7 Questions to Ask a Financial Advisor at $1M+

Once your portfolio crosses $1M, decisions start to interact — taxes, withdrawals, estate structure, and risk are all connected. At this level, coordinated advice may play an important role in retirement planning.

If you are evaluating advisors for a $1 million (or larger) portfolio, the consultation may provide more insight than marketing materials alone.

Use the seven questions below to help you assess how an advisor thinks, plans, and integrates across disciplines.

1. How do you integrate investment strategy with tax planning?

Look for specifics: capital gains timing, tax-loss harvesting, and coordination with a CPA.

2. How do you design withdrawal strategies in different market conditions?

Expect scenario modeling, not static projections.

3. When do Roth conversions make sense?

Answers may include bracket analysis, IRMAA impact, and estate considerations.

4. How do you handle concentrated positions?

Listen for tax-aware diversification and risk management—not blanket advice.

5. How are you compensated, and how do you manage conflicts?

Clarity matters more than structure alone. Ask how objectivity is maintained.

6. How do you coordinate estate planning with the portfolio?

This should go beyond documents—into asset location, beneficiaries, and legacy goals.

7. What is your process during market downturns?

Look for discipline: rebalancing, communication, and behavioral guidance.

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What You’re Listening For

Clear frameworks. Scenario-based thinking. Coordination across disciplines.

Not generalities or performance anecdotes alone.

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Find & Compare Advisors

If you want help identifying advisors who serve your area, you can use SmartAsset’s free quiz to get matched with vetted fiduciary financial advisors, each legally bound to work in your best interest.

There’s no obligation—just a simple way to compare different advisors before making a decision.

Put the process to work. Use the questions above. Ask them directly. Take notes. Compare how each advisor thinks, not just how they market. A disciplined comparison process can help make the assessment clearer.

You’ve built significant wealth. Evaluate advisors accordingly.

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This is not an offer to buy or sell any security or interest. All investing involves risk, including loss of principal. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). Past performance is not a guarantee of future results. There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest.

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