Ten questions worth asking in any first meeting.

The ten questions

1. "Are you a fiduciary across everything we'll do together?" Listen for any qualification in the answer. A pure RIA can say yes without hedging. A dually-registered firm cannot.
2. "Are you fee-only or fee-based?" The two are different. Fee-only means no commissions, period. Fee-based means the firm charges fees AND collects commissions.
3. "What is my all-in annual cost — your advisory fee plus fund expense ratios plus custody plus anything else, as a single percentage?" A clean answer is specific; an evasive answer is itself diagnostic.
4. "What's your client retention rate, and how long do clients typically stay with you?" High retention indicates clients are getting value over time. Low retention deserves probing.
5. "What's the average tenure of advisors at the firm?" Tells you about continuity risk. High turnover means you'll likely be reassigned at some point.
6. "Will I work with the same advisor for as long as I'm a client, or get reassigned?" Direct question; the firm's answer reveals their service model.
7. "How do you coordinate with my existing CPA and attorney?" "We replace them" is the wrong answer. Look for explicit description of three-way calls and shared planning documentation.
8. "Can I see a sample of the written plan you'd produce for someone in my situation?" Reveals whether the deliverable is substantive or pro-forma.
9. "What questions do you wish more prospective clients asked you?" Reveals what they're proud of — and indirectly, what they hope you don't ask about.
10. "If we're not the right fit, who else would you suggest I talk to?" Honest answers here are the most diagnostic. A firm that names specific competitors confidently is a firm secure in its own positioning.

How to listen to the answers

The answers themselves matter, but so does how they're delivered. Specific, prepared answers indicate the firm has thought about these questions before. Vague or evasive answers indicate they haven't — or have something to hide. Honest "I don't know, but I'll find out" answers are better than slick-but-empty ones.

The single highest-value diagnostic: how the firm responds to question 10. A firm comfortable naming specific competitors and the situations those competitors fit better than them, is a firm with secure self-assessment. A firm that responds with vague universal claims ("we're the right fit for everyone like you") is overclaiming.

When to walk away in the first meeting

• Aggressive sales pressure or artificial scarcity ("we have limited capacity," "this opportunity won't be available next quarter")
• Specific return promises ("we've consistently outperformed by X%")
• Reluctance to provide Form ADV or other regulatory disclosures
• Vague answers about fees
• Proprietary product pitches before discovery is complete

For broader context, see Red Flags & Warnings.