Questions to Ask a Financial Advisor in Your First Meeting

A Checklist for Athletes and Parents

Hiring a financial advisor is one of the most important decisions you’ll make with your NIL earnings. The right advisor can help you budget, save, invest, and protect your money. The wrong one can cost you time, money, and peace of mind.

That’s why your first meeting is so important. It’s your chance to ask the right questions, evaluate their answers, and decide whether they’re the right fit for you.

Below is a ready-to-use checklist — perfect for printing or downloading — that athletes and parents can take into that first meeting.

Advisor Background & Experience

  • How long have you been working as a financial advisor?

  • Do you have experience working with athletes, entertainers, or clients with irregular income?

  • What licenses and registrations do you hold?

  • What professional designations do you have (CFP®, CPA, CFA, etc.)?

  • Are you registered with the SEC, FINRA, or both?

Fiduciary Duty & Ethics

  • Are you a fiduciary at all times when working with me?

  • How do you ensure your recommendations are in my best interest?

  • Can you provide your fiduciary oath in writing?

Services Offered

  • What specific services do you provide (budgeting, investing, taxes, estate planning, insurance review)?

  • Do you help with NIL-specific issues like contract reviews, tax planning, or business structure setup?

  • How do you work with other professionals (CPA, attorney, agent)?

Fees & Costs

  • How do you get paid — fee-only, commission, or fee-based?

  • What is your exact fee structure (percentage of assets, hourly rate, flat fee)?

  • Are there any additional costs I should expect (trading fees, fund expenses, administrative fees)?

  • Will you provide a written breakdown of all costs?

Investment Philosophy & Approach

  • How do you choose investments for clients?

  • How do you manage risk?

  • How will my NIL income and goals shape your recommendations?

  • Can you explain your approach in plain language I can understand?

Communication & Support

  • How often will we meet or review my plan?

  • How can I contact you between meetings?

  • Who will I work with day-to-day — you or a team member?

  • How quickly do you respond to emails, texts, or calls?

Account Access & Transparency

  • How will I access my accounts and track progress?

  • What kind of reporting will I receive, and how often?

  • Will I be able to see all fees and transactions clearly?

Background Check

  • Have you ever been disciplined by a regulatory body?

  • Are there any disclosures on your FINRA BrokerCheck or SEC IAPD profile?

  • Will you provide references from current or former clients?

Final Questions

  • If you were me, what would you do first with my NIL income?

  • What’s the biggest financial mistake you see athletes make, and how would you help me avoid it?

How to Use This Checklist:

  1. Print or save it on your phone before your meeting.

  2. Write notes on their answers.

  3. Don’t be afraid to ask follow-up questions or request documentation.

Pro Tip: Always check their background using FINRA BrokerCheck and SEC IAPD before making your final decision.

Ready to connect with a qualified advisor? The NIL Financial Advisor Directory lists professionals who understand the unique needs of athletes earning NIL income — so you can start your financial journey with confidence.