How to Prepare for Your First Meeting With a Financial Advisor
The average retirement age in the U.S. is just under 67 years old. With a life expectancy of around 78 years, it’s important to have a financial plan for the years after retiring.
Who can help analyze your financial situation? A financial planner, of course!
Creating a financial plan is not something everyone can do on their own, so it’s wise to consider setting up a financial planning consultation with a professional.
Keep reading as we explain how to prepare for your first financial advisor meeting.
Research Financial Planners in Your Area
Before you make appointments with potential financial advisors, do some research. Find out what you can online about qualified professionals and ask friends and neighbors for recommendations.
When you’ve narrowed it down to a few, you can meet with them and focus on their communication style and their professionalism. You’ll figure out whether or not you “click” in that first meeting.
Decide on Your Goals for the Future
Is it just you or do you have a spouse? Either way, ask yourself some questions before that first meeting. When do you want to retire? What is your dream retirement situation? Do you plan to pay for your children’s college education? Will you work at all in retirement?
Get Your Financial Records Together
When you make an appointment with a financial advisor, it’s likely that they’ll give you some guidance on which documents you’ll need. Here’s what that may include:
- your most recent tax return
- pay stubs
- 401(k) and statements from other investments
- mortgage and other loan statements
- your household budget
It’s important to prepare a document showing what you earn, spend, and save each month. This will give the financial planner some insight into your fixed and variable expenses.
Make a List of Questions to Ask
You’re making a decision to hire someone to take care of your money and it’s a very important decision. Asking the right questions will help you choose the best person for the job.
Ask what services they provide and how do they get paid. Find out their investing philosophy. What type of clients do they usually service? Retirees, business owners, etc?
How often will they meet with you to discuss and look at how the investments are doing? (Hint: it should be semi-annually.)
Looking for the best financial advisor? Plan for your retirement with your financial advisor and enjoy the consequences of sound financial decisions.
Are You Prepared for Your First Financial Advisor Meeting?
Now that you have some tips on how to prepare for your first financial meeting, you will feel confident moving forward with your financial future. Trust your gut when choosing someone who will handle your money and your future.
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