By Eric Reich
One of the reasons many people don’t seek out professional help from financial advisors is that they feel intimidated by the process or simply by the unknown. Fear of the unknown is pretty much a universal fear. This week, I wanted to discuss what the process typically looks like and share some ideas on how to make the most of your first meeting.
- Consider first impressions.
This is a standard we measure most things by, isn’t it? How does the office look? How are the people? Are you greeted by friendly staff, or are you intimidated as soon as you walk in the door? Does everyone seem relaxed or uptight? First impressions can set the tone for the relationship, so make sure you feel comfortable on your first visit.
- Bring a list of all the topics you want advice on, even if you think it might not be relevant to the conversation.
Typically, if an advisor doesn’t directly handle a particular issue, they likely know who can help and point you in that direction. If you don’t totally know what you need help with, take time to think about it. What is most important to you in order to make you feel like the meeting was a success? Is it budgeting, college planning, retirement planning, investment allocations, debt, relocation planning, taxes, real estate, charitable giving?
- Bring a notepad, pen, etc., and write down as much as you can.
If you forget one, don’t worry! We all have hundreds of them lying around for you to use, so just ask. I would suggest you ask for a recap of the conversation via email so that you can easily remember each topic discussed, as it can get a little overwhelming trying to remember everything that was discussed, especially when you might be nervous.
- Bring all of your documents.
This includes investment statements, Social Security statements, bank statements, insurance policies (life/disability/long term care), most recent tax returns, financial statements if you have any, a copy of your budget if you have one, and your estate planning documents including wills, trusts, power of attorney, advanced directive or POLST, etc.
- Discuss any changes in life events.
This includes a change in marital status, recent health changes, and family situation, including if you are financially responsible for adult children or your parents.
- Think about the future before your meeting.
If you are getting ready to retire, spend some time thinking about what your ideal retirement looks like. Where do you live? What does a typical day look like? If you are there for estate planning, what are your wishes for when you’re gone? Not just who gets what, but how do you want them to use the money? Is there a family member you are particularly worried about when it comes to money?
If the first meeting feels right, then schedule a follow-up. If it doesn’t and isn’t a good fit, then keep looking until you feel comfortable. I hope this helps you along your journey.
Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Reich Asset Management, LLC is not affiliated with Kestra IS or Kestra AS. The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. To view form CRS visit https://bit.ly/KF-Disclosures.
Eric is President and founder of Reich Asset Management, LLC. He relies on his 25 years of experience to help clients have an enjoyable retirement. He is a Certified Financial Planner™ and Certified Investment Management AnalystSM (CIMA®) and has earned his Chartered Life Underwriter® (CLU®) and Chartered Financial Consultant® (ChFC®) designations.
