Broker Check

What to Expect from Your First Financial Planning Meeting

| September 28, 2020

Meeting with a financial advisor may appear overwhelming. Many people are often reluctant to trust their planner and provide personal information regarding their financial situation and their goals. However, your advisor is working for you and it is important for them to ask questions that give them the best idea of your financial situation and what you expect from the relationship. Below are five questions you can expect an advisor to ask you during your first meeting and why they benefit the planning process:

If we look back a year from now – what are the things you will have hoped to accomplish?

It is important that the client and planner are on the same page about what a successful financial planning engagement might look like. This allows both parties to set reasonable expectations for a successful engagement that accomplishes the client’s biggest priorities.

What are you looking for in a relationship with a financial planner?

Different people are looking for different things. If the planner doesn’t know what the client is looking for from this relationship, there is no way they will be able to deliver true value to the client.

Have you had a relationship with a financial planner before?  What did you like best about that relationship? What needed improvement?

It is important to learn from the past. It can be invaluable for both parties to have an understanding about what did and didn’t work about prior professional relationships?

What is the best investment you feel you have ever made?

For some it might be a great stock or mutual fund pick.  For others it might be their business. For others it might be a piece of real estate.  For others it might be something less tangible. Understanding what a client values most is essential to providing them a quality planning experience. 

What is your biggest financial regret?

As stated above, history can teach us so much. It is essential that your planner knows about any financial stumbles that might have been made along the way and what your takeaways were from such an experience.

Having a better understanding of the client, their values, and their goals helps to build a strong relationship and ensures the planner can meet the client's expectations.

More questions? Set up a free consultation now!

Representatives do not provide tax and/or legal advice. Any discussion of taxes is for general informational purposes only, does not purport to be complete or cover every situation, and  should not be construed as legal, tax or accounting advice. Clients should confer with their qualified legal, tax and accounting advisors as appropriate. 

Chris Kampitsis is a registered representative of and offer securities, investment advisory and financial planning services through MML Investors Services, LLC. Member SIPC.   6 Corporate Drive, Shelton, CT 06484, Tel: 203-513-6000  CRN202211-274242