How do I find the right financial advisor?
This is one of the most common questions people ask when they start thinking about their financial future and the answer starts with knowing what to ask. Did you know, most people spend more time researching a vacation than they do choosing their financial advisor? And yet the advisor you choose will have more influence over your retirement savings strategy than almost any other decision you make.
Think about it this way. For most Iowa and Midwest families, their two largest assets are their home and their retirement savings. People tour multiple homes, hire inspectors, and review every detail before signing. The person managing your other major asset — the one that has to last the rest of your life — deserves that same level of care.
Whether you are looking for a financial advisor in Des Moines, West Des Moines, or across Iowa and the Midwest, these ten questions can help you find the right financial advisor for your unique needs.
Think about it this way. For most Iowa families, their two largest assets are their home and their retirement savings. People tour multiple homes, hire inspectors, and review every detail before signing. The person managing your other major asset, the one that has to last the rest of your life, deserves the same level of care.
Whether you are looking for a financial advisor in Des Moines, a certified financial planner in West Des Moines, or exploring your options across Iowa and the Midwest, these ten questions are worth asking before you hire anyone.
Are you an investment fiduciary?
This is one of the most important questions to ask. A fiduciary financial advisor is legally required to act in your best interest at all times. Not all advisors are held to this standard; some only need to recommend products that are “suitable,” even if they are not the best option for you. Ask directly and expect a clear yes.
How are you compensated?
How your advisor gets paid shapes how they operate. Fee-only advisors charge directly for their services and earn no commissions. Commission-based advisors earn money when you buy products. Neither model is automatically wrong, but you need to understand how your advisor benefits from the recommendations they make.
What are your credentials?
Professional designations such as CFP® (Certified Financial Planner) and AIF® (Accredited Investment Fiduciary) are some of the most recognized in the industry, requiring rigorous coursework, a comprehensive exam, and ongoing ethical standards. Ask what credentials your advisor holds and how long they have been practicing with them, especially with clients in situations similar to yours.
What types of clients do you typically work with?
Credentials matter, but fit is one of the most important factors in choosing a financial advisor. Part of that fit is whether the advisor regularly works with people like you. If you are nearing retirement with savings across a 401(k), an IRA, and a taxable account, you want someone experienced in helping clients in that situation, not someone learning as they go.
What services do you provide?
Financial planning is a broad term. Some advisors focus primarily on investment management. Others take a comprehensive approach covering retirement income strategy, tax planning, Social Security optimization, and/or estate planning. For Iowa families, a comprehensive approach matters, especially given Iowa's exemption on retirement income and the federal planning opportunities that creates.
How will we communicate, and how often?
The key here is not so much how often you meet but understanding the level of service you will receive and ensuring you are aligned on expectations and communication style. An experienced financial planner reaches out proactively. That includes when markets shift, when tax laws change, or when something in your life warrants a closer look.
What is your investment philosophy?
Ask how they think about risk (and your risk tolerance), their approach to asset allocation, and how they help clients stay disciplined when markets get volatile. Be cautious of anyone who leads with performance claims. The families who retire with confidence typically follow a consistent, disciplined strategy, not one built around chasing returns.
Ask: "How did you guide clients through recent market downturns?" The answer tells you how they will guide you through the next one.
How do you approach tax planning?
A skilled financial advisor thinks about tax efficiency year-round and across your lifetime, not just at filing time. For Iowa retirees, this includes managing withdrawals across account types with goal of reducing lifetime taxes, evaluating Roth conversion opportunities where appropriate, and coordinating with Social Security timing. If a prospective advisor is not raising these topics, that is worth noting.
Can you provide references?
A confident advisor will have no hesitation in connecting you with current clients, not to mention pointing you to 3rd-party sources such as Google Reviews. When you speak with references, ask about responsiveness, whether the advisor proactively brought new ideas forward, and whether they felt genuinely heard. Technical competence matters. The relationship does too.
What happens to my plan when life changes?
If there is one guarantee in your financial plan, is that it will need to adjust as your life changes. Job transitions, family needs, health events, loss of a spouse, and significant market shifts all impact your plan. A knowledgeable financial advisor builds financial plans that are dynamic and adjust as your needs change.
The Right Advisor Can Make All the Difference
Choosing a financial advisor is not a transaction. It is a relationship that can shape your financial future for years and in many cases, decades. The families across Des Moines, West Des Moines, Dubuque, and throughout Iowa who retire with confidence are the ones who took the time to ask the right questions and found an advisor who they could trust.
At RetireRight, we welcome every one of these questions. As independent investment fiduciaries serving Iowa families from our offices in West Des Moines and Dubuque, we are here to help you retire with clarity and confidence. If you are looking for a financial advisor or Certified Financial Planner professional in Iowa, reach out to today to set up a free initial consultation.
Frequently Asked Questions
How do I find a financial advisor in near me?
Start with referrals from people you trust, then research advisors online and verify credentials through FINRA's BrokerCheck. Look for an advisor who specializes in retirement planning and has experience with clients in situations similar to yours. RetireRight serves families across Iowa and the Midwest from offices in West Des Moines and Dubuque.
What should I look for in a financial advisor?
Look for two key factors: Credentials and Fit. First, look for an experienced advisor who is transparent about fees, holds recognized credentials like the CFP and AIF designations, has relevant experience, and takes a comprehensive approach to planning. Then look for someone who fits your needs and personality. Communication style and responsiveness matter as much as technical expertise.
What is the difference between a fiduciary and a non-fiduciary financial advisor?
An investment fiduciary financial advisor is legally required to act in your best interest at all times. A non-fiduciary advisor operates under a suitability standard, meaning they only need to recommend products that are appropriate for your situation, not necessarily the best option available. That distinction can matter more than most people realize. Over the course of a retirement, the difference between advice driven by your best interest and advice driven by a suitability standard can have significant implications. When evaluating any financial advisor in Iowa, asking whether and when they are held to a fiduciary standard is one of the most important questions you can ask.