What to Expect from Your First Meeting?

Your first meeting with a financial planner can vary depending on their style and your unique situation, but the overall goal is the same: to evaluate your current financial position and how it aligns with your goals.

During this meeting, your planner will likely ask detailed questions about your income, expenses, savings, debts and your financial aspirations. They’ll take time to understand your priorities, whether it’s saving for retirement, purchasing a home, or securing your family’s future.

The first meeting will also be an opportunity for you to learn about their expertise and approach. It should feel like a conversation, with both of you sharing important information. A skilled financial planner should be able to explain complex topics in simple terms and ask thoughtful questions to help you in setting your long and short term plans.

How to Prepare for Your First Meeting

1. Understand Your Goals

What are you hoping to achieve financially? Are you saving for a major purchase like a home? Do you want to retire by a specific age? Build an education fund for your children? Or perhaps you’re simply looking to create an emergency fund?

No matter what your goals look like, take time to clarify them before your meeting. Write them down and consider both your short-term and long-term objectives. Having a clear set of financial goals will help your planner in creating a personalised strategy that puts you on track to achieve those goals!

2. List Your Assets and Liabilities

Providing a comprehensive view of your financial position is essential for your financial planner to create an effective strategy.

Start by listing your assets which may include: bank accounts, investment portfolios, real estate, etc.

Next, list your liabilities which may include: mortgages, credit card debt, personal loans, or any other outstanding obligations. This will give your planner a solid understanding of your financial situation and highlight areas that might need attention.

3. Outline Your Income and Expenses

Providing a detailed breakdown of your income and expenses will help your financial planner in assessing your cashflow and identifying opportunities for saving and budgeting.

Income, which might include:

• Salary or wages
• Bonuses
• Rental income from properties
• Dividends from investments
• Any other sources of regular income

Expenses, which might include:

• Fixed costs like rent, mortgage, insurance, and utilities
• Variable costs like groceries, dining, travel, and entertainment

If you can pinpoint spending trends your financial planner can suggest practical ways to cut costs and redirect funds towards your goals.

4. Gather Relevant Financial Documents

Having the right documents on hand can make your meeting smoother and more productive. These might include:

• Recent pay slips and tax returns
• Bank account and credit card statements
• Investment account summaries
• Insurance policies
• Pension plans

Getting these documents ready in advance ensures your financial planner has the information needed to provide the most appropriate advice.

5. Prepare a List of Questions to Ask Your Advisor

To get the most out of your meeting, it’s helpful to come prepared with specific questions that can address any of your concerns and priorities. For example:

• What is your fee structure? Are you fee-based, commission-based, or both?
• What are your qualifications and areas of expertise?
• How often will we meet to review my progress?
• What are the next steps I need to take after this meeting?

By asking these types of questions, you can better understand how the financial planner will support you.

Walking into your first meeting feeling organised will help you to make the most of your planner’s expertise. By taking these steps, you’ll be better equipped to work together on a personalised strategy that aligns with your goals.

Remember: success is all about being prepared.

Your financial planner is not just an advisor, they are your partner in building a secure future for you. The more prepared you are, the more impactful your meeting will be in helping you start your journey towards your goals faster with more confidence.

Author:
Danielle Lecomber, Founding Partner, St. James’s Place
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