How to Prepare for First Financial Adviser Meeting

A financial adviser helps clients assess their financial needs and identify the best ways to work toward achieving their goals. Just as a financial adviser is likely to spend a significant amount of time preparing for the first meeting with a new client, the client should take the steps necessary to be able to provide answers to any questions the adviser might ask.

Instructions

1. Form a list of questions about how the individual adviser and the company — if any — that employs the adviser. Be sure to obtain a thorough explanation of the fees involved.

2. Create a list of your financial goals and needs. Make the list as comprehensive as possible in order to receive the greatest benefit from the financial advice.

3. Prepare a list of your financial assets. This should include both liquid funds (money you can get your hands on right now) and non-liquid assets. Bank statements, retirement plan statements, life insurance policies, etc. are helpful.

4. Detail your liabilities and recurring expenses: household expenses — including mortgage or rent payments — and consumer debt obligations.

Tips & Warnings

• Your financial adviser may provide many details prior to your first meeting.

References

• Bankrate.com; 10 ways to rate your financial adviser; Claes Bell; May 26, 2009
• Bankrate.com; Buttonhole your financial adviser; Jennie L. Phipps; March 25, 2011