ST. CROIX INSIGHTS
What to Expect for Your First Meeting with a Financial Advisor
Have you found a financial advisor you like and are prepping for your introductory meeting? Or maybe you’re still exploring your options and just wondering what that initial conversation might be like? While every advisor has their own style (hint: ours is casual), here’s a general idea of what you can expect in your first meeting.
What Happens in Your First Meeting with a Financial Advisor?
Traditionally, people meet their financial advisor for the first time in person. But it’s becoming more common to meet virtually. Either way, your advisor will introduce themselves. At this time, you may want to ask a few key questions about them, such as:
- Are you a fiduciary?
- Are you a Certified Financial Planner?
- How do you get paid?
Understanding these distinctions can help you choose the right advisor. Learn more here: Certified Financial Planner vs Fiduciary – What’s the Difference?
You and your advisor will then discuss your goals and set expectations. If you are married or have a long-term partner, they should also participate in this meeting. To get a better idea of what a successful financial plan looks like for your circumstances, the advisor may follow up with important questions, such as:
- How long do you see yourself living in retirement, and what kind of lifestyle do you envision?
- Looking back, what has been the main focus of your life so far? Do you expect that to shift as you grow older?
- Do you have a financial “walk-away number” in mind—the amount that would give you the freedom to step away from work? Is it realistic to achieve and maintain?
- If you were faced with an unexpected life event, what are the top three things you’d want to have in order right away?
- Is leaving a legacy important to you? If so, how would you like to impact your family, community, or a cause you care about?
Overall, here are the three big questions most of us will need answered:
- How much is enough?
- Will I ever have enough?
- Will it continue to be enough?
Some people may want to incorporate their faith into overall financial planning and that’s just fine with us! We are more than prepared to do that.
Your answers to these questions will guide the conversation and shape your financial strategy. These discussions often lead to deeper insights about your goals, lifestyle, and future plans.
The questions above don’t get answered in just a 15-minute meeting. It takes time and thoughtfulness to work through all this. After all, we are helping you plan out the rest of your life and make major life decisions. I’m sure you’re not looking for a quick, off-the-cuff answer, and if you are, I’ll tell you upfront that we won’t be a good fit and that’s OK.
To make the most of your first meeting, it helps to have certain documents on hand. Here’s a high-level checklist.
- Employee & Employer Benefits
- Retirement & Investment Accounts
- Insurance Policies
- Tax Documents
- Estate Planning Documents
It’s going to take time to prepare for our formal first meeting. Here at St. Croix Advisors, we believe financial planning doesn’t have to be stuffy. If you’re looking for a trusted financial advisor, schedule a free, no-obligation consultation today.
Have you found a financial advisor you like and are prepping for your introductory meeting? Or maybe you’re still exploring your options and just wondering what that initial conversation might be like? While every advisor has their own style (hint: ours is casual), here’s a general idea of what you can expect in your first meeting.
What Happens in Your First Meeting with a Financial Advisor?
Traditionally, people meet their financial advisor for the first time in person. But it’s becoming more common to meet virtually. Either way, your advisor will introduce themselves. At this time, you may want to ask a few key questions about them, such as:
- Are you a fiduciary?
- Are you a Certified Financial Planner?
- How do you get paid?
Understanding these distinctions can help you choose the right advisor. Learn more here: Certified Financial Planner vs Fiduciary – What’s the Difference?
You and your advisor will then discuss your goals and set expectations. If you are married or have a long-term partner, they should also participate in this meeting. To get a better idea of what a successful financial plan looks like for your circumstances, the advisor may follow up with important questions, such as:
- How long do you see yourself living in retirement, and what kind of lifestyle do you envision?
- Looking back, what has been the main focus of your life so far? Do you expect that to shift as you grow older?
- Do you have a financial “walk-away number” in mind—the amount that would give you the freedom to step away from work? Is it realistic to achieve and maintain?
- If you were faced with an unexpected life event, what are the top three things you’d want to have in order right away?
- Is leaving a legacy important to you? If so, how would you like to impact your family, community, or a cause you care about?
Overall, here are the three big questions most of us will need answered:
- How much is enough?
- Will I ever have enough?
- Will it continue to be enough?
Some people may want to incorporate their faith into overall financial planning and that’s just fine with us! We are more than prepared to do that.
Your answers to these questions will guide the conversation and shape your financial strategy. These discussions often lead to deeper insights about your goals, lifestyle, and future plans.
The questions above don’t get answered in just a 15-minute meeting. It takes time and thoughtfulness to work through all this. After all, we are helping you plan out the rest of your life and make major life decisions. I’m sure you’re not looking for a quick, off-the-cuff answer, and if you are, I’ll tell you upfront that we won’t be a good fit and that’s OK.
To make the most of your first meeting, it helps to have certain documents on hand. Here’s a high-level checklist.
- Employee & Employer Benefits
- Retirement & Investment Accounts
- Insurance Policies
- Tax Documents
- Estate Planning Documents
It’s going to take time to prepare for our formal first meeting. Here at St. Croix Advisors, we believe financial planning doesn’t have to be stuffy. If you’re looking for a trusted financial advisor, schedule a free, no-obligation consultation today.