If I decide to use a professional financial advisor, what questions should I ask when I meet with him/her for the first time?

Good for you. You want to be well-prepared for meeting with a potential financial advisor. Even if you feel panicked about your financial situation and as tempting as it may be to walk into someone's office and say "Help! I don't know how to do this and I just want you to handle it" - DON'T. Being passive potentially sets you up to being taken advantage of at worst, or to end up with investments that don't really meet your financial needs. You wouldn't allow a surgeon to perform surgery without asking some tough questions - you probably wouldn't even let a mechanic perform work on your car without asking a few questions first. Financial advisors expect you to interview them and should absolutely be willing to answer any questions you may have. Following are some suggested questions:

How long have you been working as a financial advisor?
You don't want a brand new planner making their mistakes with your money. It's a good idea to choose someone who has at least 3-5 years of experiencing planning for someone in your same situation.

What type of training and background do you have?
You want to know that the person you're working with has broad experience in issues of money management. Preferably you want to work with someone who has a background in finance or accounting.

Who else in your firm would you work with to manage and invest my portfolio?
For example, do they have insurance experts that can advise them on insurance policies for your portfolio, or if they're self-employed, do they have a network of other professionals they work with to benefit you?

What is your area of expertise?

Do you have experience working with other clients similar to me?
You want to know that they have experience managing accounts with a similar size, investment horizon, etc.

Will you provide references of other clients that I can call?
A reputable professional should provide you with a list of references upon request.

Who else in your firm will work on my account?
They should let you know everyone who will be working on your account, who you may be contacted by, given contact information for each and assured of their qualifications

How often will I get updates on my account?
You should receive monthly updates on your investments and at least once a year you should get a more in-depth analysis of your portfolio and recommendations for changes.

What type of access will you have to my assets?

How are you paid?
There are three main ways that financial professionals are compensated, or paid:

Commission based - The planner is paid out of how much you're investing. For example, if he/she charges 5% commission and you invest $25,000 they will take their share, or $1,250, out and invest the rest. He/she is also paid from selling certain products such as insurance plans, stocks or mutual funds that offer large commission fees.

Hourly - An adviser's hourly fee can range from $100 to more than $400.

Fee based - If your planner is "fee based," he/she will charge you a flat fee for creating your financial plan. The fee can range from a few hundred dollars to $10,000 or more depending on how large your estate is or how complicated your plan is. The benefit of using a fee-based planner is that they're not compensated by selling financial products on commission so you don't have to worry about any conflicts of interest. They won't benefit financially from selling you a product you don't really need.

Can you provide me with a written agreement?
A good financial planner will provide you with a written agreement that outlines their services and fees.

Have you ever been disciplined for any unlawful actions?
There are several professional organizations that keep records of disciplinary action taken against financial professionals. The adviser should tell you which organization he/she is regulated by. You can do a background check through those organizations. If you're working with a registered financial adviser, he/she must be able to provide you with a disclosure form called Form ADV. The Form ADV should provide you with how he/she is compensated, any conflicts of interest they register, and their professional affiliations.