An introduction to meeting with an advisor
Meeting with an advisor can be a valuable step in achieving your financial goals. An advisor is a professional who can help you create a financial plan, buy coverage such as insurance, invest your money, and manage your finances.
Not everyone’s personality and financial situation are the same, so it’s important to do your due diligence and find the right advisor that can guide you down the path of success to your financial goals.
Some reasons why you would decide to meet with an advisor can range from a change in your financial situation, having a baby, or nearing retirement.
Here's an overview of what you can expect, and how to make your meeting with a financial advisor a productive one.
Before the meeting
Before your meeting, you'll likely be asked to provide some information. The advisor will want to get a better look at your financial history, where you’re at now, and some of the financial goals that you want to achieve. This may include information about:
- How much money you make
- Your spending habits
- Your financial goals (buying a house, paying for a child’s education, retirement plans, family plans, traveling, etc.)
- Current insurance coverage you may have, such as health and dental, life, critical illness, or disability insurance
- Estate plans
- Previous tax returns
- Investment statements
During the meeting
During your meeting with an advisor, this is your time to ask questions and get to know them better. An advisor will be assisting you with your personal finances, insurance coverage for you and your family, and wealth management, so it’s important that you feel confident and have trust in them. Some questions you may want to ask to get a better sense of whether you want to work with them can include:
What qualifies you to provide advice?
- Personal qualifications, licenses, and experience
- The frequency of contact with you and your team
What type of products do you offer?
- Do you offer products like insurance, wealth management, and financial plan?
- Which products are not offered?
- Are there limitations or penalties on selling or redeeming investments?
- Access to lower-risk assets, like exchange-traded funds (ETFs)?
What costs are involved?
- What fees are charged directly to clients? (Upfront fees or ongoing fees)
- Are there any costs embedded in the products you sell? (investment management fees)
What is your investment philosophy for your clients?
- Investments to steer away from
- Method of determining asset allocation
- Preferences for geographic locational and sector
- Products that typically do well and vice-versa
- Retirement products to consider (tax-free savings account, registered retirement savings plan, other investments like mutual funds, etc.)
- What have you had success with in the past?
How can you help me with my retirement goals?
- How will you measure my risk tolerance?
- How will you create an investment strategy based on that?
- What happens during inflation?
- Will you manage my portfolio during a recession?
How does the advisor/client relationship work?
- How often do we communicate?
- Will I meet with you every time or a team member?
- Are you reachable outside of business hours?
Who are your clients?
- Do you have clients like me?
- What type of results have you achieved for clients like me?
- How long have you worked with your clients?
After the meeting
After your meeting with an advisor, you can decide to either proceed with them and the strategies and plans they have discussed with you or continue to look for an advisor that better suits your goals and needs.
After all, your choice will have a significant impact on your overall investment results and future well-being. Take the time to do your research and ask the right questions so that you can find an advisor you feel confident working with.