How to Prepare for a Meeting with Your Financial AdvisorList your assets and liabilities, describe your income and expenses, write down your goals, consider your family's needs, understand your financial strengths and weaknesses, put your financial documents in order, prepare a list of questions for your advisor to ask. To make the best use of your time hiring a financial advisor, be prepared to discuss your current financial plan and your reasons for saving, which are essential to a financial plan. Provide copies of your financial statements, including those of your banks, brokerage firms and custodians of retirement accounts, and your tax documents. What will be covered during our personal financial planning meetings? Will you help me with the budget? With retirement plans? Tax planning?.
Many are intimidated when they visit an advisor for the first time, but advisors are there to help you achieve your financial goals. When you meet with an advisor for the first time, ask them questions about whether they are a fiduciary or not, how they are compensated, and the charges associated with their offers. Experienced financial advisors know the right questions and, most importantly, prepare their clients for their initial meeting together. In other words, be prepared to express why you decided to get a professional financial advisor in the first place.
You should interview and evaluate several financial professionals to find the one that is right for you. Investments play an important role in your overall financial health, and you want to work with an advisor who uses methods you are comfortable with. If you've never met with a financial planner before, that first step can be intimidating, but knowing what to expect can ease your anxiety. It's natural to feel embarrassed about credit card debt in particular, but a personalized financial plan will include ways to manage your debt while making progress on other goals.
The decision to work with a financial advisor can be one of the most important decisions consumers make in their financial lives. Even if a budget was never created earlier in life, it may be a good idea to do so before the meeting. Many of these advisors were trained to be excellent salespeople, but lacked the skills needed to help their clients in many different financial situations. This can help you understand the concepts discussed during the meeting, as well as understand the type of risks and benefits you are willing to take.
By the end of the first meeting, you should have a clear understanding of everything you discussed with the financial planner, including the steps to follow. You're ready to get organized, grow your money, and start big goals like retirement, debt repayment, or even the family vacation you've been dying to take, to finally take the plunge and book an appointment with a financial advisor.