Preparing to meet with a financial planner

3 Ways to Prepare for Your First Meeting with a Financial Advisor | Summit Wealth Group

preparing to meet with a financial planner

Come to the table prepared for progress with these three types of information. What to Bring to Your First Meeting with Your Financial Adviser. Your Financial Advisor at Wells Fargo Advisors will assist you in building a Here is some information to ask for when first meeting with a Financial Advisor. Meeting with a financial planner for the first time can be intimidating. You should be prepared to talk about your financial goals, which can be.

When do you want to retire?

preparing to meet with a financial planner

What lifestyle do you want in retirement? Do you need to set aside money for a child for college? Are you saving for a down payment on a home? Do you have loans or debt? Is paying it off a priority? Do you have an emergency fund? Here are some questions you can ask to get the conversation started: What is my financial situation?

Re-examine your investment goals, time horizon, risk tolerance and financial circumstances.

3 Ways to Prepare for Your First Meeting with a Financial Advisor

Have any of these objectives or circumstances changed since your last meeting? Have you recently moved into more conservative investments? If so, make sure to ask your financial professional if your current mix will still allow you to meet your long-term goals.

preparing to meet with a financial planner

How long is your time horizon? Your investments can be more growth-oriented if you have a longer time horizon. However, the tradeoff can be an increased level of service as most non-independent advisors work for large wire houses who have excellent service models.

Are you a fiduciary? This puts a responsibility on the advisor, but it also can provide you with some confidence that the advisor has your best interests at heart. A good advisor is competent, well intentioned, and service oriented. Which brings us to the next question you should ask the advisor: How important is client service to you? This is a relationship business.

When you hire an advisor, ideally you are hiring them for the long-term. Much like your family doctor, your financial advisor gets to know you. They get to know your goals and your dreams. They know a lot of personal details about you through understanding the intricacies of your financial situation. Finding an advisor who is devoted to delivering an excellent client experience will save you years of frustration.

You need to know that your advisor is always a phone call away. Ask the advisor how important client service is to them and how this plays out with their current clients. Advisors should welcome the opportunity to brag about how well they treat their clients. Who is involved with the planning process? Is it just the advisor? Remember, finance is very complex and there can be certain advantages to having more than one professional looking it over.

This second set of eyes might catch certain strategies or ideas not found the first time around. What are your designations?

How to Prepare to Meet With a Financial Planner (with Pictures)

What did you have to do to obtain those? This can help you separate those who are just getting their feet wet in the industry, from those who have a track record and proven experience. There is a wide spectrum of advisors when it comes to experience, knowledge and expertise. If you are not comfortable asking the advisor to talk about their experience, an idea is to grab their business card on the way out and do a little research on their designations. Tip 2 — Think about your goals When preparing for your first meeting with your financial advisor, you should know that the advisor will be asking you about your hobbies, interests, lifestyle and future financial goals.

Think ahead of time about your view of money, what you want money to do for you. Do you wish to travel more? Buy a vacation home? Make a financial impact on a local charity?