Having questions for your financial advisor makes your first meeting more productive and clear. By coming prepared, you will start your meeting with a clear understanding of your goals, risk tolerance, and expectations. Financial planning services help you organize your finances, identify areas for improvement, and be intentional about saving and spending. The following are practical ways to prepare for your first meeting with a financial advisor:
Bring the Right Documents
Bring the right documents to get a complete picture of your financial situation. These include bank statements, investment account statements, insurance policies, tax returns, and other relevant documents. Your advisor will examine these documents to understand your current financial status before suggesting improvements. You can obtain these documents from your bank, accountant, or financial institution. If possible, get copies for your own benefit. This allows easy access in case you need to refer to them. With online banking and digital investment access, you are required to print out a statement in your account.
Be Prepared to Discuss Your Goals
Before you meet with an advisor, reflect on what you would like to achieve in the short and long terms. Write down your goals, whether it be buying a house, planning for retirement, or saving for your children’s education. Your asset class and investment decisions are related to your goals, and including them in the discussion aligns your investments. Having a clear goal gives you the foresight to save for your goals.
You should communicate your expectations from the financial advisor you will be working with. For some, this means having weekly or monthly meetings; for others, only quarterly meetings are needed. You can also discuss how much you want to be involved in making investment decisions and your risk factors. Being open about your expectations lets you establish a working relationship with your financial advisor.
Outline Your Current Financial Situation
It is effective to be open about your current financial situation during financial planning services sessions. This includes all your current debt, income, expenses, and assets. By discussing your present situation, you and your pro can analyze any gaps together. For example, maybe you have a lot of debt, which will reduce your ability to save for retirement. Where you are currently financially can also affect how much risk is appropriate for your investment portfolio.
Be Open to Suggestions
A trip to the financial planning services may lead to discovering new ways of handling finances. Your financial advisor might introduce you to new methods of investment or strategies that you have never used. Discuss proposals with your advisor, and if you don’t understand something, ask for further clarification. While communicating with a financial advisor, you are also likely to learn about things you do and what should not be done regarding your finances.
Invest in Financial Planning Services
Taking control of your financial future requires a willingness to invest in yourself. Hiring a reputable financial planner will provide the means and tools for making intelligent, long-term financial decisions. The financial planning services may even help you avoid pitfalls that can stop your desired financial outcome. Contact a financial advisor today to discuss your situation and begin planning for your future.
