So, you’re ready to meet with a financial advisor! You’re ready to sort out your finances and take positive steps to make solid financial decisions for your future. Whatever your goals, you know that working with a professional can help you progress toward them in a balanced way that aligns your values with your investment decisions.
Maybe you’ve got a meeting on the books or you’re getting ready to pick up the phone and make that call to schedule one, but you wonder: what is this meeting going to be like?
Read on to learn more about what you should expect from your first meeting with your financial advisor, as well as what you should bring along to that appointment.
The Purpose of a Discovery Meeting
Your first meeting – or discovery meeting – will lay the groundwork for your relationship with your financial advisor going forward. Of course, you are meeting with your advisor to get financial advice, but it’s important that you and your advisor are on the same page before they can offer that advice.
After all, building an investment portfolio certainly isn’t a “one size fits all” approach. There’s no one formula that works well for all investors at all points in time.
Your advisor needs to know who you are as a person (or couple, if you’re seeking counsel with your spouse), what your values are and how your finances play into your long-term personal goals. After all, you ideally want to use your finances to fuel something, whether that’s your retirement, estate or anything else.
What You Should Bring to Your Discovery Meeting
At your discovery meeting, your financial advisor will ask you specific questions about your money, both to learn where you are now and where you’d like to be. This may be a tough conversation, especially since money isn’t often a topic for everyday discussion.
One of the most important things to bring to your discovery meeting is an open mind. Establishing a working relationship with your advisor requires transparency and openness in order for you to get the most out of your recommendations going forward.
You also want to bring a summary of your finances and holdings in order to give your financial advisor something to work with. Of course, these don’t tell the whole story and you will want to bring along a summary – even just a verbal one – of your goals and ideals as well. Again, the purpose here is to give your financial advisor a big picture view of your situation specifically.
What Your Financial Advisor Should Bring to Your Discovery Meeting
Since the purpose of your discovery meeting is to establish a relationship with your financial advisor, you should expect your advisor to bring a few things to the table as well.
Most importantly, your financial advisor should listen carefully throughout your conversation to gauge your goals and values, and to get to know you better. After all, you’ll be working together on important financial decisions going forward. It’s imperative that your financial advisor does their best to get to know you before stepping in to offer advice and recommendations.
Additionally, your financial advisor will work with you determine how often you should meet after your initial meeting. Remember, you’re establishing a working relationship, not simply having an initial meeting just to get a folder full of recommendations.
Are you ready to get a better understanding of your finances? Set up a discovery meeting today!
Securities and advisory services offered through LPL Financial, a registered investment advisor, member FINRA/SIPC.