Given the uncertainty in the financial world today, it’s a good idea to think about hiring a financial advisor to help you navigate the ups and downs of the market.

Now more than ever before, people of varying income levels are growing increasingly concerned and aware of their money. It’s no surprise that economic uncertainty is inspiring many people to take action and hire a financial advisor to help them on their financial journeys.

Whether you’ve dipped your toe in the investing pool or are close to meeting your retirement savings goal, I firmly believe everyone can benefit from the help of a professional when it comes to finances. Of course, searching for a financial advisor typically results in many question marks: How do I find the right financial advisor for me? What do I even ask a financial advisor to determine the best fit and more?

Don’t fret, you’re on the right track! Asking questions is crucial to finding the right financial advisor for your specific goals and needs. The more you learn up front, the easier it will be to make an informed decision and find the best fit.

So when you’re evaluating a potential fit, it’s a good idea to come prepared with a detailed list of questions. Here are 10 questions you should be asking as you begin your search for a financial advisor.

1. Are you a fiduciary?

Always seek to work with a fiduciary financial advisor. A fiduciary is someone who is legally required to operate transparently and tries to minimize conflicts when possible. Fiduciary financial advisors must:

• Put their clients’ best interests before their own, seeking the best prices and terms
• Act in good faith and provide all relevant facts to clients
• Avoid conflicts of interest and disclose any potential conflicts of interest to clients
• Do their best to ensure the advice they provide is accurate and thorough
• Avoid using a client’s assets to benefit themselves, such as by purchasing securities for their own account before buying them for a client

2. How do you get paid?

Does the financial advisor get a commission for a product or investment they sell you? Do they charge a flat fee, based on the complexity and scope of services, or do they charge a percentage of assets under management?

With so many varying payment models today, it is crucial to understand how the advisor gets paid and what they will charge you to work with them. And this is a question that the advisor should answer quickly, honestly, and transparently. Good advisors deserve to be compensated for their work and value - there should be no fine print when it comes to integrity. More often than not, this question is usually the biggest red flag on whether or not this advisor will be a good fit for you.

3. How will our relationship work?

Basically, you want a clear understanding of the exact service model and how to effectively communicate with your advisor. Are there formal meetings you will get per engagement or year, and what is the policy of communicating with the advisor in between those formal meetings? Can you call and email at any time with questions or concerns? This is extremely important if you want an advisor who is available to you and can help with day to day questions and concerns as they arise.

4. Will I work with you directly or will I be working with someone else on your team?

This question is pretty standard, but it’s good to clarify if you’ll work directly with one advisor or a team. If it’s a team, who is your main point of contact? Just like you want to build a long-term relationship with your primary doctor, so they understand your specific health needs and history, you want to do the same with any financial advisor you hire. The best way to do so is to make sure you can work directly with one or a few advisors, so you can begin to build that long-term relationship. You can also ask what happens if one advisor leaves to make sure you understand if you will be cycled to a new advisor or go to a new team.

5. What are my all-in costs?

The goal of this question is to find out if there are any additional costs that you will incur. You should feel very comfortable knowing what your financial advisor expects you to pay for. It’s common for people to incur additional costs when advisors fail to mention that they may be getting a cut or commission for further products they are recommending. While these recommendations themselves are not bad, you should know whether or not they are recommending products because they are suited for your financial plan, or are they simply pushing products so they can get an extra commission.

6. What are your qualifications?

Most people are under the impression that all financial planners are certified, but surprisingly, this isn’t always true. In fact, just about anyone can use the title, financial advisor/planner.

It's important to know that only those who have fulfilled the rigorous requirements of the CFP Board can call themselves a CFP® professional. CFP® professionals are held to strict ethical standards. A CFP® professional must acquire several years of experience related to delivering financial planning services to clients. They must also pass the comprehensive CFP® Certification Exam before they can call themselves a CFP® professional. Less than 20% of financial advisors have a CFP designation, so it's a good indicator the person cares about helping people and financial planning since earning this designation is considered an “extra step” in the industry.

7. Are you independent or connected to a broker dealer/wirehouse?

This question helps you understand the parameters your advisor has to recommend products and services. Many brokerage firms and wirehouses are limited with their products. This doesn’t make the advisor the wrong fit, this is merely a point to consider when it comes to making the right recommendations for you. Or do you prefer to work with an independent/RIA advisor who has the freedom to recommend any product or service?

8. Who is your custodian?

This question is asked to understand where they hold the accounts they manage for you. It’s important to know this information, as it relates to portability of those accounts and also fees on the accounts.

9. What is your investment philosophy?

An investment philosophy is a set of beliefs and principles that guide an investor's decision-making process. This helps you understand their views on active vs. passive investing, contrarian vs. value investor, ETF’s and low-cost mutual funds or SMA accounts. As you progress in your investment journey, aligning with the right investment philosophy will become more important to you.

10. What are the investment fees I will pay if you manage my accounts?

Investment fees can rob you of your returns over time, so having a clear understanding on what fees are involved with this advisor is crucial for long-term success. For example, do they charge trade commissions, take a percentage fee on the account balance they manage, or are there maintenance fees on the account?

While this may seem confusing, it is important to take time and truly understand the fee structure. The last thing you want to do is pay more than you need to!.

Hiring a financial advisor is a smart move to managing your wealth and working towards your financial goals. Use these 10 questions when hiring a financial advisor and you’ll be on your way to creating a long-lasting relationship.