Questions to ask an impact advisor in an interview

It can be hard to know what questions to ask an advisor in an interview, especially a first one. What's appropriate? With limited time, what are the key questions to ask that will help you determine whether you want to continue the conversation with them, and perhaps interview them a second time or even hire them.

Questions to ask an advisor

Think of the questions as falling into two categories: Fit and Financial. The first category, "fit," determines whether the advisor has a background and personality that aligns with yours. Generally, it's getting to the question "is this person someone I will enjoy talking to regularly for the length of our working relationship?" The second category, "financial," are questions to determine whether the advisor has the expertise, within both the finance and impact fields, to do a good job managing your assets. In other words "Can they do the job I'm hiring them to do, well, and at a fair cost."

A lot of important information you need to know about advisors is included on the ValuesAdvisor site (see below how to get access). 

“Fit Questions”

• How did the advisor become interested in impact investing? 
• What does impact investing mean to the advisor?
• How can I tell whether the advisor is authentically committed to impact? (i.e. do they "walk the talk"). If they’re a part of a larger firm, how do I make sure they’re not negatively influenced by the corporation?
• How often will the advisor communicate with me?
• Does the advisor's communication style fit with mine? Do they take the time to listen to my questions and answer them (verses just placating me)? Do they make me feel "heard"?

Financial/Impact questions

• What are the range of impact investing opportunities for (insert the impact theme you're interested in) within (insert if known) asset classes offered by the advisor?
• What is the advisor's approximate fees for an account of your size?
• Can the advisor perform due diligence on private debt or private equity deals? Can they invest off of their firm’s "platform" – i.e. outside of the firm’s current investment options?
• Can the advisor do an assessment of all my assets, even those they don't technically advise on, and make recommendations about them?

You can find more detailed questions in ValuesAdvisor's free Interview Guide, which may be helpful to read through. 

Contacting an Advisor

You may also be wondering what to say in your first email outreach to an advisor.

Here's a rough outline of what you might send in an email:

Hi (insert advisor's name),

I’ve reviewed your information (or, if found on ValuesAdvisor, "on the ValuesAdvisor Platform") and would like to schedule a short, XX-minute meeting (30 or 60 minutes is appropriate) to learn more about your practice and services. 

My net worth falls within your minimum account size range (you can find their min. account size on ValuesAdvisor).

Suggested to include: I would like to spend the first 20 minutes (if a 60 minute call) of the call hearing about your Firm. For the remaining time, I would like to review your answers to the following questions:

(Insert a few questions from the list above, or add your own)
1) 
2)
3)

Please share some times with me that you are available in the next few weeks.

Thanks,
XX

ValuesAdvisor is a nonprofit, online database of financial advisors who specializes in impact investing. Members of our partners receive complementary access to the Platform (email us if you don't know your code), or you can sign up for a one year subscription.