Meeting with a Certified Financial Planner (CFP®), especially for the first time, can be daunting. Previously, we posted an article breaking down pivotal questions to ask your financial advisor during an annual review. Remember: you should feel free to ask as many questions as you would like during your meeting. Your CFP® is there to help you walk through the seemingly complicated world of financial matters; no question is too big or too small.
This article will focus on what exactly to bring to either an initial or annual meeting, in the form of your very own Financial Advisor Meeting Checklist. Coming prepared with a checklist like this (and, more importantly, the documents it refers to) can help you get the most out of your meeting.
During this meeting, you and your CFP® will likely go over:
- your current investments,
- your future investment options,
- your risk tolerance,
- your established retirement accounts,
- your timeline for retirement,
- whether you are on track to meet your retirement goals,
- your current types of insurance,
- the types of insurance you should have,
- if you have enough insurance.
Like we’ve said, it is important to come as prepared as possible to any meeting with your CFP®. If you cannot find all of the documents you need, consider doing the following:
- Make sure to let your CFP® know about what you don’t have. They may have ideas for how you can obtain it;
- Continue gathering as much of the information as you can;
- Check online resources to see if there is a way to access and print what you need.
The checklist we will be talking about today, although not exhaustive, can help you make your meeting as productive as possible. Specifically, it can help you sort out the two main categories of paperwork you might want to have ready: your assets and liabilities.
PSA: The Iron Point Difference
Before we proceed any further, we wanted to take a moment to pause and highlight our financial planning philosophy. At Iron Point Financial, we believe in meeting each client where they are at, not in one-size-fits-all solutions. So, although we are about to share a checklist of documents you might want to bring to a meeting with your financial advisor, we want to emphasize that lists like this are just a launching pad for something much bigger; they are not the end goal in and of themselves.
Where some financial services are likely to fit you into their standardized program (where everyone gets essentially the same offering), we are committed to designing a personalized solution that fits your unique needs and goals, and that helps you to design the life you want to live. We do this by working diligently through everything you have provided (i.e., the documents on your checklist) to create a holistic investment roadmap you can stick to for years to come.
We take this approach because our mission is to help you steward all of the blessings you and your family have received: to come alongside you as you work strategically towards the dreams in your heart in a clear, step-by-step fashion. As you read through the financial advisor meeting checklist in the next few sections, please keep this in mind! And if you have any questions, feel free to reach out directly or comment at the bottom of this article.
Assets Checklist
Your CFP® needs to know what assets, or resources, you have. This helps them know what your financial position is, so that they can offer suggestions based on their expertise. If your CFP® is also a Retirement Income Certified Professional (RICP®), they can provide guidance for retirement planning, as well. Some types of asset paperwork you may want to bring as part of your financial advisor meeting checklist include:
Income
✅ Tax returns for 2-3 years to see how your income has fluctuated over those years,
✅ Current checking account statements,
✅ Current savings account statements.
Investments
✅ Individual Retirement Account (IRA),
✅ Other investment accounts such as stocks, bonds, or mutual funds.
Insurance Policies
✅ Life insurance,
✅ Health insurance,
✅ Disability insurance, and
Liabilities Checklist
It is just as necessary to bring information regarding your liabilities, i.e. money you owe. This information allows your CFP® to understand your debts in relation to your assets. A few examples of valuable liability documents that are a part of the financial advisor meeting checklist would be:
✅ Credit card statements,
✅ Loan statements,
✅ Mortgage paperwork, and
✅ A copy of your credit report (you can get a free copy here).
Bonus Checklist & Reflection Questions
Finally, there are a few other things you may consider taking with you. These are:
✅ A list of long and short-term financial goals, if you have any, as well as where you would like to be financially in 5 years and 10 years. It is helpful to have a list of goals to work towards.
✅ 6-12 months’ worth of bank and credit card statements so that you can see your average monthly spending. Your CFP® may review your spending habits and offer some advice that aligns with your goals.
When you compile all of these documents into a single binder, it might feel long, heavy, and overwhelming in your hands. But don’t worry: your CFP® or RICP® has a wealth of training, testing and real-world experience they can use to help you handle your financial affairs ethically and effectively, and to lighten your load.
Post-Meeting Reflection Questions
After your meeting, it can be helpful to reflect on how you thought it went. Some thoughts to consider are:
- Did you and the CFP® work well together?
- Did you feel heard?
- Were your questions answered thoroughly?
- Do you agree with any advice given?
- Were things explained clearly to you?
Finally, you have to take the next steps; nothing will change without action.
- Follow through with any agreed upon recommendations from your CFP®.
- Determine when to have the next financial meeting.
- Establish how often you would like to meet based on where you are in reaching your goals.
Ready, Set, Go: Let’s Work On Your Finances Together
When you meet with us for a financial meeting, you can expect the following practical benefits:
- A rigorous evaluation process completed either in-person or online, in which we develop a deep understanding of your needs not just as a client, but as a human being;
- An analysis of your investment objectives so that we can co-create a comprehensive strategy to help you work towards your financial targets;
- A tailored investment portfolio that will help you pursue both your short- and long-term objectives; and
- Constant monitoring and adjustment of your portfolio, measured against progress towards your unique goals, not a market index.
Managing your finances to work towards your dreams can be challenging, especially on your own. If you would like professional advice from people who care about your goals and want to see you succeed, why not reach out and schedule an appointment today?
We would love the chance to sit down with you, review your documents, and see where we might be able to help you construct a bridge to the destination of your dreams. Who knows: that first meeting might turn into a long-term friendship; that’s what we’re here for.
If you enjoyed our take on what a good financial advisor meeting checklist might contain, and you wanted to hear more from us, why not sign up for email updates, so you never miss a future post?
Iron Point Financial is here to empower you to secure a brighter tomorrow. We operate physical offices in Grove City, PA and Greenville, PA.
We primarily serve residents of Pennsylvania, Ohio, West Virginia and Florida but we also have security registrations for 22 other states across the continental USA.
