Your First Meeting with a Financial Advisor: What to Expect
Opening up to a stranger isn’t always easy, especially when the information you need to discuss is intensely personal. For example, it may feel uncomfortable to disclose certain symptoms or habits to a new doctor or to confide in a new friend or acquaintance for fear of judgment.
But as with personal relationships, trust is the foundation for successful professional relationships. And when it comes to creating a trusted relationship with your financial advisor, it’s important to share a full picture of your financial situation—warts and all. That way, you have a better chance of receiving advice that’s accurate, relevant, and actionable.
Your first meeting with a fiduciary financial advisor is an opportunity to not only share financial information, but also to set the stage for ongoing communication. Consider it a deep “getting to know you” session for your journey toward financial well-being.
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How Do You Prepare for a Financial Advisor Meeting?
Your first meeting with a financial advisor is a way for both of you to get to know each other. Think about your financial goals and whether you’re primarily focused on preserving wealth, planning for long-term care, passing your assets along to the next generation, or something else. Having a clear idea of your priorities will help guide the discussion. Don’t be afraid to express any concerns—such as market volatility, healthcare costs, or supporting adult children.
The meeting isn’t just a one-way street: Ask questions of the advisor. Ask about risk management, investment strategy, and fees. Find out how the advisor would tailor the plan to meet your needs and address your concerns.
To see how comprehensive planning can guide these conversations, visit our Financial Planning Services page.
What Should You Bring to Your First Meeting with a Financial Advisor?
Your advisor may ask you to bring certain documents to your first meeting. This allows the advisor to better understand your starting point. Letting your advisor review these documents may help identify gaps in your financial picture, discover potential opportunities to help lower fees, or find ways to obtain greater diversification in your portfolio. A few documents you might bring include:
- Recent tax returns, W-2s, 1099s, or pay stubs.
- Bank statements.
- Retirement account statements (IRAs, 401(k)s).
- Investment statements (mutual funds, brokerage accounts).
- Real estate holdings.
- Copies of insurance policies (disability, life, homeowner’s, auto, health).
- Social Security statements.
- Financial goals.
- Monthly budget.
- Any existing financial plans.
What Questions Will a Financial Advisor Ask During Our First Meeting?
Money likely won’t be the only topic you discuss with your advisor. That’s because the better your advisor knows you, the better they can understand where to best support you, what your non-financial priorities are, and how those may cause you to react in a volatile market, an emergency with a loved one, or an opportunity in your field. Broadly, here are some examples of personal questions you might encounter in your first meeting:
Well-Being and Values:
- What are your priorities in life?
- How important are those areas of your life, and how well do you feel you are addressing them?
- What important values are driving your plan?
Goals:
- Tell me about some of your top accomplishments.
- What are your professional goals?
- What goals or successes do you see for your children, parents, spouse/significant other?
- Describe how you see yourself participating financially in the world. (This could involve a favorite cause or charity.)
Relationships:
- What family relationships are most important to you?
- Do you support any religious causes or schools? In what way?
- How important are your relationships in your community to you?
- How important are your relationships with coworkers?
Interests:
- What types of sports/TV/movies/books do you prefer?
- What is your health and fitness regime?
- What are your hobbies?
In addition to financial and personal questions, you may receive questions about any other advisors you work with, how you prefer to communicate, and how often you like to check your accounts.
You can help your advisor be more effective on your behalf if you take the time to consider your answers to these questions. If you haven’t thought about them before, answering questions like these may seem taxing—both from a time and emotional perspective. However, gaining clarity about what is important to you can impact your financial well-being.
There are no right or wrong answers to these questions. A professional advisor shouldn’t judge you for your philosophy on life, your approach to managing money, your personal interests, or your relationships. The goal is to help you be successful on your terms.
How Long Does the First Meeting with a Financial Advisor Usually Last?
Your first meeting with a financial advisor typically lasts about 60 to 90 minutes. Some advisors take a deeper approach, focusing on your goals, concerns, and any fears you may have about your financial future, while others may prefer shorter meetings to focus on a specific area of concern. They also allow ample time for your questions.
What Should You Expect After Your First Meeting with a Financial Advisor?
After your first financial consultation, you should expect a follow-up that reflects your conversation. Most advisors will review the information you shared to develop a personalized strategy. They may ask for additional documentation or clarification before they craft a plan.
You should also receive a summary of the meeting, outlining key objectives and next steps. It might include a proposed investment strategy, suggestions for an estate plan, and tax planning ideas. Many advisors will ask to schedule a second meeting to go over in detail and explain how the plan aligns with your investment goals.
How Can Savant Wealth Management Help You During Your First Financial Advisor Meeting?
Your first financial advisor consultation sets the foundation for a lasting relationship built on trust, clarity, and mutual respect. We know there are other firms out there, which is why we offer a financial advisor evaluation checklist to help you make an informed decision.
At Savant Wealth Management, we focus on making that experience both comfortable and productive. Our team starts by listening. We want to understand what’s important to you, including your financial goals, personal values, and any concerns you might have regarding your retirement. We’re committed to helping you simplify the process, provide clarity, and help you feel confident in every decision ahead.
Meet the dedicated financial advisors who are here to support you every step of the way, or schedule an introductory consultation to start the conversation.
This is intended for informational purposes only and should not be construed as personalized investment or financial advice. Please consult your investment and financial professional(s) regarding your unique situation.
Wayne B. Titus
Financial Advisor
CPA/PFS, MS