How to Choose the Right Financial Advisor in Auburn Hills

Interviewing a financial advisor in Auburn Hills should feel a lot like interviewing any other professional you'd trust with something valuable — a tax attorney, a surgeon, a GC for a home renovation. You ask sharp questions, you take notes, and you don't sign anything in the first meeting.

Here are the 10 questions to ask, and what the right answers sound like.

1. "Are you a fiduciary, in writing, 100% of the time?"

Some advisors are fiduciaries when giving advice but brokers (lower standard) when selling products. You want "yes, in writing, always" — no asterisks.

2. "How do you get paid?"

Fee-only, commission-only, fee-based (a mix), or salary. All of them can be fine — you just want to know which it is, so you can evaluate where the incentives point.

3. "What percentage of your clients are retirees or within 10 years of retirement?"

If it's under 70%, retirement income is not their specialty. Find someone who eats, sleeps, and breathes this stuff.

4. "Can I see a sample written plan?"

A real advisor has real plans. If the sample is a thin PowerPoint or a stock mutual-fund allocation, keep looking.

5. "Who holds my money?"

Your funds should sit at an established third-party custodian or insurance carrier — never "with" the advisor directly. Bernie Madoff ran client funds through his own firm. Legitimate advisors never do.

6. "What's your investment philosophy?"

Look for a coherent answer that mentions risk, diversification, and fees — not a pitch for one mutual fund family.

7. "How often will we meet, and what do those meetings cover?"

Answer should be at least annual, should cover the whole plan (not just the portfolio), and should be free of charge.

8. "Tell me about a client you disagreed with and how it ended."

A real advisor has had disagreements — with clients on timing, with other advisors on strategy, sometimes with themselves on past decisions. If they can't name one, they're either very new or not being straight with you.

9. "Who handles my account when you're on vacation?"

Solo shops should have a continuity plan. Team shops should introduce you to the team. "I'm always available" is not an answer.

10. "What would you do differently if this were your own money?"

The answer to this question will tell you more than the other nine combined. Listen for whether the advisor's recommendation for you matches what they say they'd do for themselves. If not, ask why.

If you'd like to run these questions against us, schedule a free Retirement Check-Up. Bring your own list — and bring the questions you'd ask another advisor before us.