Before you compare financial advisors, ask for the firm’s Form CRS. It is a short relationship summary designed to put the most important parts of an advisory or brokerage relationship in a common order. It is not a scorecard and it does not tell you which relationship is right for you. It gives you a focused set of questions to ask next.
What Form CRS can help you compare
Investor.gov says a relationship summary describes the services a firm offers, fees and costs, conflicts of interest, the required standard of conduct, reportable legal or disciplinary history and key conversation starters. Read it before you focus on a firm’s investment philosophy or marketing language.
1. Identify the relationship being offered
Start with the first section and ask what kind of relationship the document describes. A firm may offer investment advisory services, brokerage services or both. The services may differ in account monitoring, investment authority, recommendations, account minimums and available investments. Do not assume two firms are offering the same service because both use the words planning or wealth management.
- Is the relationship advisory, brokerage or both?
- Will the firm provide a recommendation, ongoing management, financial planning or another service?
- Does the firm monitor investments, accept discretionary authority or require your approval for changes?
- Are there account minimums, investment limitations or services that are not included?
2. Translate fees into questions
The fees section is a prompt to ask how the total cost would work for the service you are considering. Look for the fee type, how often it is assessed, whether it is negotiable and which other costs could apply. Other costs may include custodian, account, transaction, fund or product expenses. Ask for an explanation in dollars or an example that matches the proposed service, and confirm what is not included.
A stated advisory fee is not necessarily the total cost of an account. A lower fee is not automatically better, and a higher fee is not evidence of better advice. The useful comparison is the service, the total costs and the way each relationship fits the decision you are trying to make.
3. Look for conflicts, not just the word fiduciary
Form CRS asks firms to describe conflicts of interest. Read how the firm and financial professional are paid, whether affiliates or third parties are involved and whether particular products or account arrangements create incentives. Then ask how those conflicts are addressed. A standard of conduct is important, but it does not make conflicts disappear or remove the need to understand them.
- How does the firm or professional make money from the service?
- Are there proprietary products, referral payments, affiliates or other incentives?
- What limitations could affect the investments, accounts or providers available to me?
4. Use the conduct section to define the conversation
The relationship summary identifies the required standard of conduct associated with the services the firm offers. Ask the professional to explain which service they would provide in your situation, what obligations apply to that service and how the firm handles a conflict. Ask for the answer in writing when it affects the proposed account or agreement.
5. Read the disciplinary-history section carefully
The document indicates whether the firm or its financial professionals have reportable legal or disciplinary history. If the answer prompts a question, read the relevant disclosure and ask the professional to explain the facts, dates and outcome. A summary is a starting point for research, not a complete substitute for checking the professional and firm through Investor.gov and the Investment Adviser Public Disclosure system.
6. Turn the conversation starters into a side-by-side worksheet
- What services would you provide for my first decision, and what would you not provide?
- What fees and other costs would I pay, how often, and where can I find the written schedule?
- How could your compensation or affiliations create a conflict for this recommendation?
- Who would be my primary contact, and who should I call if I have a concern?
- What current Form ADV brochure, agreement and other disclosures should I read before deciding?
What Form CRS does not do
Form CRS does not evaluate your portfolio, determine whether you need an advisor or predict investment results. It does not replace the firm’s Form ADV brochure, agreement, fee schedule or other disclosures. It also does not turn a short introductory conversation into personalized investment, tax or legal advice. Use the summary to identify what you need to verify before acting.
Sources checked November 9, 2026
Investor.gov/CRS: What a relationship summary can tell you
SEC Investor Bulletin: Relationship Summaries and Form CRS
Bring your questions into focus
If you are preparing for a retirement-planning conversation, bring the Form CRS questions that matter most to you. A complimentary introductory conversation is an opportunity to understand the relationship and decide what additional disclosures or professional advice you need; it is not a commitment to hire an advisor or move an account.
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This article provides general education, not personalized investment, tax or legal advice. It does not assess your circumstances or recommend a financial advisor, account, investment, custodian or provider. Consult the appropriate professionals before acting. Investing involves risk, including possible loss of principal. No outcome is guaranteed.