How do I check reviews for a financial advisor for Washington state employees?
By Seth Deal, CPA/PFS ·
Read the reviews you can find, but don’t stop there. For decades, SEC rules kept registered investment advisors from using client testimonials in their advertising. That changed when the SEC’s marketing rule took effect on November 4, 2022, and testimonials still have to carry required disclosures. So a careful advisor may have only a handful of public reviews. The public record, the credentials and how the advisor is paid usually tell you more.
Four things to check besides reviews
Look up the firm on the SEC’s Investment Adviser Public Disclosure site, adviserinfo.sec.gov. You’ll find its registration, its Form ADV and any disciplinary history.
Read the Form ADV Part 2A. It’s the firm’s own plain-language brochure, and it has to spell out the fees, the services and any conflicts of interest.
Verify any credential they claim. For a CPA licensed in Washington, the Washington State Board of Accountancy at acb.wa.gov is the place to check.
Ask how they’re paid. A fee-only advisor is paid only by you. If an advisor also earns commissions on annuities or insurance, that’s worth knowing before your first meeting.
Questions that matter for public employees
Reviews rarely tell you whether someone actually knows the DRS plans. Ask directly.
How many Washington public employees do you work with, and in which plans?
How would you approach my survivor option, and how does it interact with PEBB and Social Security?
Do you charge anything based on my pension?
A good answer will be specific to PERS, TRS, SERS, PSERS, LEOFF or WSPRS, not general retirement advice.
You can check me the same way
I’m a CPA and a fee-only fiduciary. Advisory services are offered through LifeFocus Financial Advisors, LLC, an SEC registered investment adviser, CRD# 136020. You can read our Form ADV, including the Part 2A brochure, at adviserinfo.sec.gov.
Before I was an advisor, I was a public employee, and my practice is built around Washington public employees in the last one to three years before retirement.
The best test is a conversation. Book a free 45-minute Retirement Clarity Assessment on Zoom and ask me anything on this page.