After reviewing written proposals, your team has likely identified a few strong candidates. Now comes the most important step in the RFP process: the finalist interview. This is your chance to see how each advisor communicates, collaborates, and aligns with your mission—well beyond the numbers and the pitch deck.

Here’s how to ensure your interviews are consistent, insightful, and decision-ready:

1. Create a Consistent Format 

A structured format levels the playing field and helps your committee make objective comparisons. Aim for 45 minutes—long enough for depth, short enough to keep engagement high.

Sample agenda:

• 5 minutes: Welcome and set the tone
  
  
• 15 minutes: Firm presentation (background, structure, services)
  
  
• 20 minutes: Committee Q&A (prepared questions)
  
  
• 5 minutes: Final thoughts and questions from the advisor
  
  

Share the structure in advance so each firm can prepare thoughtfully.

2. Define Roles for the Interview Team

Assigning roles keeps the meeting on track and ensures everyone is engaged:

• A chair or staff lead opens the meeting and frames the discussion
  
  
• Committee members take turns asking questions
  
  
• A note-taker captures impressions, especially during Q&A

Clearly defined roles help participants focus and promote consistency across interviews.

3. Ask Questions That Get Beneath the Surface

Use a core set of questions to guide your Q&A time. These questions should go beyond services and fees—they should reveal how an advisor listens, tailors their work, and solves problems for clients like you.

Scroll down to download the accompanying resource, “12 Questions to Ask Finalists Before You Choose an Investment Advisor."

It’s a good idea to rotate who asks each question and allow for natural follow-ups.

4. Pay Attention to What They Ask You

The questions a firm asks can be just as revealing as their answers. Are they curious about your goals? Do they show an understanding of your mission? Are they interested in tailoring their advice to your needs?

Strong advisors will ask about:

• Your organizational goals and challenges
  
  
• Board/committee structure and decision-making
  
  
• Upcoming initiatives, grant cycles, or liquidity needs
  
  
• Your expectations for communication and service
  
  

This back-and-forth turns an interview into a real conversation—and uncovers whether the advisor sees you as a client or a partner.

5. Debrief Promptly and Watch for Red Flags

Immediately after each interview, take a few minutes to reflect while impressions are fresh. Consider gathering quick verbal feedback or using a shared notes doc.

Positive signs:

• Direct, transparent responses
  
  
• Clear nonprofit experience
  
  
• Focus on customization, education, and partnership
  
  
• Engagement with your mission
  
  

Red flags:

• Overuse of jargon or evasive answers
  
  
• Emphasis on performance without context
  
  
• Vague fee disclosures
  
  
• One-size-fits-all approach
  
  
• No curiosity about your organization

Make the Right Choice with Confidence

Finalist interviews are more than a formality—they're your opportunity to uncover whether an investment advisor will truly act as a partner to your organization. When you bring structure to the process, involve your full team, and ask questions that go deeper than the pitch, your committee is far more likely to make a confident, mission-aligned decision.

To help guide your conversations, we’ve compiled a companion resource:

Download: 12 Questions to Ask Finalists Before You Choose an Investment Advisor
These carefully chosen questions will help your team evaluate fit, uncover gaps, and select the advisor who best understands your goals, governance, and values.