Meeting with a financial adviser is a positive step, but it works best if you know what to expect. Good advice needs a full picture, but unfortunately many people imagine they can ask a simple question and get a simple answer. In reality, to give you the right advice, an adviser needs to dig into your personal and financial world. That can catch some people off guard if they’re not prepared.
Here’s how to get ready to meet with a financial adviser and make the most out of the conversation.
Be Ready To Share
The adviser isn’t being nosy. They’re just building a foundation of knowledge upon which to build their advice more accurately. They’ll ask about your income, debts, savings, pensions, investments, insurances, family situation, future plans and even your attitude to risk. All of it matters.
If you’re asking for pension advice, for example, the adviser can’t just say ‘move it here’ or ‘keep it there’ without understanding what kind of pension you have, when you want to retire, and what you hope retirement will look like. Details like protected benefits, early retirement ages, and scheme-specific bonuses can make a huge difference.
Coming prepared with basic information about your finances and a rough idea of your goals will make the first meeting smoother. And if you’re open from the start, you’ll get better advice faster.
Know What You’re Aiming For
Spend a bit of time thinking about what you want from the meeting. Are you looking to retire early? Grow your investments? Make sure your family is protected? A good adviser will help you shape those goals, but it helps if you arrive with some rough ideas.
Also, be ready to ask questions yourself. Some people sit quietly while the adviser asks all the questions. But it’s your meeting too. If you don’t understand why a piece of information matters, or where the conversation is leading, please ask. A good financial adviser welcomes questions as it shows you’re absorbing information and thinking it through.
What About Costs?
One question always hangs in the air, and that’s ‘how much will this all cost?’ It’s fair to ask, but can be difficult to answer as it ultimately depends on what you want. The first meeting is always free of charge, and that’s a fact we always make clear from the beginning. After that, if you decide to move forward, the costs depend on what you need.
This is why advisers don’t throw out a price tag during that first call. Your needs might be simple. They might be complex. They might change once we’ve seen your situation properly. The adviser will explain fees clearly once they know what kind of work is involved, though rest assured that you’ll never be rushed into anything.
If you want to learn more about how to prepare for a meeting with a financial adviser, get in touch with Integritas Financial Planners today. In the meantime, please take a look at our first meeting checklist for a quick summary of what to expect.
