"It's in a financial advisor's best interest to give you clear advice that you want and that's not misleading or in some self-serving way," Smith says. He adds that it's a red flag if they offer you something for free outside of wealth management, such as complex private transactions that lock up money for long periods of time, complicated trusts, tax avoidance plans or insurance products. Be especially wary, he says, if an advisor offers services or products outside their area of expertise, even if they are free. "Head for the hills when they do that," Smith says. "There is no free lunch."