A Practical Guide to Choosing the Right Advisor for Your Family
Choosing a financial advisor is one of the most important decisions you will make. For high-net-worth families, the stakes are even higher.
The right advisor doesn’t just manage investments. They help coordinate tax planning, estate strategy, liquidity events, generational wealth transfer, philanthropy, and family governance. The wrong advisor can create fragmentation, misalignment, and costly mistakes.
If you’re asking, “How do I pick a financial advisor?”, this guide walks you through what matters most.
Start With Referrals: Ask People You Trust
The first and often best step is simple:
Ask your friends, colleagues, and family who they use — and why.
But don’t just ask for a name.
Ask:
- Why do you trust them?
- How often do you meet?
- What problems have they helped you solve?
- Do they coordinate with your CPA and attorney?
- How proactive are they?
- What happens when markets get volatile?
This matters because wealthy families rarely choose advisors from ads alone. Most meaningful advisory relationships begin with trusted introductions.
Why? Because wealth planning is personal. Reputation travels faster in tight circles than marketing ever could.¹
Look for Alignment, Not Just Performance
Investment performance is important — but it is not the primary differentiator among competent advisors.
Most experienced advisors use institutional portfolios with similar long-term frameworks.
What separates exceptional advisors is:
- Planning integration
- Tax awareness
- Estate coordination
- Risk management
- Decision clarity
- Communication discipline
You are not hiring a stock picker.
You are hiring a strategic partner.
A great advisor should ask:
- “How does this investment fit your broader plan?”
- “What does this decision mean for your estate?”
- “How does this impact taxes?”
- “How does this affect the next generation?”
If the conversation stays narrowly focused on returns, that’s a red flag.
Understand How They Are Paid
When choosing a financial advisor, always understand compensation clearly.
Common structures:
- Fee-only (percentage of assets under management)
- Flat fee planning
- Commission-based
- Hybrid
Ask:
- Are you a fiduciary at all times?
- Do you receive commissions?
- How are you incentivized?
Transparency here builds trust.²
Evaluate Their Planning Depth
High-net-worth planning is complex.
The advisor should be fluent in:
- Liquidity event planning
- Concentrated stock strategies
- Tax-loss harvesting
- Estate planning coordination
- Charitable strategies
- Trust structures
- Intergenerational education
- Business exit planning
Ask them to walk you through a recent client situation (anonymized) and explain how they approached it.
Depth reveals itself quickly.
Ask About Process, Not Just Philosophy
Good advisors have a repeatable process.
Ask:
- What does the first 90 days look like?
- What deliverables should I expect?
- How often do we review?
- Who else on your team is involved?
- What happens if you retire?
If the answers feel vague, the planning likely is too.
Consider Personality Fit
You will share deeply personal financial information.
You should feel:
- Respected
- Heard
- Understood
- Not pressured
Trust your instincts.
Chemistry matters.
Red Flags to Watch For
- Overpromising returns
- Talking more than listening
- Avoiding fee discussions
- No coordination with tax/estate professionals
- Product-heavy conversations
- Little focus on your broader life goals
Why Referrals Matter More for High-Net-Worth Families
For affluent families, planning complexity increases exponentially.
Your advisor should be accustomed to:
- Large balance sheets
- Family dynamics
- Generational planning
- Multi-account coordination
- Complex tax structures
This is why asking peers who face similar financial complexity is so valuable.
Not all advisors serve the same client profile.
The advisor who works well for someone with $500,000 invested may not be equipped for someone managing $10M+ across trusts, businesses, and family entities.³
The Conversation You Should Have
When you meet with a potential advisor, ask:
- How do you define success for your clients?
- What differentiates your approach?
- How do you coordinate planning decisions?
- What does “integrated planning” mean to you?
- What happens during market stress?
- How do you prepare the next generation?
The best advisors will slow the conversation down — not rush it.
The Bottom Line: Pick a Thinking Partner
The question is not:
“Is this advisor good at investments?”
The real question is:
“Does this advisor help my family make better long-term decisions?”
The right advisor helps you think clearly about trade-offs, risk, timing, and alignment across all moving pieces of your financial life.
That clarity is what creates confidence.
Final Advice
Start with trusted referrals.
Ask deeper questions.
Look for integration, not just performance.
Prioritize transparency.
Choose long-term alignment over short-term promises.
Because ultimately, the advisor you choose will influence not just your portfolio — but your family’s financial trajectory for decades.
Frequently Asked Questions
How do I know if a financial advisor is trustworthy?
Look for fiduciary status, clear fee transparency, professional credentials, and strong peer referrals.
Should I choose a fee-only financial advisor?
Fee-only advisors reduce conflicts of interest, but the right fit depends on your situation.
How many advisors should I interview?
Typically 2–3. More than that can create noise rather than clarity.
Is investment performance the most important factor?
No. Planning integration and decision coordination often matter more over the long term.
Choosing the right advisor is too important to rush.
If you’d value a thoughtful conversation about your family’s long-term structure, we’re here.
Sources
- Cerulli Associates, “High-Net-Worth and Ultra-High-Net-Worth Markets Report,” 2023.
- SEC Investor Bulletin: “Investment Adviser vs. Broker-Dealer: What’s the Difference?”
- Capgemini World Wealth Report, 2023.
Investment advisory and financial planning services offered through Bleakley Financial Group, LLC, an SEC registered investment adviser, doing business as OnePoint BFG Wealth Partners (herein referred to as “OnePoint BFG”). For more information regarding OnePoint BFG including important disclosures, please visit https://adviserinfo.sec.gov/.
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This communication has been provided for informational purposes only and should not be considered as investment, legal or tax advice or as a recommendation. This material provides general information only. OnePoint BFG does not offer legal or tax advice. Please contact legal counsel or your tax advisor to recommend the application of this general information to any particular situation or prepare an instrument chosen to implement the design discussed herein. Circular 230 notice: To ensure compliance with requirements imposed by the IRS, this notice is to inform you that any tax advice included in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of avoiding any federal tax penalty or promoting, marketing, or recommending to another party any transaction or matter.
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