By Michael Wursthorn

Oct. 9, 2015 7:00 a.m. ET

Some financial advisers take as long as two years to negotiate and prepare for a job change. But their clients don’t usually have that much time to decide whether to stay put or follow, out of fear of a gap in which their portfolios won’t be closely monitored.

In making the decision, investors should keep one thing in mind: While the adviser’s move may result in better service or other advantages for clients, as advisers invariably say, having a large number of clients come along is definitely in the adviser’s best interest.

For a move to be a success for the broker, it’s crucial for a large number of clients to also switch firms. When brokers move to another big brokerage, the financial incentives are typically based in part on bringing along a certain number of clients and meeting specified revenue targets. Similarly, those who join the growing ranks of independent advisers need a certain number of clients to follow in order to generate the same, if not more, revenue.

The Financial Industry Regulatory Authority, Wall Street’s self-regulator, has been trying to steer investors toward crucial questions they should ask about a move’s impact on their investments and services. Earlier this year, it issued a proposal that would require securities firms to send Finra-generated materials to the clients of brokers they recruit. The materials would include a list of five questions investors should consider asking before deciding whether to follow an adviser.

The proposal only applies to securities firms, so an adviser launching an investment advisory firm registered with the Securities and Exchange Commission or state securities regulator wouldn’t be obligated to send these materials, if the proposal went into effect.

Still, many of Finra’s questions are applicable and serve as a good guide for investors faced with this decision:

‘Could financial incentives create a conflict of interest for your broker?’ Brokerages commonly pay lucrative recruitment bonuses to experienced brokers who join a firm. Advisers who launch independent companies don’t stand to receive the same benefit, but those who join established advisory firms may receive some type of financial incentive. “Whether you stay or go, you should carefully consider whether your broker’s advice is aligned with your investment strategy and goals,” Finra says in its materials.

‘Can you transfer all your holdings to the new firm? What are the implications and costs if you can’t?’ Some mutual funds, annuities and proprietary debt products may not be as easily transferable as plain-vanilla stock or bond investments. “In that case, you’ll face an additional decision” about whether to liquidate the investments or keep them at the old firm, Finra says.

‘What costs will you pay—both in the short term and ongoing—if you change firms?’ Advisers who move will likely be operating under a different pricing structure, making it important for clients to fully know how their costs will change.

‘How do the products at the new firm compare with your current firm?’ Not all firms offer access to the same investment products. Clients “should feel comfortable” with the products an adviser offers as an alternative to previous holdings, Finra says.

‘What level of service will you have?’ Clients should also compare the service, support and online resources offered by the adviser’s new firm.

Finra is in the process of reviewing its proposal following a public comment period.

Write to Michael Wursthorn at michael.wursthorn@wsj.com