The first meeting with your financial advisor is a starting point meant to clarify your values, current financial situation, and long-term goals. It should form the basis of a transparent, symbiotic relationship where the advisor helps develop a plan that links where you are today with where you anticipate wanting to be in the future and helps you make course corrections to keep you on track as things change along the way.
It’s what happens after your first visit with your financial advisor that sets the course for your future investment strategy and goal setting. Here’s what you should expect to happen after that initial discovery meeting.
Receive a Personalized Financial Recommendation
After your discovery meeting, your financial advisor will synthesize the information you provided and work to develop a financial recommendation that makes sense for your lifestyle and goals. Likely, your advisor will identify a few possible investment routes for you to choose from.
The information shared in your first meeting will give your advisor the inputs necessary to develop a personalized investment plan for you. Just because one investment style works well for other investors or you’re interested in a popular retirement plan doesn’t necessarily make it the right fit for your lifestyle and goals. Your financial advisor should be able to help you understand why certain investment options are better for you specifically.
Choose a Financial Path and Make a Commitment
After you receive your financial recommendation, you’re well on your way to the path that is best for your lifestyle and goals. And remember, your financial advisor should be able to assist you with decisions and implementation each step of the way. If you have questions or concerns, your advisor can point you toward answers that’ll make your decision process go more smoothly.
When you’ve settled on a recommended plan, your advisor can give you the guidance you need to put that plan into action. This include working through initial steps to set up your portfolio, as well as putting checks in place to keep track of your progress.
Keep in Touch with Your Financial Advisor
Once you’ve chosen a financial plan to follow, you’ll continue to work closely with your advisor to stay up-to-date on your investments and make changes to your portfolio, when necessary. Even if you and your advisor agree on a plan at the outset, it may not be appropriate for you over time. And there’s nothing wrong with that; in fact, it’s to be expected that you’ll need to change course once or twice along the way.
It’s important to stay in touch with your advisor through regular communication and maintenance meetings. This way you can stay on top of your portfolio and make updates as needed.