[Spirit Deer]

We'll be making an appointment with a financial planner soon, and we have a general idea what information we need to bring to the appointment, but I'm wondering what we're not thinking of that we should be.

We know we'll need the basics, assets, mortgage amounts, pension, cash value of life insurance, current income, bank accounts, anticipated SS payments at retirement, value of our residence and rental properties, that sort of thing. What else?

We need to accumulate a list of questions to ask, too. Any suggestions welcome.

TIA.

 

[CPA-Kim]

It will help if you take a personal income statement and personal balance sheet. That way, she or he has a point of reference for your total financial condition. In the past, I've asked clients for a list of financial goals and have helped them develop realistic strategies for their goals. So if you have some specific goals you want to attain, take a list. If you're going as a couple, make sure you're both on the same page regarding your willingness to take on risk to gain return.

 

[Birdie]

I met with a FA last year and he also wanted 2 years of tax returns and copies of all my investment statements.

 

[CookieLee]

Questions:

~ How do you make money?

~ Do you have limits on the portfolios you manage (some only manage above a certain number)?

~ How often will we meet in the future? What if I have a question between meetings? Will I be charged? How quickly do you return calls?

Before the appointment, you and your spouse need to discuss your risk tolerance and your financial goals - short term and long term. How much money are you interested in adding to your investments monthly?

 

[wjcalderon]

He will also most likely ask if you have a will.

I had one, but knew it needed to be updated, so we discussed the changes that needed to be made.

 

[CPA-Kim]

I just had another thought. Call her/his office and ask what you should bring. I always had a handout of required documents but that was usually given after the first session when we were deciding if we were a "fit."

 

[fifocoral]

Nice article.for those who are going to visit a financial adviser must read this.