10 Questions Military Families Should Ask When Choosing a Financial Advisor

By John Osarczuk

Partnering with a trusted financial advisor who can truly collaborate with you is critical for many people as they pursue their financial goals. However, finding an advisor can be tricky, especially for military families who face unique challenges and opportunities.

As someone who served as a U.S. Air Force pilot and spent 15 years as a Financial Advisor coaching hundreds of military families, I understand the importance of a coaching relationship that recognizes the unique rhythms of military life.

While there are several things you can ask a potential financial advisor, here are 10 key questions to help you find the right partner:

1. What experience do you have working with military families, and how do you tailor your coaching approach to different life stages?

The right advisor will understand military life and how it impacts your financial planning. Look for advisors who demonstrate familiarity with military pay structures, benefits, and lifestyle challenges like frequent relocations and deployments. They should have a personalized approach that spans the entire military career journey, from active duty through retirement or separation. They should offer a flexible, evolving financial plan that adapts to changing circumstances such as PCS moves, deployments, and the transition to civilian life. The advisor’s experience and tailored coaching should empower you to feel understood, valued, and supported throughout your unique financial journey.

2. How do you collaborate with clients to develop concrete actions and solutions toward pursuing their financial goals?

Look for advisors who don’t just provide recommendations, but work alongside you to create actionable strategies. The right advisor will take the time to understand your unique situation, creating a personalized financial strategy that reflects your individual journey. They’ll create a financial plan that is constantly evolving to meet your changing needs, preferences, and situations and offer technical guidance that is easy to understand and follow.

3. Are you a fiduciary, and will you always act in my best interest?

Ensure the advisor is a fiduciary, someone legally obligated to prioritize your needs over their compensation. A true financial coaching relationship means your advisor must recommend what’s best for you, not what generates the most commission for them. Transparency in recommendations and their potential trade-offs empowers you to make informed decisions.

4. What is your approach to managing day-to-day finances, and how does it contribute to pursuit of long-term financial goals?

A sound financial advisor approaches money management as the foundation for pursuing lifetime financial security. The right advisor will help military families develop a “pay yourself first” mindset, prioritizing savings and investments through disciplined budgeting and thoughtful spending. They’ll create a flexible, transparent financial plan that evolves with military life, helping families make strategic choices that balance current needs with long-term objectives. The goal is to inspire financial confidence by transforming everyday financial decisions into a clear pathway toward lasting financial security.

5. How will you help me maximize and navigate my military benefits throughout my entire career journey?

As a military service member, you’ve earned a comprehensive array of benefits that are critical to your financial security. Your financial advisor should go beyond simply understanding these benefits and strategically integrate them into a holistic financial plan that evolves with your military career. This means providing in-depth knowledge on specific programs like the Blended Retirement System (BRS), Thrift Savings Plan (TSP), Servicemembers’ Group Life Insurance (SGLI), and the Post-9/11 GI Bill. Find an advisor who translates these complex financial systems into understandable strategies that empower you to make informed decisions and pursue lasting financial security.

6. What’s your philosophy on risk and investment?

Ensure their approach aligns not just with your financial objectives, but with your personal values and long-term vision. The good advisors coach you through building strong financial habits, not just managing investments. Look for someone who emphasizes disciplined financial practices and encourages a steady, long-term approach to wealth-building.

7. How do you structure your fees?

Clarify whether they charge a flat fee, hourly rate, commission, or a percentage of assets under management. Transparency is key. A good financial coach will be completely upfront and honest about how they’re compensated and will explain any potential conflicts of interest, enabling you to make informed decisions about the value of their services.

8. How do you help me build financial resilience and prepare for unexpected challenges?

A comprehensive financial plan isn’t just about long-term investments—it’s about creating a solid foundation that withstands life’s uncertainties. Look for an advisor who will help you develop a robust emergency savings strategy that prevents you from derailing your financial progress during unexpected setbacks. This includes:

• Building an emergency fund that can cover 3-6 months of expenses;
• Recommending appropriate insurance coverage to protect against major risks;
• Creating a flexible financial plan that allows for quickly adjusting your budget, reorganizing goals, or exploring additional income streams if you face a sudden financial challenge.

The goal is to ensure you have a financial safety net that provides peace of mind and keeps you on track toward your long-term financial security, without having to rely on high-interest credit or prematurely withdrawing from your investments.

9. How do you stay informed about changes in military benefits and tax laws?

The financial landscape for military families evolves constantly, and your advisor should demonstrate a commitment to ongoing education and awareness of these changes. This ensures they can provide clear, understandable guidance as regulations shift.

10. Can you provide references or testimonials from other military clients?

Testimonials can validate their expertise and quality of service. Speaking with current clients who share similar circumstances can give you valuable insights into how the advisor works and whether their coaching style will be effective for your family. This can help you understand how they’ve helped others develop disciplined financial habits and pursue lasting financial security.

With many options for financial advisors, it can be difficult to tell who has the right experience for your family’s unique needs. When evaluating a potential financial advisor, start with the above questions to help determine if they’re a good fit for you. Finding the right financial advisor is about discovering a true partner – someone who will coach you through your entire financial journey, not just manage your investments.

Learn more www.firstcommand.com.

John Osarczuk is the Executive Vice President and National Director of Advisor Operations at First Command. He served for 10 years as an Air Force pilot, attaining the rank of captain.

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