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Hiding assets or debt from a financial adviser damages the relationship as well as your finances. If you're not being fully transparent, it's time to ask why.
By
Alan E. Becker, Investment Adviser
published
2 March 2026
in Features
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Hiring a financial adviser is a crucial step in building generational wealth. Yet some individuals approach the relationship with reservations.
I've seen clients hide emergency funds, prized possessions or even full investment portfolios.
Trust can be difficult to come by, especially when it comes to the assets you've worked so hard to acquire. But hiding things from your adviser will only do more harm than good.
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Sign upHiring an adviser while tying their hands creates a financial plan that boils down to one step forward and two steps back.
If you're looking into hiring an adviser, or have had one for years, I have three questions for you to consider about the openness of the relationship you share.
1. Why hide something?
Fear, shame, a desire for control. The reasons vary, but the results are the same: Limited growth and unforeseen consequences.
About Adviser Intel
The author of this article is a participant in Kiplinger's Adviser Intel program, a curated network of trusted financial professionals who share expert insights on wealth building and preservation. Contributors, including fiduciary financial planners, wealth managers, CEOs and attorneys, provide actionable advice about retirement planning, estate planning, tax strategies and more. Experts are invited to contribute and do not pay to be included, so you can trust their advice is honest and valuable.
Here are a few examples of complications in the adviser-client relationship:
- Every client will have emergency savings funds. Some think that keeping something stowed away, even from their adviser, protects them if everything should go "belly up." They fear being fully transparent.
- People make mistakes. Clients may be ashamed of debt they've acquired, poor investment decisions or even desire to hide assets from their partners. Shame is a poor foundation to build upon.
- Some clients just can't relinquish control over their finances. They may even feel the need to "test" their advisers. I've seen those who hire multiple advisers, just to see who does best with the assets provided.
A doctor can't prescribe medication without knowing your medical history, and a financial adviser can't advise without knowing the true state of your finances. A lack of transparency, to any degree, will have consequences.
2. What's the harm?
Risk assessment. Hiding investments? You could be heavily oversaturated in portions of your portfolio or paying duplicate management fees. Hiding funds? Your plan could be much too conservative, limiting your growth.
Needless taxes. If you end up in a higher tax bracket than anticipated, you're lighting your money on fire. Every dollar you own moves you closer to a line, and your adviser needs to know exactly how close you are.
Retirement consequences. Are you on track to retire? Your adviser will tell you exactly how much to be saving and spending based on your income and investment planning. That advice becomes skewed if the information they work with is no good.
The short answer? It's going to cost you. How much depends on the size of the skeleton in your closet. A retirement plan requires a holistic view of what you have. We need all of our tires spinning in the same direction, but hiding assets means leaving some of the wheels off altogether.
3. What's the payoff?
If you are fully transparent with your adviser, you get exactly what you pay for. A long-term, holistic plan that allows you to be at ease about yourself and your family's future. If you haven't been fully open with your adviser, there's no time like the present.
Simply because you inform your adviser about something doesn't mean they're going to take it out of your hands.
Looking for expert tips to grow and preserve your wealth? Sign up for Adviser Intel, our free, twice-weekly newsletter.
You should feel good about meeting with your adviser. You should walk out of the building excited about the future. If that isn't the case, it's reasonable to consider changing your adviser.
The goal is peace of mind, and if you don't have it, you should be asking why.
At the end of the day, the numbers are all impacted by your relationship. It's not unlike a marriage. If you choose to hold something back, if you're not fully committed, trouble will brew.
Partners who bare their souls to each other see strong and long-lasting relationships. If you're not all in, you're kidding yourself.
It's incredibly rewarding to see trust built in the client relationship. You can physically see it. The shoulders drop, the room is calm, and there's an excitement in the air, not tension.
But the decision to reach that point lies with you, not your adviser.
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RSG Investments is an investment advisory firm registered with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940. SEC registration does not constitute an endorsement of the firm by the Commission, nor does it indicate that the adviser or investment adviser representative has attained a particular level of skill or ability. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. Form ADV Part 2A can be obtained by visiting adviserinfo.sec.gov and searching for our firm name. ADV Form 2B is available upon request. Neither the information contained herein, nor any opinion expressed is to be construed as solicitation to buy or sell a security or personalized investment, tax, or legal advice.
DisclaimerThis article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.
TOPICS Adviser Intel Get Kiplinger Today newsletter — freeContact me with news and offers from other Future brandsReceive email from us on behalf of our trusted partners or sponsorsBy submitting your information you agree to the Terms & Conditions and Privacy Policy and are aged 16 or over.
Alan E. Becker, Investment AdviserSocial Links NavigationPresident and CEO, RSG Investments, LLCAlan E. Becker is the President and CEO of RSG Investments, LLC, with multiple locations in the Kansas City, Missouri, metro area. After his service in the Navy, Alan entered the financial industry in 1998. He began as an insurance agent holding licenses in Kansas, Texas and Missouri before passing his Series 65 securities exam to become an Investment Adviser Representative. He has since built RSG Investments from the ground up to serve as an independent source of comprehensive financial advice capable of helping individuals "to and through" their unique retirement journey.
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