Your small business financial advisor helps you maintain a profitable company, but that relationship only works if you hire someone competent, trustworthy and likeable. Ask these 10 questions as you interview potential financial advisors to find the right fit for your business.
You may also want to review coverage options for advisors, such as Specialized Insurance for Financial Consultants, to understand the protections available for advisory professionals.
Questions to ask a potential financial advisor
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What are your qualifications?
Look for formal education and financial literacy. Ask to see degrees or transcripts that show the advisor has the knowledge to assist your business.
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Are you certified?
Anyone can learn financial lingo; certifications show an advisor has met professional standards. Request copies of any certificates or credentials.
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Are you insured?
Confirm the advisor is properly licensed and carries professional liability coverage. That licensing and insurance provide protection for your business if mistakes occur.
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How often do you attend trainings?
The fundamentals don’t change, but rules and best practices do. Make sure the advisor attends regular trainings to stay current.
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Do you have a contract?
A handshake isn’t enough. You and the advisor should sign a contract that outlines responsibilities, fees, confidentiality and other terms.
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How are you compensated?
Understand the fee structure up front — whether it’s hourly, flat-fee, retainer, commission, or a combination — and when payment is expected.
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How often are you willing to connect with me?
Clarify expected communication frequency and response times for email and phone calls so it matches your needs.
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What's the plan if something happens to you?
Ask who will manage your account if the advisor retires, is ill, or otherwise unavailable, and how transitions are handled.
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Do you have a list of referrals?
Talk to other small business owners who have worked with the advisor to learn about their experience, meeting cadence and any pros or cons.
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May I bring a friend?
Bring a trusted colleague to interviews for a second opinion and additional perspective when making your decision.
Hiring the right financial advisor is important to your small business's success. If you want more information about professional protections for advisors, see Financial Consultants/Professional Liability Program. When you’re ready to discuss options, you can ask an agent for a quote.
Frequently Asked Questions
How do I verify an advisor’s certifications?
Request official copies of certificates and check licensing with your state or relevant professional bodies for verification.
Should I expect a written contract for all advisory work?
Yes — a written contract clarifies scope, fees, confidentiality and exit terms, protecting both you and the advisor.
How often should I meet with my financial advisor?
Meeting frequency depends on your business needs, but most small businesses benefit from quarterly reviews and more frequent check-ins during major changes.
What if the advisor makes a mistake?
Professional liability insurance or similar coverage can provide recourse; verify an advisor’s insurance and understand the claims process ahead of time.