Evaluating an Investment Adviser

Fiduciary Duty.  Is the adviser registered as an investment adviser and held to a fiduciary standard?

Longevity.  Whose track record is it?  How long has the portfolio manager and other employees been with the firm?

Communication.  What does the adviser communicate?  How often and in what form?  Are his letters written by his company or another third party?  Or does the adviser provide his own analysis? 

Access.  Do clients have access to their own portfolio manager whenever they need it?

Compatibility.  Is there compatibility between the adviser's investment approach and client service commitments and the client's needs and expectaions? 

Privacy.  Is the non-public personal information of clients protected and held private?

Conflicts of Interest.  Does the adviser have affiliations that create potential conflicts of interest with his clients?