Wynn Point Financial · Planning library
Start with the decision you need help making. Then compare the professional's registration, services, costs and responsibilities against that need.
A useful comparison answers four questions: Who will advise me? What work is included? What will I pay? How will I know whether the relationship is working?
A consistent comparison
Compare the relationship, not the presentation
Research
Which person and legal entity would provide the service?
Services
What work is included for the decision you need to make?
Cost
What would you pay, and what else could be charged?
Accountability
Who decides, who follows through, and what remains open?
Use the same four headings for each conversation. Record unanswered questions alongside the answers.
Define the work before comparing firms
Write down the decision that brought you here. It might be deciding when to retire, organizing several investment accounts, preparing for a business transition or coordinating family priorities. Give it a time frame and describe the part you find difficult.
For an Annapolis household, practical fit also includes where meetings happen, who participates and how questions are handled between meetings. A nearby office can be convenient, but location alone does not establish qualifications or the scope of advice.
- Name the decision you want to address first.
- Identify who else needs to participate, such as a spouse, attorney or tax professional.
- Separate a one-time planning need from an ongoing investment relationship.
- Record deadlines and any decisions that cannot wait.
Check the person and the firm
Research the exact professional you would work with. FINRA's BrokerCheck provides registration information and a record of employment, regulatory actions, arbitrations and complaints. Read the underlying report and ask about entries you do not understand. A search result or a familiar title is not a substitute for that review. Research a professional through FINRA BrokerCheck.
Ask which legal entity provides the service and in what capacity the professional would act. The SEC's Investor.gov explains how a firm's relationship summary, Form CRS, describes services, costs, conflicts and disciplinary information. It is designed to help retail investors compare relationships. Read Investor.gov's guide to working with a professional.
Use the same questions at every conversation
| Topic | Question to ask | What to record |
|---|---|---|
| Work | What will you deliver for the decision I described? | Included work, exclusions and timing |
| Cost | What would I pay in dollars, including other account or product costs? | Calculation, billing schedule and additional expenses |
| Responsibility | Who makes decisions and who implements them? | Authority, approvals and follow-through |
| Communication | Who is my contact and when do you review the plan? | Meeting arrangements and review triggers |
| Coordination | How would you work with my existing accountant or attorney? | Consent, responsibilities and information needed |
| Ending the relationship | What happens if my needs change or I leave? | Notice, transfer process and possible charges |
Make the comparison useful
After each conversation, separate what was explained from what remains unanswered. Request clarification in writing on the items that would affect your choice. A polished presentation is less useful than an understandable description of the work, costs and responsibilities.
Keep the same comparison sheet for each firm. That makes it easier to see whether different proposals actually cover the same need.