What to Look for In a Financial Advisor, According to Marcus Sturdivant

As a client, you’ll likely work with the same advisor for several years or even decades. The right professional can help you clarify your goals, stay disciplined through market cycles, and build a plan around your life. However, finding someone trustworthy who’s the right fit, professionally and personally, can be a challenge.

Selecting a financial advisor goes beyond looking for the ideal experience and expertise. It’s about choosing a professional who you trust to prioritize your best interest. As mentioned, advisor-client relationships are often for the long haul, making your choice all the more important.

To help demystify the process, we spoke with Marcus Sturdivant, financial advisor and chief compliance officer at The ABC Squared. Drawing from his experience working with a variety of clients, Sturdivant shares what to look for in an advisor, red flags to avoid, and how to form a high-quality long-term relationship with a professional.

Q&A with Marcus Sturdivant

In our interview with Sturdivant, we asked several questions about what clients should consider when choosing a financial advisor. Topics include how to evaluate trust and fit, what questions you should ask during an initial meeting, and how to spot potential red flags. His comments provide a thoughtful perspective for anyone seeking a long-term, high-quality advisory relationship.

Below are our questions, along with Sturdivant’s responses to each one:

When someone is looking for a financial advisor, where should they start, and what’s the most important first step?

Sturdivant: “Start with why. Why am I seeking a financial advisor? What type of financial advisor relationship are you looking to establish? For instance, do you want a wealth manager or a financial planner (or both)?

“They’re all called ‘financial advisors,’ but like basketball, football, and soccer players—they play different games with different strategies. Some advisors are ‘multisport athletes’ and cover several areas, but it’s crucial to know what kind of help you’re actually seeking.”

What qualities or values make a great financial advisor, and how can someone spot those early on?

Sturdivant: “Great is relative; what makes a great advisor for one person technically may make them a bad fit. Different personality types may not mesh well in a work environment or engagement. Outside of being technically sound, a great advisor shows integrity through their actions. They respect your time, show up prepared, and give guidance with clear guardrails.

“Most importantly, they listen. They make you feel heard and understood, then act on what they’ve learned. Listening and empathy, even if they haven’t been in your shoes, go a long way.

“Listening and the ability to empathize or sympathize, depending on the situation, go a long way. I once had an advisor tell me that he likes to ‘meet people where they are,’ and that’s a great value to have.”

You often hear about “fiduciary duty.” Can you explain what that means in practice, and how people can verify that an advisor truly acts in their best interest?

Sturdivant:  “A fiduciary must always put your interests first. That means:

• Duty of loyalty by avoiding or disclosing any conflicts of interest.
• Duty of care by giving advice that’s prudent and aligned with your goals.
• Duty to follow client’s instructions within reason and the law.

“Those are the textbook definitions of fiduciary duty; some words vary depending on the text, but the overarching theme is that in every situation, you have to place your client’s best interest above your own.

“Conflicts of interest happen, but what matters is that they’re disclosed. A great question to ask is: How are you compensated for this recommendation? That question opens the door.

“Not all advisors are fiduciaries. Some have multiple duties and may switch roles during an engagement. Always ask: Are you acting as a fiduciary for me right now? The answer should be clear.”

In your experience, what are some red flags people should watch out for when interviewing or researching advisors?

Sturdivant: “An advisor who promises the world is a big one! Ones who have every answer to every question without doing any research are a thing to watch for as well. Advisors, like anyone else, should be self-aware enough to know what we don’t know. I have zero problem telling prospects and my clients that I don’t know all the answers because financial planning is such an encompassing process. I know, however, how to find the answers and rely on other experts to help me with pointed, very narrow questions.

“A person who’s trying to sell you something and only has their profits in mind is a red flag. If you’re asking about investments and the advisor immediately jumps to selling life insurance, that’s a bad sign—they may not be tailoring the solution to your needs. Insurance is an important part of a financial plan, but not all financial planning needs to begin there. We’ll likely cover it, but what we recommend is based on a client’s best interest.

“Financial problems would be one of the largest red flags; if the advisor struggles with their finances, trusting them to steward your finances may be a hard pill to swallow and a possible deal breaker.

“When researching, look online and review FINRA’s BrokerCheck or the SEC’s Investment Adviser Public Disclosure (IAPD), which information on firms and their Form ADVs. If you already know the professional, perhaps as a referral, dig deeper with who set up the referral to learn about their experience.

“Additionally, look for anything digital they may have spoken at, in, or been quoted in. This can give insight into who they are and how they operate. If you find any major issues that are dealbreakers, no hard feelings, and ask them to explain if you have a meeting.

Chemistry and trust aren’t always easy to define. How can someone tell if an advisor is a good personal fit for them?

Sturdivant: “Chemistry, the compounds we create in the lab, are usually instant, but can take time to develop. Some people and advisors take time to warm up to people in general. Trust takes time, no getting around it. A lot of little things can start to establish trust in an engagement. Has the advisor gotten back to me when they said they would? Do they provide all the information I need on time? Have they told me the truth in our conversations?”

How do you help new clients feel more confident and comfortable with the advisor relationship, especially if they’re hesitant or skeptical?

Sturdivant: “I want new clients to know they are part of a family at The ABC Squared! We aren’t adding thousands of households, so the clients we have are important and not just a number in a system.

“I let clients know I am available, and I seek to understand from the initial meeting. This includes what the client is truly looking for in our engagement and relationship. If it’s solely returns and not a holistic approach (beginning to end) to financial planning, we may not be the best fit. Not due to a lack of returns, the investments will be fine, but because I do my best work for my clients when we engage in a financial planning relationship.

“Investments-only planning is like going to a car wash and skipping the detailing—you’re missing out on the full value of an advisor.

“And I am human, so I tell prospect and clients stories about my family life and or similar situations to their current one. Having a process and reviewing it with the client to let them know where we are in the plan implementation is a great way to show that we are on track to reach whatever goal we are moving towards.”

Are there any common misconceptions you hear about financial advisors that you’d like to clear up?

Sturdivant: “That all financial advisors are bad! The truth is, the industry’s changing. Fiduciaries are growing. Planning is gaining ground over product sales.”

“Just know that we have a lot of great people doing great work. We need to continue to educate the population that insurance, credit card repair, and debt consolidation professionals are not financial advisors. This stuff has blended into one big blob and we are not monolithic.

“Also, financial planning isn’t just for the rich. Main Street stands to gain just as much, if not more, as Wall Street with proper financial literacy education for children and adults. Many think financial planning is just for wealthy retirees, but that couldn’t be further from the truth.

“Financial planning isn’t just for a certain type of person, but rather for anyone who earns income.”

Conclusion and Key Takeaways

Finding the right financial advisor is a daunting process, especially if you’ve never worked with one before. As Sturdivant explains, it’s important to find a professional who aligns with your values and puts your best interests first. Naturally, the first step to consider before your search is what you need out of an advisor, whether it be investment management or comprehensive financial planning.

When you do finally meet with a professional, Sturdivant outlines that it’s crucial to assess your compatibility and ensure they follow a fiduciary duty. This may mean asking them directly whether they adhere to this standard and how they earn compensation.

Last, Sturdivant emphasizes that financial planning isn’t just for a certain type of person, but rather for anyone who earns income. The right advisory expert can help you build a long-term financial plan to put you in a better position later in life, even if you’re starting in a rough spot.

To jumpstart your search for a high-quality financial advisor, consider utilizing this free matching tool. After a brief quiz regarding your financial goals and current situation, it’ll connect you with a vetted fiduciary professional who aligns with your needs. Then, you can schedule an initial consultation and determine if they’re the right fit.