If you’ve ever typed a question about financial advisors into Reddit, you’ve probably gotten one of three things: a strong opinion, a sales pitch, or someone who is clearly uninformed.
I’m Morgan Lemaitre, CFP® and Founder of Park City Wealth Advisors. I’ve spent years answering these exact questions for clients, prospective clients, and honestly, for myself before I left the wirehouse world and built something I actually believe in.
Here are the 10 questions people ask most.
- Is a Financial Advisor Actually Worth It?
The honest answer: it depends on what you need.
If your financial life is straightforward: steady income, no major tax complexity, and you’re disciplined enough to stay the course through market volatility a low-cost index fund strategy might serve you well on its own.
But most high earners and business owners aren’t in that situation. They’re navigating equity compensation, real estate, business transitions, estate planning, tax strategy, and generational wealth questions all at the same time. That’s where an advisor earns their fee many times over.
Research consistently shows that advisors add the most value not in picking stocks, but in behavioral coaching, tax efficiency, and comprehensive planning. Vanguard has quantified this at roughly 3% in “advisor’s alpha” annually. The question isn’t whether you can invest it’s whether you’re optimizing every dimension of your financial picture.
Bottom line: If your financial life is complex, the right advisor is absolutely worth it. If it’s simple and you’re self-disciplined, you may not need one yet. Let me say this again… self-disciplined. That means saving consistently, saving ‘enough’, and staying invested.
- What’s the Difference Between a Fiduciary and a Non-Fiduciary?
I get this question in 99% of my prospective client meetings. And it’s an important one!
A fiduciary is legally required to act in your best interest at all times. It’s honestly that simple. A non-fiduciary, often called a broker or registered representative, only has to recommend something “suitable” for you. Suitable is not the same as best.
Here’s a real example: imagine two annuity products that are nearly identical, but one pays the advisor a 6% commission and the other pays 3%. A non-fiduciary can legally recommend the higher-commission product. A fiduciary cannot.
At Park City Wealth Advisors, we are fiduciaries always. That commitment doesn’t turn on and off depending on the product or the conversation.
Before hiring anyone, ask explicitly: “Are you a fiduciary 100% of the time?” If the answer is anything other than yes, keep looking.
- How Do Financial Advisors Get Paid — and How Do I Know If I’m Getting Ripped Off?
There are three primary compensation models:
Fee-only: The advisor charges you directly either a percentage of assets under management (AUM), a flat retainer, or hourly. No commissions. No product sales. This is the cleanest model.
Fee-based: A hybrid charges fees AND can earn commissions on products sold. Watch the fine print here. Ask about additional fees that the advisor may be getting paid for different types of investments.
Commission-based: Paid entirely through commissions on what they sell you. This has the maximum potential for conflict of interest.
At Park City Wealth Advisors, we operate on a fee-only model. Our incentive is simple: the better your financial outcomes, the longer you work with us. That alignment matters to us.
A 1% – 1.5% AUM fee is the industry standard and often reasonable but only if you’re getting comprehensive planning, not just investment management. If your “advisor” is only rebalancing a portfolio and sending quarterly statements, you’re probably overpaying.
Ask for a full fee disclosure in writing before you sign anything.
- How Much Money Do I Need Before a Financial Advisor Makes Sense?
This is more nuanced than a number.
Most traditional RIAs (registered investment advisors) have minimums in the $250K–$1M range. At Park City Wealth Advisors, we primarily work with high-net-worth and ultra-high-net-worth clients typically they have at least $2M in investable assets. But it’s also about more than the number; it’s about where you’re heading and the complexity.
If you’re a founder approaching a liquidity event, a physician with a growing practice, or a professional managing concentrated equity positions you need planning-driven advice before the wealth accumulates, not after.
The advisors worth working with will tell you honestly if you’re not yet the right fit. Good ones do that.
- How Do I Find a Good, Trustworthy Financial Advisor?
Start with the credentials. Look for a CFP® (Certified Financial Planner) designation it’s the gold standard in comprehensive financial planning. Then confirm fiduciary status. Then check for disciplinary history through FINRA’s BrokerCheck or the SEC’s IAPD database.
Beyond the credentials, the best advisors share a few common traits:
- They ask more questions than they answer in an initial meeting.
- They can explain complex strategies in easy-to-understand terms (aka, they aren’t trying to use industry jargon to intimidate or confuse!).
- They proactively reach out not just when markets are moving.
- They work with clients who look like you.
NAPFA (National Association of Personal Financial Advisors) and the CFP® Network are excellent directories for fee-only advisors if you’re searching broadly.
If you’re in Utah or the Mountain West and looking for a fee-only, fiduciary CFP®, I’d love to have a conversation. You can reach Park City Wealth Advisors at www.parkcitywealthadvisors.com.
- My Advisor Recommended [Product] — Is This a Red Flag?
Sometimes. Sometimes not. Context matters.
Red flags: An annuity recommendation made early in a relationship before your full plan is built. Whole life insurance pushed as a “tax-advantaged investment” or “infinate banking”. Proprietary funds with high expense ratios. Any product that seems to primarily benefit the advisor’s compensation rather than your plan.
Not automatically red flags: Alternative investments for qualified, sophisticated investors. Annuities used for specific income-planning purposes within a larger plan. Insurance when you have a genuine need to protect your family, create estate liquidity, or are doing legacy planning.
The test is always the same: Can your advisor explain clearly and specifically why this product is the best solution for your situation? If the answer is vague or feels like a rehearsed pitch, push back or seek a second opinion.
At Park City Wealth Advisors, every recommendation we make can be traced directly back to your financial plan. If it can’t, we don’t make it.
- What Questions Should I Ask When Interviewing a Financial Advisor?
Here’s the short list that actually separates good advisors from great ones:
- Are you a fiduciary 100% of the time?
- How are you compensated and can I see that in writing?
- What credentials do you hold, and who is your typical client?
- What does your planning process look like beyond investment management?
- How often will we meet, and what does communication look like between meetings?
- What happens to my account if something happens to you?
- Can you walk me through a financial concept I’m wrestling with right now?
That last one is underrated. A great advisor can think on their feet. They don’t need to go back to the office.
- CFP vs. CFA vs. Other Designations — What Actually Matters?
The designations that most matter for individual wealth planning:
CFP® (Certified Financial Planner): The benchmark for comprehensive financial planning. Covers investments, taxes, insurance, estate planning, and retirement. Requires rigorous coursework, an exam, and ongoing continuing education. This is what you want for a holistic planning relationship.
CFA (Chartered Financial Analyst): Extremely rigorous but focused on investment analysis and portfolio management, not comprehensive planning. More common in institutional money management.
CPA/PFS: A CPA with a Personal Financial Specialist designation. Excellent for tax-heavy situations.
There are dozens of other designations some meaningful, some not. When in doubt, look it up at FINRA’s designation database. Anyone can put letters after their name.
- Should I Fire My Current Advisor?
Ask yourself these questions honestly:
- Does your advisor reach out proactively, or only when you call?
- Can they clearly articulate your financial plan, not just your portfolio allocation?
- Have they proactively discussed your tax strategy, estate planning, or insurance?
- Do you feel informed, or managed?
- When markets dropped, did they call you or hide?
- Are they holding educational events to keep you informed?
Poor communication and reactive-only service are the most common reasons people switch advisors. They’re legitimate reasons.
Switching advisors is less painful than most people expect. Accounts transfer, relationships move on, and the right fit is worth finding.
If you’re questioning it, trust that instinct. Schedule a second-opinion conversation with another advisor. A good advisor will welcome that conversation not pressure you out of it.
- Can’t I Just Invest in Index Funds and Skip the Advisor Entirely?
Yes, and for many people, especially early in their career, a diversified Vanguard Funds portfolio or index tracking ETF is genuinely excellent advice.
But here’s what index funds don’t do:
- They don’t build your estate plan.
- They don’t harvest tax losses strategically or coordinate Roth conversions.
- They don’t review your insurance gaps.
- They don’t help you structure a business sale.
- They don’t model the income sustainability of a portfolio in retirement.
- They don’t call you when you’re about to make an emotional decision that costs you five years of progress.
Index funds solve for investment cost and diversification. Comprehensive financial planning solves for a lot more than that.
The wealthier and more complex your situation gets, the more the “just buy index funds” advice leaves money, and sometimes significant money on the table.
The Punch Line
The right financial advisor is a fiduciary. They’re fee-only. They hold a CFP® designation. They proactively manage your entire financial picture not just your portfolio. And they earn their fee not by outperforming an index, but by building and executing a plan that compounds over decades.
At Park City Wealth Advisors, that’s exactly how we work. We serve high-net-worth and ultra-high-net-worth clients across Utah and beyond who want comprehensive, planning-first wealth management, not product sales dressed up as advice.
If any of these questions resonated with you, let’s talk.
→ Schedule a complimentary consultation at www.parkcitywealthadvisors.com
Morgan Lemaitre, CFP® is the Founder & CEO of Park City Wealth Advisors, a fee-only, fiduciary RIA based in Park City, Utah. She specializes in comprehensive wealth planning for high-net-worth individuals, business owners, and first-generation wealth creators.
Park City Wealth Advisors | Park City, Utah | Serving clients across Utah, the Mountain West, and nationally
