So you have made the first step and booked an appointment with a financial advisor – now what?
You will no doubt want to make the most of their expertise, so there are steps you can take to ensure you are getting the maximum benefit out of your meetings.
Here are some ideas on how to use your financial advisor to their full potential, leaving you all the more satisfied with your financial plan.
Consider your situation
This may seem obvious, but the only way you will receive the best possible advice is if you think carefully about your personal finances.
There must be a reason why you felt the need to contact a financial advisor – get it clear in your mind why this is and go from there.
Use this opportunity to think about what assets you have, how much money you owe and your monthly outgoings, as this will help form the basis of your plan.
What type of advice do you need?
There are different types of financial advice and not everyone will need the same.
It might be that you have a particular savings goal in place – such as putting a deposit on a house – or that you would rather just feel more financially secure on a day to day basis.
The advice you receive could be one-off or ongoing, it is entirely up to you. Be clear about what you want to know from the outset and this will be a massive help.
If you have a partner, make sure you are both working towards the same goals before seeking advice.
Provide accurate information
Your advisor will require accurate information from you, otherwise your financial plan could be a little rough around the edges.
Estimating your assets and debts isn’t really good enough – invest some time in putting together solid figures that you can present to your expert.
It should be the case that you advisor tells you what they want you to bring to the meeting, so be prepared to go in search of those papers you have filed away never to be seen again!
Common paperwork they tend to ask for includes bank statements, pay slips and information relating to your superannuation.
Advisors who do not ask for this sort of information are doing you a disservice – so don’t be afraid to look elsewhere if you are not happy with the guidance you receive.