Hiring the Right Financial Advisor

On this week’s episode of the Wiser Roundtable Podcast, the team discusses everything you need to know about hiring the right financial advisor.

Listen on Apple Podcasts or watch on YouTube:


The team begins the podcast by discussing how to go about hiring the right financial advisor. There is a low barrier to enter the financial advising industry, and it is important to do diligent research when searching for a firm or financial advisor.

Why are Annuity Sales Bad?

Annuity sales are not something we recommend. Those who sell annuities guarantee that the investor won’t lose, but there is no guarantee that the investor will make anything either. Those who sell annuities bank on individual investor’s fear or pain of losing. Annuity returns are not near as much as returns from traditional investing. Annuity salespeople benefit and make money by selling annuities.

What to Ask a Prospective Financial Advisor

  • Do you have relationships with firms that you earn revenue from that you might use to make recommendations to a prospective client?
  • Are you independent?
  • Do you custody assets or are assets held at another firm?
  • How are you being compensated?
  • Have you ever had any sanctions against you?
  • How many clients do you have?
  • Do you have any professional designations?
  • What is your educational background?
  • Are you a Fiduciary?
  • What services can I expect from you?

Financial Advisor Compensation

Compensation is an important part of the relationship between the financial advisor and the client. Firms are typically fee-only or commission based. Wiser Wealth Management, for example, is a fee-only, fiduciary firm. A fee-only financial planner is paid by a set fee or a percentage of the assets under management. A financial planner that is commission based (or fee-based) is compensated from commissions made through financial transactions and by using products.

BrokerCheck is an excellent resource when researching financial advisors.


0:40 Bad Financial Advisors

8:37 Why are Annuity Sales Bad?

12:28 Researching Advisors and Firms

23:50 Financial Advisor Compensation


Learn more about Casey Smith and connect with him on Twitter.

Learn more about Brad Lyons.

Learn more about Matthews Barnett.


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Learn more about the Wiser Wealth Management Roundtable podcast and access previous episodes.

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By Published On: June 23, 2021

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