How do I choose a financial advisor who offers comprehensive services including tax and estate planning?
Choosing a financial advisor for comprehensive services — covering investments, tax, and estate planning — is a significant decision. Here's how to approach it:
Start with the Right Credentials
Look for advisors who hold multiple designations across disciplines:
CFP (Certified Financial Planner) — broad financial planning
CPA/PFS (CPA with Personal Financial Specialist) — tax expertise with planning focus
CFA (Chartered Financial Analyst) — deep investment management
CIMA (Certified Investment Management Analyst) — portfolio construction
Estate planning — look for attorneys with JD/LLM or advisors who partner closely with estate attorneys
No single person holds all of these, so ask how the firm assembles a team around your needs.
Confirm Fiduciary Duty
This is non-negotiable for comprehensive advice. Ask point-blank:
"Are you a fiduciary 100% of the time, for all services?"
"Are you a Registered Investment Advisor (RIA)?"
Get it in writing in their ADV Part 2 disclosure document
Understand How Services Are Delivered
Comprehensive firms vary in how they handle tax and estate work:
In-house CPAs and attorneys — most integrated, usually premium pricing
Strategic partnerships — they refer you to vetted outside professionals and coordinate with them
Advisory only — they advise on tax/estate strategy but you execute with your own professionals
Ask which model they use, and whether the coordination actually happens or is just a sales pitch.
Evaluate Fee Transparency
Comprehensive services cost more — and that's reasonable. What matters is clarity:
Fee-only (AUM %, flat retainer, or hourly) — cleanest structure, no product commissions
Fee-based — mix of fees and commissions; ask what they earn on any products they recommend
Bundled vs. à la carte — understand whether tax prep, estate review, and planning meetings are included or billed separately
A firm charging 1% AUM that includes tax prep and estate plan reviews may be better value than one charging 0.75% for investments alone.
Assess How Well the Services Actually Integrate
This is where many firms fall short. Real integration looks like:
Investment decisions informed by your tax bracket and situation (asset location, tax-loss harvesting, Roth conversions)
Estate plan reviewed alongside beneficiary designations and account titling
Year-round planning, not just annual reviews
Ask: "Give me an example of how your investment, tax, and estate teams worked together for a client." A specific, concrete answer is a good sign. Vague generalities are not.
Vet Their Estate Planning Depth
Estate planning ranges from basic (reviewing beneficiary designations) to sophisticated (trusts, charitable giving, business succession). Be clear about what you need and confirm they can deliver it — or have the right partners who can.
Ask:
Do you have an estate attorney on staff or a formal referral relationship?
How do you handle trust administration coordination?
Do you review estate plans at regular intervals or only when I ask?
Evaluate Fit and Communication Style
Comprehensive planning is a long-term relationship. Consider:
Will you have a dedicated advisor, or be passed around a team?
How often will you meet, and what prompts an outreach from them?
Do they explain things clearly without jargon, or do you leave meetings confused?
Do they ask deep questions about your goals, or jump straight to products?
Financial Advisor in Chicago, IL
Stenger Family Office - Chicago Financial Advisors
150 N. Riverside Plaza
Suite 1950
Chicago, IL 60606
(630) 912-8295