How to prepare to meet with a financial professional

How to prepare for a financial planning meeting If you’ve decided that you could benefit from meeting with a financial professional, you may wonder what to expect and how to prepare for your discussion. Here’s a closer look at financial professionals services and the steps to take beforehand to help make the most of a financial planning conversation.

What does a financial professional do?

A financial professional can help their clients identify short- and long-term financial goals and then develop a holistic strategy for reaching those goals. They can help with familiar topics, including money management, budgeting, saving, estate planning, investing, and planning for retirement. As specialists in their field, they can also answer questions, discuss concerns, and suggest solutions that could fit particular needs.

Do I need help with financial planning?

While it is possible to create a financial plan without assistance, having guidance can help make the process easier and allow you to ask questions and broaden your knowledge. As a go-to resource, a professional can help create a financial foundation to build upon and suggest revisions to a financial plan as the person ages and experiences different life events. Depending on individual goals and preferences, they can assist in creating as broad or as detailed a plan as needed for your personal situation and timeline.

When should I seek out a financial professional?

Working with a financial professional can be valuable at any age, but there are major life events that can be especially good times to seek assistance. These types of milestones can include:

• Entering the workforce after college
• Starting a new job or changing careers
• Getting married
• Starting a family
• Purchasing a house
• Preparing for retirement

Together, you can conduct a financial check-up to review finances, evaluate spending, and determine if any changes need to be made to keep goals on track.

Financial planning benefits

During a financial planning meeting, a person can access the latest market and financial trends and talk to someone who is well-versed in the solutions that can help address specific concerns. Working with a financial professional can help a person:

Build a diversified strategy

To better balance risk and reward and protect a portion of a financial portfolio from risks like market volatility, a financial professional can help an individual develop a diversified financial plan. This strategy can help to enhance potential returns while managing and mitigating risk, helping to create a more stable financial strategy.

Keep pace with inflation

With inflation on the rise, the value of a dollar may not go as far as it used to and this can be especially challenging in retirement. Working with a specialist who constantly monitors the market and is on top of expected declines and inflation periods, can help explain the market cycle, decide if adjustments need to be made, and guide you in building a plan that is more resilient to changing economic trends or market volatility.

Protect your family

For those interested in financially protecting their family’s future, they may be interested in learning about the different types of life insurance. During a financial planning meeting, you might receive helpful advice on the type and amount of coverage that may be needed to create a financial safety net for loved ones.

Manage market ups and downs

To account for inflation or market changes, there may be times when a financial professional suggests adjusting a current financial strategy, but overreacting to temporary changes in the market can actually push goals off track. Listening to a voice of reason can let you know when to be concerned and when to remain steady while keeping financial goals and timelines in mind.

Prep for the unexpected

Along with building an emergency fund, a financial professional can also provide guidance if an unexpected event does happen. Several events can cause financial stress, like a significant illness or injury, a drop in the market, losing a job, or costly car or house repairs. Together you can determine if a budget needs to be adjusted and how to navigate the situation more successfully.

Leave a legacy

Creating an estate or legacy plan allows a person to outline their wishes regarding how their assets will be passed to their beneficiaries. A financial professional can help streamline this process and share tips for communicating wishes, building a plan that maximizes assets, and how to leave behind a lasting legacy.

Choosing a financial professional

Deciding to work with a financial professional is a great step toward boosting financial well-being, but how do you determine who is a good match? There are different types of financial professionals, often with their specializations, education, and certifications. Some may focus on investing and retirement strategies, while others specialize in life insurance or estate planning. It’s a good idea to research and ask specific questions to find which one will align with your needs and help you achieve your current and future goals.

Retirement planning

Financial professionals specializing in retirement can help create long-term strategies built around reaching retirement goals and can advise on tax planning in retirement, Social Security, investment options, and supplementing an income plan with annuities. They can provide information on how to leave a legacy through estate planning.

Preparing for first financial planning meeting

If a financial planning meeting is scheduled, there are a few things to do beforehand that can help maximize the time together.

• List all assets and debts
• Get pertinent financial documents and account logins ready
• Outline monthly income and expenses
• Think about short and long-term financial goals
• Write down any questions or concerns

Oftentimes a financial planning meeting will begin with fact-finding questions, but it can be useful to map out any specific questions and goals you would like to cover during your session.

Organize financial planning documents

Before the appointment, gather all necessary documentation, including bank statements, paychecks, debt summaries, and insurance plans. Having these documents handy can help create a more holistic financial picture that includes your current financial situation, risk tolerance, potential income gaps, and goals for the years ahead.

Financial planning questions

Putting together a list of questions can help you better understand your financial professional and their approach to working with clients. You may also have specific questions or concerns about your finances and want to increase our knowledge and understand the products and solutions that could be a good match. The first meeting can help you decide if you’re well-matched with this individual and can trust them to listen to your specific needs objectively. Some questions to consider asking include:

• What are your qualifications and background?
• What is your investing philosophy?
• How are you compensated?
• How do you help me keep my financial goals on track?
• What asset allocations do you typically recommend?
• What benchmarks do you use to monitor progress?
• How much risk can I afford to take on?
• How often should we meet?
• How often do we review my financial plan?

As you build a financial foundation and expand your money knowledge, partnering with a financial professional can help you make more informed decisions and get you on the right track toward achieving your goals. No matter the life stage or where a person is financially, having an expert in their corner can help make money management and financial planning easier and more effective by providing tailored advice, optimizing strategies, and offering guidance through complex financial decisions that may lie ahead.

The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals who are insurance licensed will be paid a commission on the sale of an insurance product.

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