If you are going to meet your financial advisor who is a Certified Financial Planner you might be excited or anxious about your first discussion. What are the things you must get ready with to be well equipped for a productive and effective discussion? Here it goes.
Have your plans and money weak spots on your fingertips:
Most of the financial advisors are going to take you through the discussion about your requirement. So figure out the benefits you already have from your retirement plans – Othman Louanjli. This can include retirement matching, health-care benefits, life insurance, and HSAs. You can contact your HR for the complete details. To avoid your financial advisor spending more time on analyzing rather than strategizing make sure that you are able to put a finger on your money weak spots. Your bank statements will reveal your shopping patterns and spending habits.
Discuss with your family and partner:
Discuss with your partner how much you are planning to spend on your child’s education. Are any of your loved ones suffering from diseases like Alzheimer? Is your money needed for your parent’s retirement plans or financial support? Have a good and deep discussion with your spouse and get to terms with what you need to worry about. Both of you must be in agreement with your needs and plans before you go to your financial advisor.
Get your documents digitized:
Though not a necessity this might be of great help when it comes to streamlining your discussion with the advisor. The more organized you are, the more control you feel. Hence this will pave for better discussion with your advisor. Digitizing not only lessens your desk space but also makes access to your data easier.
Prepare a list of questions for your financial advisor
Get a list of questions for your financial advisor like information about their area of expertise and investment philosophies they believe in. What kind of financial advice they will be providing? A comprehensive integrated one? Will they be providing comprehensive, integrated financial advice? How often can you hear from them and how often the financial plans will be reviewed? Will there be a written summary of the meetings? How long will be the responding window? -How much time will it take for them to respond? What are the steps to be taken in case of a problem?
Just breathe out and relax. Feel free to ask any questions to your financial advisor. Happy planning!