What to expect from your first meeting with your financial adviser

Your journey towards financial success starts with the crucial step of meeting your financial adviser. This initial encounter serves as a pivotal moment that will shape your path towards achieving financial success. That’s why it’s important to approach this meeting with openness, curiosity, and a willingness to engage actively. By doing so, you pave the way for a collaborative and productive journey towards your financial aspirations.

Read on to discover how to make the most of this initial meeting. From understanding your financial goals to navigating the complex world of investments, this article sheds light on the process, expectations, and key questions to ask.

Understanding your financial situation

Expect the session to start with introductions, putting you at ease and establishing rapport. Your financial adviser will create a non-judgemental atmosphere in which you feel comfortable and secure enough to discuss your situation frankly. Once this foundation has been laid, the focus will shift towards an in-depth exploration of your current financial circumstances and expectations.

This usually follows two main themes.

1. Assessment of your financial goals: Your financial adviser will help you to clarify your short and long-term financial aspirations. This step sets the stage for tailoring strategies aligned with your objectives.
2. Evaluation of your current financials: Prepare to discuss various aspects of your financial situation. The adviser will carry out a financial assessment of your current situation including income, assets, debts, and existing investments or financial products. This assessment helps the adviser understand your current financials, so they identify the types of services you require. Based on this information they will trace a path between where you are now and where you’d like to be and come up with a strategy that will get you to your desired outcomes.

Analysing your needs

Moving forward, the financial adviser will identify the challenges you might be facing in achieving your financial goals. They’ll also look at opportunities for improvement within your existing financial portfolio of assets and investments.

Importantly, the adviser will want to discuss your risk tolerance and the level of risk you’re comfortable taking with regard to investments.

Education

Armed with a deeper understanding of your financial position and aspirations, your financial adviser may offer insights into the various strategies and options that may be available to you.

It is important to note that your adviser cannot provide you with personal financial advice in this meeting, however they can answer general questions, for example; “How much can I contribute to super?” but not the question “How much should I contribute to super?

Planning the way forward

As the meeting progresses, your financial adviser will present an overview of the steps they foresee will be necessary to help you realise your financial objectives.

They will give you some idea of the timeline, required documentation and the next steps, so you have a clearer picture of the path ahead.

Making the most of the first meeting with your financial adviser

Here are a few tips that will help you to ensure your first encounter with your financial adviser is productive and you are able to gather as much information as possible.

• Ask questions: Come prepared with questions about the adviser’s experience, the process, associated fees, and any concerns you might have. See our blog post on What questions to ask your financial adviser for details.
• Be open and honest: Sharing accurate and complete financial information is crucial for receiving tailored advice and recommendations.
• Take notes & seek clarification: Don’t hesitate to jot down notes and don’t be shy to ask if there is something you’re not clear on. The adviser will gladly clarify any terms or concepts that might be unfamiliar to you.

Post-meeting actions

After the meeting, you might receive a summary or action plan from the financial adviser, detailing the discussed points and outlining the next steps. This could include a request for additional documents or information that will help the adviser to devise your financial strategy.

Ready to get started on your path to prosperity?

Book your initial meeting with a Stellar Wealth financial adviser today. We’ll do all we can to make you feel at ease in a compassionate environment where mutual understanding and trust can develop, forming the foundation for a successful financial partnership.

Our aim is for you to leave the meeting feeling confident of your goals, in control of your financials, and assured of our ability to assist you in achieving financial freedom. Don’t put off reaching your financial objectives any longer. Call or book an appointment online today.