What to expect when meeting with a financial professional

When determining ways to establish healthy money habits and reach financial goals, many people find working with a financial professional can help get them on the right track. If you’re considering scheduling a financial planning meeting and are wondering what to expect, here’s how to prepare for your discussion and make the most of your one-on-one.

What does a financial professional do?

You may have heard the term financial professional, but what does someone with that title actually do? People in this profession often specialize in a variety of financial areas, but in general, can help someone identify their short and long-term financial goals and develop a holistic strategy for reaching those objectives.

Financial professionals can help with common topics, including money management, budgeting, saving, investing, and planning for retirement. As experts in their field, they answer questions, discuss concerns, and provide solutions that may match individual needs. Most importantly, they can act as a partner along your financial journey and be a go-to source for financial knowledge and support.

When to seek help with financial planning

Finding a financial professional can be beneficial at any age, but significant life events can be excellent times to seek assistance. For example:

• Graduating college
• Entering the workforce
• Getting married
• Starting a family
• Buying a house
• Approaching retirement

These are all milestones where the guidance of a financial professional could be helpful. Together, you can conduct a financial check-up to review finances, evaluate spending, and determine if any changes need to be made to the overall plan. Some financial professionals specialize in certain areas, such as investment advice, estate planning, or retirement planning, and can offer deeper knowledge in that topic. If there is a particular area of financial planning where help is needed, it can be beneficial to narrow your search by area of expertise.

Benefits of financial planning

There are numerous benefits to consulting a financial professional who is up-to-date on the market and economic trends and is well-versed in the solutions that could help boost financial wellness. Advantages of partnering with a financial professional may include:

Getting ahead of inflation

With high inflation rates, planning and keeping up with rising prices can be difficult. Inflation can affect a dollar's value and how long savings will last. By working with a financial professional who constantly monitors the market and is on top of expected declines and inflation periods, you can gain a better understanding of the market cycle, decide if adjustments need to be made, and learn how to build a plan that is more resilient to changing economic trends or market volatility.

Staying steady with your plan

Although there can be times when a financial professional may advise adjusting a current financial strategy to account for inflation or market changes, it is relatively normal for the market to fluctuate, and overreacting to temporary changes in the market can push long-term goals off track. Seeking a voice of reason can let you know when to be concerned and when to remain steady while keeping desired goals and timelines in mind.

Developing a diversified strategy

To better balance risk and reward and protect a portion of a financial portfolio from market volatility, a financial professional can help develop a diversified financial plan. This prevents “putting all your eggs in one basket” and offers various options for helping manage risk, increase savings, and boost financial security and peace of mind.

Preparing for the unexpected

Not only can a financial professional help build an emergency fund into an overall financial plan, but they can also offer assistance if an unexpected event does happen. Certain life events can disrupt your financial life, like a significant illness or injury, a drop in the market, losing a job, or costly car or house repairs. Together you can work an emergency fund into your budget that can be set aside for unplanned expenses to help reduce financial and emotional stress.

Protecting loved ones

If protecting a family’s financial future is a top goal, a financial planning meeting can allow a person to explore their options and the different types of life insurance that may be a good fit. After sharing more information about financial needs and stages of life, you can receive guidance on the type and amount of coverage that can help protect loved ones.

Leaving 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.

How to choose a financial professional

Some people may feel hesitant to share the details of their financial life, so it’s important to take time to find someone who is easy to talk to, matches your communication style, and can be a trusted advocate for your financial well-being. There are different types of financial professionals, often with unique specialties, education, and certifications. Some may focus on investing and retirement strategies, while others specialize in life insurance or estate planning. Researching and asking specific questions can help you find which will best match your needs.

Getting help with retirement planning

Financial professionals specializing in retirement can help create long-term strategies built around reaching retirement income and savings goals so an individual can achieve their desired lifestyle and have enough money to last throughout retirement. Common topics of discussion include planning for health care costs, estimating retirement income and expenses, and determining a retirement timeline. They can also advise on tax planning in retirement, investment options, annuities, and Social Security, as well as ensuring a legacy lives on through estate planning.

How to prepare for a financial planning meeting

To get ready to meet with a financial professional; there are several things that can help get finances in order and make the most of the time together.

• Gather all account logins if necessary
• Get pertinent financial documents ready
• Prepare a list of assets and debts
• Write out monthly income and expenses
• Think about short and long-term financial goals
• List any questions or concerns

Having a goal for the meeting can help direct the conversation, but the meeting may kick off with some fact-finding questions to better understand your situation and what you’re hoping to accomplish.

Come ready with financial planning documents

To give a better understanding of your current financial situation and goals, be sure to bring all necessary documentation, like 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 to ask at the first meeting

Coming prepared with questions can help you get to know your financial professional better and their specific approach. You may also have specific questions or concerns about your finances and may be looking to boost your knowledge to understand the products and solutions that could be a good match. The first meeting can help determine if you’re well-matched and can trust them to listen to your specific needs objectively. Some questions to consider asking include:

• What are your qualifications and background?
• How often do you suggest we meet?
• How are you compensated?
• What is your investing philosophy?
• How frequently do we review my financial plan?
• 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 do you help me keep my financial goals on track?

Working with a financial professional can be a positive experience and help an individual feel more empowered about their current situation and the ability to reach their set financial goals. No matter a person’s age or financial status, working with an expert can make money management easier to understand and provide an opportunity to explore different solutions, like life insurance and annuities. Plus, having someone who was a part of creating a solid financial foundation and understands your personal needs can help you be more flexible and resilient as life changes.

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

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