What To Expect When Working With A Financial Advisor

What To Expect When Working with a Financial Advisor

What should you expect when you work with a financial advisor? Do advisors have set timelines or is every case different?

Updated on Feb 07 2020


What should you expect when you work with a financial advisor? Do advisors have set timelines or is every case different? Let’s look at what you can expect when you decide to hire an advisor to help you with your finances.

When should I get professional financial advice?

For most people, there are life events that trigger a need for a financial planner. This is often when planning seems overwhelming and you’re not sure where to go next. These types of life events can include making sure you’re on the right track for retirement, inheriting a large sum of money, handling an older parent’s finances, and divorce. These life events can have a huge effect on your finances.

In addition to triggering life events, it’s a good idea to get professional advice for long-term plans. This includes retirement planning, mortgages, your children’s college fund, and other financial timelines. Getting ahead now will ensure success in the future.

What happens after I hire a financial advisor?

Once you decide to hire a financial planner, you may be hoping for immediate results and a quick turnaround. Generally, this is not the case—at least for the first few meetings. In fact, after you meet with your advisor for the first time, you may realize that it’s not a good fit. This isn’t uncommon so don’t be put off if you need to seek out more options. You should feel comfortable in your planner’s office.

The first step after you hire an advisor is to think about what your goals are. This could include when you want to retire, where do you want to live after you retire, and what your estate planning will look like. If you have a spouse, then you need to sit down together and discuss goals and agree upon them.

Before your first meeting, your advisor will likely request that you bring documents for them to look over. Investment statements, mortgages, debts, pay stubs, and tax returns are all necessary for your planner to get a good idea of your current financial situation. If you have a monthly budget, then you should bring that, too.

A good financial advisor will go over your goals and current situation, and then dive further into both. They’ll be able to give you advice so that you are more likely to meet your goals.

Once you have your first meeting done and you’ve decided to move forward with that advisor, things will start to become more solidified. Your financial advisor will help you develop a timeline and budget to reach your goals. You’ll determine where to invest and the best way to grow those investments. After you meet a few times, depending on your goals and assets, you may only meet with your advisor on an annual basis.

A trusted financial advisor has your best interests in mind

You may feel intimidated bringing your financial records to a virtual stranger—especially if you’re not proud of previous financial choices. Don’t let this scare you, financial advisors have seen it all. And because they have seen it all, they’ll know the next best steps to get you on the right track.

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