Questions to Ask Any Advisor Before You Hand Over a Portfolio

Before you transfer assets to any advisor, get clear answers in writing — on compensation, who actually manages the portfolio, fees, products, and what happens if you say no. A polished pitch is not a substitute for a one-page map of incentives.

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Martino Capital is a Colorado-registered investment adviser focused on high-net-worth clients. We manage portfolios in-house — we do not outsource day-to-day management to a TAMP — and charge a single transparent AUM fee, and use commissions on products only when that structure is clearer or cheaper for the client — and disclosed (never both an AUM fee and a product commission on the same product). Co-founders Tom Martino (CEO / consumer advocate) and Pat Jolliffe (COO / Compliance) built the firm around questions clients should be able to ask out loud.

Use the list below with any firm. Then compare it to how we answer the same questions.

How are you paid — every dollar?

Start with compensation. Labels like “fee-only,” “fee-based,” and “AUM” sound precise; they are not. Two firms can use the same phrase and get paid in completely different ways. For a plain-English breakdown, see fee-only vs fee-based vs AUM and how to spot hidden commissions and conflicts.

Ask in writing:

1. How do you get paid on my relationship — AUM percentage, retainer, hourly, commission, or a mix?
2. Show me the dollars, not just percentages, for a portfolio my size.
3. Who else gets paid because I hired you — platforms, product manufacturers, solicitors, or third-party managers?
4. For this specific recommendation, are you acting as an adviser, a commissioned agent, or both?

If they cannot put compensation on one page, treat that silence as data.

Who actually manages the portfolio day to day?

Many advisory firms outsource day-to-day investing to a turnkey asset management platform (TAMP) or model provider. You may still meet with “your” advisor while a third party runs the book — and you may pay more than one fee layer for that arrangement.

Ask:

1. Who places trades and rebalances — your firm’s team, or an outside platform?
2. How many fee layers sit on my account (adviser + platform + underlying managers)?
3. Can I meet the people who manage the portfolio, not only the relationship manager?
4. If the TAMP changes models, who decides whether that still fits me?

Martino Capital manages portfolios directly in-house. We do not outsource day-to-day management to a TAMP. Custodian systems and Black Diamond are tooling we operate on — not a handoff. See managed portfolios and how we’re different.

Are you a fiduciary — always, or only sometimes?

Fiduciary duty means putting the client’s interests first and disclosing material conflicts. Suitability (common in brokerage channels) only requires that a recommendation be “suitable,” not that it be the best available option after conflicts are scrubbed.

Ask:

1. Are you a fiduciary for this entire relationship, or only for parts of it?
2. When do you switch hats — adviser versus product salesperson?
3. Where is that written — Form ADV, client agreement, and account paperwork?
4. What conflicts do you disclose, and how do you mitigate them in practice?

More on our standard: fiduciary duty.

What exactly do I pay — fees, breakpoints, cash, householding?

An AUM fee can be clean or muddy depending on what it covers and how billing works.

Ask:

1. What is the all-in fee in dollars per year at my asset level?
2. Are there breakpoints as assets grow? How is householding handled across accounts?
3. Do you charge AUM fees on cash I asked you to hold uninvested?
4. What is included — investment management only, or planning, tax coordination, and ongoing advice?
5. What other costs hit the account (custody, fund expense ratios, trading, platform fees)?

Martino Capital charges a single, transparent fee based on assets under management. No product kickbacks. No layered third-party manager fees on top of ours.

What about products, annuities, and incentives?

Product payouts are where conflicts often hide. Commissions are not automatically predatory — opacity is the problem.

Ask:

1. Do you earn commissions, revenue sharing, or marketing support from any product providers?
2. If you recommend an annuity or insurance product, what do you earn if I buy — and if I don’t?
3. Show a cost comparison: ongoing AUM wrap versus a transparent one-time commission over a realistic holding period.
4. Are any products proprietary? What comparable non-proprietary options did you consider?

Our annuity stance: We do not take commissions or hidden kickbacks on annuity products unless that structure benefits the client. We act as a fiduciary. If an annuity is the best fit, we compare costs. If a transparent commission costs the client less than our AUM fee, we use that — and disclose it plainly. We do not collect both an AUM fee and a product commission on the same product (no double-dip).

What is the service model — and what if I say no?

Before you fund an account, understand who you talk to and how decisions get made.

Ask:

1. Who is my primary contact, and who covers them when they are out?
2. How often do we meet, and who sets the agenda?
3. How do you use research and technology (including AI) without outsourcing judgment?
4. What happens if I decline a product or strategy — do you still work with me?
5. How do I leave if the relationship is not a fit — timelines, transfer help, final fees?

At Martino Capital, research includes our proprietary S.W.E.L.L. AI research tool used inside our human-led fiduciary process — not a substitute for advisory judgment. We are phone-first: call 303.771.4357 or use the contact page. No online schedulers.

What documents should I request before I transfer assets?

Ask for these before paperwork is rushed — especially after a liquidity event, when cash, taxes, IRAs, and taxable accounts need coordinating before anyone “puts the money to work.” Education companion: coordinating IRAs, taxable accounts, and risk after a liquidity event.

1. Form ADV Part 2A (firm brochure) and Part 2B (brochure supplements for the people who will advise you)
2. Fee schedule and a dollar estimate for your household
3. Investment Policy Statement (IPS) draft — or the framework they use to build one
4. Custody and account paperwork — who holds assets, and how you authorize trades
5. Conflict and compensation disclosures tied to any product on the table
6. Sample reporting — what you will see quarterly

Martino Capital’s public ADV is on IAPD (CRD 329648) and on our site: ADV Part 2A. For a plain-English tour of what to look for before you fund, see how to read Form ADV Part 2A.

How does Martino Capital answer these questions?

Brief and factual:

• Compensation: single transparent AUM-based fee for the standard relationship; no product kickbacks; no layered third-party manager fees on top of ours
• Portfolio management: direct, in-house — not a TAMP handoff (custodian/Black Diamond = tooling)
• Standard of care: fiduciary; see fiduciary duty
• Annuities / insurance: commission only when it benefits the client; cost comparison; plain disclosure; no double-dip
• Leadership: Tom Martino (CEO / consumer advocate) and Pat Jolliffe (COO / Compliance)
• Research: proprietary S.W.E.L.L. AI research tool inside a human-led fiduciary process — not a substitute for advisory judgment
• Geography: Denver / Colorado RIA (CRD 329648)
• Contact: 303.771.4357 or contact us — email tom@martinocapital.com

If another firm’s answers are vaguer than this list, that is useful information before you hand over a portfolio.

FAQ

Should I get these answers before or after I open the account?

Before. Once assets are transferred, inertia and paperwork friction make it harder to compare. Ask for written answers while you still have leverage and options.

Is it rude to ask an advisor how they get paid?

No. Professionals who put clients first expect the question. Evasion is the red flag, not the ask.

What if the advisor says they are “fee-only” — can I skip the rest?

No. Fee-only removes some product-commission incentives, but you still need clarity on total cost, who manages the portfolio day to day, cash billing, and soft conflicts. Use the full checklist.

Do I need every document on the list?

At minimum: ADV Part 2A/2B, a dollar fee estimate, and a clear statement of who manages assets daily. The IPS and sample reporting help you judge whether the process matches the pitch.

How do I compare Martino Capital to another firm using this list?

Put both answers side by side on one page: pay, managers, fee layers, fiduciary scope, product incentives, and exit path. Call 303.771.4357 or use the contact page — bring the other firm’s one-pager and we will walk through it in plain English.

Disclaimer: This article is general education, not personalized investment, tax, or legal advice. Advisory services are offered only where Martino Capital is appropriately registered or exempt. Past performance does not guarantee future results. For current disclosures, see our Form ADV on IAPD.

Page reviewed September 2026 for clarity. This is educational information, not personalized investment advice.