What to Check After Financial Advisor Work is Done

After financial advisor work is completed, verify all account changes were implemented correctly, review investment allocations match recommendations, confirm beneficiaries are updated, and ensure you understand all strategies before signing off on the work.

Why Does Post-Work Review Matter?

Your financial advisor's recommendations are only as good as their proper implementation and your understanding of them. Even the most skilled advisors can make data entry errors, and market conditions may have shifted during the planning process. A thorough post-work review protects your financial future and ensures you're getting the value you're paying for. This isn't about questioning your advisor's competence—it's about being an engaged client who takes ownership of their financial wellness. Professional advisors actually appreciate clients who review their work carefully, as it leads to better long-term relationships and outcomes.

Account and Investment Verification Checklist

Start with the concrete, measurable changes to ensure everything was implemented as discussed:

• Log into all accounts to verify new investments were purchased in correct amounts
• Confirm old investments were sold or transferred as recommended
• Check that asset allocation percentages match the target portfolio discussed
• Verify contribution amounts and frequencies for retirement accounts are set correctly
• Review beneficiary designations were updated on all relevant accounts
• Confirm automatic investments or rebalancing schedules are active
• Check that insurance policies reflect any recommended coverage changes

How Do You Verify Fee Structures and Costs?

Understanding exactly what you're paying is crucial for long-term financial success. Review your advisor's fee schedule and compare it to what was initially discussed. Check expense ratios on recommended mutual funds or ETFs—these ongoing costs compound over time and significantly impact returns. If your advisor moved you into higher-fee products, ask for justification of why the additional cost provides proportional value. Look for any unexpected transaction fees, account maintenance charges, or surrender fees on insurance products. Calculate the total annual cost of your financial plan including advisor fees, product expenses, and any platform charges to understand your true investment in professional financial guidance.

What Questions Should You Ask About Strategy?

Don't just verify implementation—ensure you truly understand the reasoning behind each recommendation:

1. Ask your advisor to re-explain any strategy you don't completely understand, using different analogies if needed
2. Request clarification on how each recommendation specifically addresses your stated financial goals
3. Inquire about alternative approaches that were considered and why they were rejected
4. Understand the timeline for expected results and what metrics will indicate success or failure
5. Discuss what market conditions or life changes would trigger strategy modifications
6. Clarify your role in maintaining the plan and what ongoing actions you need to take

How Do You Assess Tax Implications?

Tax efficiency can make or break a financial plan, so reviewing tax implications is critical. Understand which account types your advisor used for different investments and why—tax-advantaged accounts should typically hold less tax-efficient investments. If the plan involved selling investments, verify whether losses were harvested to offset gains and reduce your tax burden. Review any Roth conversion recommendations to understand the immediate tax impact and long-term benefits. For retirees, ensure the withdrawal strategy considers your current and projected tax brackets. Ask for projections showing how the recommended changes will affect your upcoming tax return, and consider having your tax professional review major changes before implementation.

What Documentation Should You Organize?

Proper documentation protects you and ensures continuity if your advisor relationship changes:

• Written summary of all recommendations with rationale for each decision
• Updated financial plan document reflecting current strategy and projections
• Account statements showing before and after positions for all changes
• Beneficiary designation forms and copies of signed documents
• Fee disclosures and investment prospectuses for all new products
• Meeting notes or recorded sessions explaining complex strategies
• Contact information for all new financial institutions or service providers
• Calendar reminders for recommended review dates or required actions

How Do You Monitor Ongoing Performance?

Establish clear expectations for ongoing monitoring and communication with your advisor. Understand how often you'll receive performance reports and what benchmarks will be used to evaluate success. Many clients focus solely on investment returns, but comprehensive financial planning success includes progress toward specific goals like retirement readiness, debt reduction, or education funding. Set up regular check-ins to review plan performance and make adjustments as needed. Consider using financial tracking apps or spreadsheets to monitor progress between advisor meetings, but remember that short-term market fluctuations shouldn't trigger panic or major strategy changes.

When Should You Seek a Second Opinion?

Certain situations warrant getting another professional's perspective on your advisor's work. If recommendations seem overly complex, heavily favor high-commission products, or don't align with your risk tolerance, seek an independent review. Major life changes like inheritance, divorce, or job loss may require specialized expertise your current advisor lacks. Consider a second opinion if your advisor's communication style doesn't match your needs or if you feel pressured to make decisions quickly. Fee-only financial planners can provide objective reviews of existing plans without sales pressure. Remember that seeking a second opinion doesn't mean firing your current advisor—it means being a responsible steward of your financial future.

How Do You Build Long-Term Advisor Accountability?

The best financial advisor relationships include built-in accountability measures that benefit both parties. Establish regular review schedules and stick to them, treating these meetings as seriously as medical checkups. Create shared documents that track goal progress over time, making it easy to see whether strategies are working. Don't hesitate to ask tough questions about performance, especially during market downturns when it's tempting to make emotional decisions. A good advisor will welcome your engagement and use your questions to provide better service. Document any concerns or suggestions in writing, and follow up to ensure issues are addressed promptly. This ongoing dialogue creates a partnership focused on your success rather than a one-sided service relationship.