You’ve finally decided to work with a financial advisor – good for you – so now let’s explore what you should expect in the first meeting. Typically, an initial meeting with an advisor is an information gathering session for both the client and advisor. Designed to build a relationship and understand your unique financial situation, this consultation is the perfect time to get a feeling for whether you and the advisor are a good fit for each other.
Whether you’re just starting out, preparing for a major life change, or getting close to retirement, engaging with an advisor is a great move. Financial advisors are here to help, not to judge. Transparency is key – we all know the old saying “garbage in, garbage out.” Don’t hide information or downplay concerns. If you don’t share the whole honest truth about your financial situation, then you will never get the most complete advice.
At HighPoint Advisors, LLC, we’ve helped countless individuals and families—both in Syracuse, NY and across the country—prepare for their financial futures. From planning for your children’s education and saving for retirement to exploring investment options and beyond, our team is here to guide you every step of the way.
Step 1: Gather and Bring Your Documents
An advisor will need to know how much progress you’ve made thus far in your financial journey, so it’s crucial to provide as much information as possible about your current resources. Assets, liabilities, income, expenses, etc. Here’s a list of common documents you should gather (if these documents apply to your situation):
- Bank statements, investment and/or brokerage statements, retirement account summaries, college savings investments, etc.
- Insurance benefit statements (life, health, disability, long-term care, etc.).
- Trust documents or other estate plan documents (wills, power of attorney, etc.).
- Mortgage and/or HELOC details, car loans statement, credit card balances, student loan(s) statements, or other debts.
- Recent tax return(s).
- Pay stubs from employers, and any other income verification.
- Social Security statements.
- Your household budget.
Step 2: Know Your Goals and Priorities
Every individual or family is at a different stage, so be ready to talk about what matters most to you. Why did you decide to seek this meeting with an advisor? Be sure to articulate your most important goals, both today as well as things you want to work towards in the future. Discuss any obstacles or challenges that are in the way. Don’t forget to mention if you have any specific investment preferences, and be honest about how involved you want to be in the investment management process.
Conversation topics could include your plans for homeownership, dreams of early retirement, saving for a child’s future education, planning for marriage or divorce, starting a business, inheriting money, and many other things. Sharing your goals will help the advisor create an individual plan that reflects your specific values and vision for your future.
Step 3: Ask Questions
If you’ve never worked with a financial advisor before, don’t be nervous. Feel free to ask any questions that will help get your comfort level where you need it to be. Some examples:
- What services do you and your firm provide?
- What experience and qualifications do you have?
- What is your investment philosophy and/or approach?
- How will we work together, and how often do we communicate?
- How do you get compensated? What fees, costs, expenses should I expect?
- How do we measure success or track performance?
- Will I be working with you, a member of your team, or both?
Step 4: Prepare to Be Asked Questions
Expect to be asked clarifying questions about your assets, income sources, debts, and expenses. That’s the low hanging fruit, but in order for the advisor to get a more comprehensive understanding of your situation, he or she may ask questions that you might not have thought much about. You may need to talk about your risk tolerance, emergency savings, upcoming life events, investment experience, or long-term care planning, to name a few.
The advisor will look to uncover any blinds spots and help you think more holistically about your financial situation going forward. This is an interactive process, so be open and honest. The more you share, the more value you’ll get from the conversation.
Get Started with HighPoint Advisors, LLC
Working with a financial advisor is not a one-time event, it’s an ongoing process. The first meeting won’t likely result in a full-blown plan, and that’s totally normal. The advisor will guide you through the process over time. The most important step is to get started.
Our advisors at HighPoint Advisors, LLC have many years of experience, a range of diverse credentials, and clients of all shapes and sizes. We ask the important questions, actively listen to our clients, and plan for each person’s individual future.
Keep an open mind and be excited about the possibilities, and Contact Us today to schedule your first meeting with an advisor.