that you genuinely like your advisor, what professional credentials matter to you (for example, CFP®, CFA®, TPCP® CPA), and whether you want someone who can see you to and through retirement. Ask what happens if your primary advisor retires or leaves the firm, and how the broader team supports continuity.

Fee comfort: Decide how you prefer to pay (AUM, flat/retainer, commission, or hourly).

Client profile & minimums: Think about whether you want a firm where people like you—your life stage, wealth level, or profession—are the typical client, and ask about any account minimums.

Registered Investment Adviser (RIA)

• Business model: A firm that gives ongoing financial planning advice and manages investments under a written advisory agreement.

• Services offered: Financial planning, investment management, and ongoing guidance; often integrates tax planning, retirement income, insurance reviews, and estate coordination.

• How fees work: Typically charge fees paid by clients—AUM (a fee based on your investment account balance or Assets Under Management), flat/retainer, or hourly/project. Fees are disclosed in Form ADV Part 2A , Form CRS and in the engagement letter.

• Duty to client: RIAs are fiduciaries. That means they are legally obligated to always put your interests first, avoid conflicts where possible, and disclose unavoidable conflicts clearly.

Broker Dealer (BD)

• Business model: A brokerage firm helps you buy or sell investments. The professionals who work there are licensed to place trades for you.

• Services offered: Guidance focused on specific investments, for example mutual funds, ETFs, stocks, bonds, 529 plans, or annuities. Some firms also offer planning conversations, usually connected to choosing those investments.

• How fees work: You may pay a commission when you buy or sell. Some accounts use a single yearly fee that covers advice and most trading costs (often called a wrap account). Ask the firm to show a simple dollar example for the investments you’re likely to use.

• Duty to client: Under Regulation Best Interest (Reg BI), recommendations must be in your best interest at the time they are made, and the firm must disclose and reduce conflicts. This is different from a continuous fiduciary duty.

Dually Registered / Hybrid

• Business model: Firm or individual operates as both RIA and broker dealer rep; can deliver advisory or brokerage services depending on the engagement.

• Services offered: Mix of planning/portfolio management (RIA hat) and product brokerage (BD hat). Scope can shift based on your needs and account type.

• How fees work: Can charge advisory fees (AUM, flat/retainer, hourly) for RIA services and commissions for brokerage transactions. Fee type depends on which hat they are wearing.

• Duty to client: Duty changes with the hat. As an RIA, they owe a continuous fiduciary duty for that advisory relationship. As a broker, they follow Reg BI for recommendations. Ask how and when the hat changes.

Fee-only planning (at-a-glance)

• If you want fee-only financial planning (no commissions at all), look first to RIAs. Dually registered advisors can also provide fee-only planning when acting under their RIA. Broker dealers typically are not fee-only because compensation can include commissions. Always ask the firm to confirm in writing that no commissions will be received for your engagement.

Compensation models (how advisors get paid):

• Fee-only: The professional is paid only by client fees (no commissions).

• Fee-based: The professional may be paid by client fees and commissions.

Common fee types:

Either compensation model can use the fee types below. Ask which applies to your engagement.

• AUM percentage: A fee based on assets the firm manages for you.

• Flat/retainer: A fixed annual or monthly amount for ongoing advice.

• Hourly/project: A set rate for defined planning work.

• Commissions: A charge tied to buying or selling certain investments.

• Wrap account: One combined annual fee that covers advice and most trading costs.

• Planning Only: Advice-only engagement using flat/retainer or hourly fees (no investment management).

• Mixed model: Different fee types applied to different accounts or services.

What it includes (common elements):

• Goals & what-ifs: Test retirement timing, portfolio changes, home purchase, or career moves before deciding.

• Retirement income: Map withdrawal order, Social Security/Medicare timing, Roth conversions, and rebalancing.

• Year-round taxes: Use proactive strategies throughout the year; clarify who prepares tax returns if not included.

• Risk protection: Review insurance coverage and keep estate documents current.

• After-tax efficiency: Place investments in the right accounts and consider loss harvesting where appropriate.

Who offers planning:

• RIAs (fee-based or fee-only): Commonly provide comprehensive, ongoing planning under a fiduciary duty.

• Dually registered advisors: Can deliver planning when acting as an RIA; confirm which hat applies to you.

• Broker Dealers: May provide planning tied to investment recommendations; scope can vary by firm and account type.

What to confirm:

• Scope & deliverables: What you will receive in year one and each year after (meetings, updates, reports).

• Team & coordination: Who does what—especially for taxes and estate work—and how the firm coordinates with other professionals.

• Fees for planning: Whether planning is included in your advisory fee, a flat/retainer, hourly, or part of a wrap arrangement.

Ask about:

• Primary contacts & roles: Who is on your core team and what each person handles.

• How we connect: Preferred channels (secure portal, email, phone, video), when a quick touchpoint vs. a meeting makes sense, your meeting cadence and service calendar, when to loop the team in before major decisions, and the tools used to keep information secure.

• Plan updates & turnaround: What gets updated and how often, typical response times for emails/calls, and what triggers an out-of-cycle review.

• Coordination across insurance, legal, and taxes: How insurance reviews, estate documents, and tax work are handled alongside your investments, who owns each task, and how updates keep everything aligned.

• Custodian & statements: Which custodian holds your accounts, and how will you receive independent account statements?

• Client retention & tenure: Typical client tenure and the firm’s rolling 3–5 year retention rate, plus how it’s calculated.

Pause when you see:

• Unclear compensation: You can’t explain how the firm or professional is paid. Ask for a plain English, itemized description of all ways they’re compensated.

• Vague disclosures/documents:

  • RIAs: Reluctance to provide or walk through Form ADV or Form CRS.

  • BDs/Dually Registered: Reluctance to provide or walk through the Client Relationship Summary (Form CRS) and disclosure of commissions/transaction charges.

  • All firms: No clear engagement letter outlining services, fees, duties, and who will serve you. It isn’t clear who the custodian is or how you’ll receive independent statements for your accounts

• Performance talk without context: Returns shown without time periods, benchmarks, or clarity on after-fee vs. before-fee results.

• Rushed decisions: Pressure to open accounts or buy investments before you understand the engagement and costs.

• Who does what is fuzzy: It’s not clear who is making investment decisions, whether any third-party managers or platforms are used, what they cost, and how they’re overseen. (Outsourcing can be appropriate—transparency is the key.)

• Service ambiguity: No clarity on meeting cadence, response times, or your core team.

• Data security is unclear: No explanation of how your information and documents are protected.

Examples of situations:

• Equity comp & concentrated stock: RSUs, ISOs/NSOs, ESPP, blackout periods, and single-stock concentrations.

• Business transactions: Buying or selling a business or an ownership stake; liquidity events and earn‑outs.

• Real estate changes: Buying or selling a primary home or rental; refinancing; changes in ownership.

• Inheritance & large gifts: Receiving assets from an estate or gift; new accounts or holdings that need organization.

What to confirm:

• Relevant experience: How often they handle your scenario and what the typical timeline looks like.

• Who does what: Which tasks are handled by whom (advisor, investment/trading, tax tasks like projections or filings, and legal paperwork), how handoffs work, and how progress is tracked.

• Process & tools: The workflow, checklists, and modeling they use (e.g., tax projections, what-if analysis, trading plans).

• Costs & conflicts: How this work is billed (advisory fee, planning retainer, commissions) and any product related incentives.

• Decision rights: What’s discretionary vs. what requires your approval, and how time sensitive actions are handled. 

1. What should I think about before I talk to firms?

   Consider your goals, the scope of services you’re interested in, and the communication styles that will work best in your life.

2. What’s the difference between an RIA and a Broker Dealer (and dually registered)?

   RIAs provide advice as fiduciaries—they must put your interests first at all times. Broker dealers help you buy and sell investments and can be paid by commissions; their recommendations must be in your best interest at the time, which is not the same as an ongoing fiduciary duty. Dually registered advisors can do both—ask which standard applies to your accounts.

3. Which fee setup might fit me?

   Choices include AUM, flat/retainer, hourly/project, commissions, or a wrap. Also confirm whether your engagement is fee-only or fee-based—and get it in writing.

4. How do I know if I want financial planning?

   If you want help coordinating goals, taxes, retirement income, insurance, and estate details—not just investments—planning can help. RIAs and some dually registered advisors commonly provide it.

5. How can I tell if an investment approach fits me?

   Ask the firm to explain their approach in plain language and how it matches your goals, risk tolerance, costs, and tax-aware practices (including how they rebalance).

6. How will we stay in touch?

   Ask who your go to contacts are, how quick questions happen (email/phone/portal) versus when a meeting makes sense, your expected meeting rhythm, and the secure tools you’ll use.

7. What are simple red flags to pause on?

   Fuzzy fees, vague documents, pressure to rush, unclear roles, or unclear data security. Use these as prompts to ask more questions.

8. What if I have a special situation (equity comp, business transaction, real estate, inheritance)?

   Focus on finding the best wealth management firm for you—a team that regularly works with your situation and can describe their process start to finish.

9. How should I compare firms?

   Make notes about the same items for each firm: duty/registration, credentials, scope, philosophy, meeting rhythm, tech, and fee type with an all-in view.

10. Should I ask about client retention?

    Yes—ask for a 3–5 year retention rate and average client tenure, and how they calculate it (who’s counted, mergers, retirements).

1. Your priorities: Confirm your goals, service scope, and communication preferences from Section 1.

2. Shortlist 2–3 firms: Include any mix of RIA, broker dealer, or dually registered that appears to match your needs.

3. Firm type & duty: Ask which standard applies to your accounts (fiduciary vs. brokerage recommendation standard) and have it stated in your agreement.

4. Compensation & fees: Confirm fee-only vs. fee-based, the fee type for each account (AUM, flat/retainer, hourly, commissions, wrap), billing timing, and an itemized view of all-in costs.

5. Planning scope & deliverables: What you’ll receive in year one and each year after; what gets updated and how often; who does what across investment, tax related tasks, and legal paperwork.

6. Investment approach: Have the firm explain—in plain language—how the portfolio supports your goals, matches your risk tolerance, controls costs, and handles tax aware rebalancing.

7. Client experience: Who your go to contacts are, how quick questions work vs. meetings, response times, meeting rhythm, and the secure tools you’ll use.

8. Team credentials & continuity: Who will be your primary advisor, what credentials they hold, which team members support your relationship, and how the firm plans for continuity if your advisor retires or changes roles; especially as you approach and live through retirement.

9. Client fit & minimums: Ask who their typical client is, whether you fit that profile, and what their account minimums are.

10. Special situations (if applicable): For equity comp/concentrated stock, business transactions, real estate changes, or inheritance, confirm relevant experience and the process from start to finish.

11. Side-by-side comparison: Compare your notes using the same criteria for each firm.