How to prepare to see a Financial Advisor

Got an appointment scheduled to see a financial advisor? If you’re feeling a bit daunted by the prospect, then preparing as much as you can for the first meeting is important. Here are our top tips for getting the most out of your money talk before meeting with your advisor

Know Your Money Weak Spots

You can save your advisor time and energy if you already know what your financial weaknesses are in advance. Go through a few months of your bank statements and pinpoint any budget blowouts. Some may be quite obvious to spot, such as emotional shopping sprees or spending up large at the pub.

Talk to Family Members

If you’ve got a partner, children and/or elderly parents then part of your future savings will be inextricably linked to their well-being. You’ll need to discuss with your partner the funds you plan to set aside for your children’s education and if you need to support your parents for their retirement. Having a clear idea about these issues beforehand will help your advisor plan accordingly.

Know Your Goals

You’ll make the advisor’s job easier if you’ve done some thinking about your monetary goals and what you want to achieve financially. What are your short-term priorities? What are your long-term goals? Do have a sum of money to invest? Do you want to live comfortably in retirement?

Provide a Clear Snapshot

If you want to get accurate advice your advisor will need to get a clear picture of your financial situation. For the first meeting, they may ask that you bring along key documents pertaining to your current income and expenses. They’ll also need to know about what you own and what you owe. Be prepared to list any assets such as home, investments, and the debts such as mortgages, credit card balances, and loans. They’ll also be interested to know what planning you have in place for retirement if any.

Summarise Your Situation

Financial Mappers’ Wealth Guidance Report is a tool that can assist your meeting with a financial advisor. It provides an in-depth look at your finances and includes an overview of things such as financial goals, your cash flow, your debts, and your retirement accounts. After each section, it provides a list of questions that you may find useful to prepare for your meeting or to discuss with the advisor at the meeting.

Streamline Your Session

Whether the financial advice you need is broad or specific, bringing along the Wealth Guidance Report from Financial Mappers can help to streamline your first session with a financial advisor. It’ll make you feel more organized, more in control, and make the planning session go faster.

Glenis Phillips SF FIN – Designer of Financial Mappers

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