Want to Learn Essential First Steps Before Meeting a Financial Advisor?

A financial advisor is a key person for building your wealth. As Financial Accountability Coaches, we don’t sell investments, insurance, or other products, but our clients might need these services sometimes. If you want to know the difference between a coach and an advisor, you can read more in this blog What Is A Financial Accountability Coach?

We help clients get ready for meetings with their financial team members. This blog will show you how to start strong with your financial advisor.

Meeting with a financial advisor can bring up many emotions—like fear, anxiety, or feeling unsure. But it can also be an exciting step towards reaching your financial goals. Getting ready for your first meeting can make your relationship with the advisor more productive. Here’s how to prepare for that important first meeting:

1. Organize Your Financial Documents

Having your documents in order makes everything go smoother. Advisors need to see your financial situation to give the best advice. Here’s what to gather:

• Bank Statements: Bring recent statements from your checking and savings accounts.
• Investment Accounts: Include statements for brokerage accounts, retirement accounts (401(k), IRA), and other investments.
• Debt Information: Provide details on any debts like mortgages, car loans, student loans, and credit card balances.
• Income Records: Bring your recent pay stubs, tax returns, and any other income sources.
• Insurance Policies: Bring info on your life, health, home, and auto insurance policies.

Being organized helps your advisor give better advice and start a productive relationship.

2. Clarify Your Financial Goals

Advisors often ask, "What are you hoping to achieve?" This helps them understand your priorities and give advice that fits your needs. Think about your goals:

• Saving for Retirement: When do you want to retire? What do you want to do? What lifestyle do you want?
• Upcoming Financial Goals: Are you planning to buy a house or pay for your kids' education? Identify these goals.
• Goal Prioritization: Write down your short-term and long-term goals, prioritize them, and be ready to talk about your timeline.

3. Prepare a Realistic Budget

A clear budget helps your advisor see your cash flow—how much money comes in and goes out each month. This is important for creating a plan that fits your life and goals. Consider these points:

• Income Sources: List all your monthly income sources.
• Fixed and Variable Expenses: Itemize your fixed expenses (like rent, utilities, insurance) and variable expenses (like groceries, entertainment).
• Irregular Expenses: Note any irregular expenses (like annual subscriptions or property taxes) that affect your budget.
• Discretionary Income: Determine your discretionary income—what’s left over at the end of each month.

4. Understand Your Risk Tolerance

Risk tolerance is how much risk you’re willing to take with your investments. Think about how you’ve reacted to market changes before. Be honest about your comfort with risk so your advisor can suggest strategies that match your goals and values.

5. List Your Questions and Concerns

Prepare questions to understand how the advisor works and how they can help you. Consider asking:

• How will you help me achieve my financial goals?
• What is your investment philosophy?
• How do you get paid for your services?
• What can I expect for communication and updates?
• Will I work directly with you or someone on your team?

Conclusion

"Success is where preparation and opportunity meet." — Bobby Unser

By preparing, you’ll be ready for your first meeting with a financial advisor. The more prepared you are, the better the advisor can help you, setting you on the path to financial success. It’s all about starting off right and building a good relationship to reach your financial goals.

Advisors and Financial Accountability Coaches compliment each other. Many coaching clients feel more confident when meeting their advisors, and advisors often say they enjoy working with coaching clients because they are well-prepared. 

Starting with Financial Accountability Coaching can give you a strong foundation for success in wealth building and happiness.

-------------------------------------------------------------------

About the Author

Connor Tyson (Owner/ Founder of Progress Solutions)

Hi, I’m Connor, I wrote this blog based upon 24 years of being a financial advisor, during which I have had the privilege of guiding hundreds of individuals and families as they embarked on their financial planning journeys. 

My goal is to help people going through life transitions who feel they aren't where they should be in their personal finances, feel unsure or uneasy about their current situation get unstuck from their current situation by providing a simple and proven path forward, so they can move forward with confidence and change the trajectory of their financial futures and that of their families.

• BS degree  - Finance, from Quinnipiac University, 1999
• Financial Advisor for over 20 years, Series 65, Registered Investment Advisor
• ChFC ® designation  - Chartered Financial Consultant