Are you a SEBI-registered Investment Adviser, and what is your registration number?

This is the single most important question. Verify the registration number directly at sebi.gov.in. Do not rely on certificates displayed in an office or on a website. A valid SEBI RIA registration number starts with INA. If they are not registered, they cannot legally charge you fees for investment advice.

Are you fee-only, or do you earn commissions from products you recommend?

A SEBI RIA cannot simultaneously earn commissions (they cannot hold an ARN for mutual fund distribution). If the answer is 'both fees and commissions,' they are operating outside SEBI regulations or misrepresenting their status. Fee-only means your advisor's only financial incentive is the fee you pay them.

What is your fee structure. Flat fee, AUA percentage, or hourly?

Get the exact fee in writing. Understand what you receive in return: a one-time plan, an annual plan with quarterly reviews, or ongoing advisory. Understand what triggers additional fees (adding a new account, a separate financial event like a property purchase).

What does a financial plan from you look like. Can I see a sample?

A proper financial plan includes: net worth statement, cash flow analysis, goal-wise projections, insurance adequacy review, recommended asset allocation, specific investment recommendations, and a review schedule. A one-page document with product recommendations is not a financial plan.

How many clients do you currently manage, and what is the average asset size?

This question helps you understand whether you fit their typical client profile and whether they have capacity to serve you adequately. An advisor managing 300 clients alone cannot provide personalised service.

What is your investment philosophy. Active or passive?

Advisors who favour actively managed funds generate higher commissions than those who recommend index funds. Another reason fee structure matters. Ask for their data-driven rationale, not a preference statement.

How do you handle a situation where your recommended investment performs poorly?

No advisor can guarantee returns. What matters is their process for managing and communicating underperformance: do they review and rebalance proactively, or wait until you raise a complaint? Ask for a specific example.

Do you coordinate with my CA on tax implications of investment decisions?

Investment decisions have tax consequences: capital gains, LTCG vs STCG, ELSS vs PPF, and NPS. A good financial advisor coordinates with your CA rather than operating in isolation. If they have no view on tax efficiency, they are leaving value on the table.

What is the process for making changes to my investment portfolio?

Clarify whether all transactions require your explicit approval, how transactions are executed (direct plans, no-load funds), and how you can track your portfolio at any time. You should never be in a position where you cannot independently verify what is happening to your investments.

What happens to my financial plan if I want to stop working with you?

You should receive your complete financial plan, investment records, and any other documentation in a portable format on request. A professional will confirm this without hesitation. Reluctance to discuss offboarding is a significant red flag.

Financial Advisors

10 Questions to Ask a Financial Advisor at Your First Meeting

The 10 questions to ask any financial advisor before you engage them. Covering SEBI registration, fee structure, how they avoid conflicts of interest, and what a financial plan actually looks like.

Ajsal Abbas

30 April 2025

5 min read

Quick summary

The 10 questions to ask any financial advisor before you engage them. Covering SEBI registration, fee structure, how they avoid conflicts of interest, and what a financial plan actually looks like.

Why the first meeting matters so much

Most bad financial advisory relationships start with questions that were not asked in the first meeting. Fee structures, conflicts of interest, and scope of work are all negotiable and discoverable upfront. But only if you ask. Use these questions in every first meeting with any financial professional before you hand over documents or pay fees.

The 10 questions

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10 Questions to Ask a Financial Advisor at Your First Meeting

Why the first meeting matters so much

The 10 questions

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Best Financial Advisors in Bangalore (2026)

Income Tax Filing in India: Salaried & Self-Employed Guide (2026)