What Should You Bring to Discuss a Financial Plan with Your Financial Advisor?

What Should You Bring to Discuss a Financial Plan with Your Financial Advisor?


What Should You Bring to the Initial Meeting with Your Financial Advisor


You will probably have several emotions when you meet with your fiduciary for the first time: excitement, anxiousness, etc. You will, however, feel more relaxed and prepared if you know what you should bring to the initial meeting with your financial advisor. By bringing the information listed below, your fiduciary can get a clear pictures of your financial situation and put you on track for the future you’ve always envisioned.


1. Current Income and Savings


You can’t get where you want to be without assessing where you are now. Your fiduciary will need to be aware of any means of financial growth, so bring any relevant information. If you work, bring copies of your paystubs. If you receive assistance through medicare or medicaid, bring that information with the appropriate numbers. If you are the beneficiary of a trust fund or if you receive child support, bring a copy of the appropriate documentation.


Your fiduciary will also need to know what you have in savings and be aware of any other funds you have set aside. Bring copies of your bank statements, preferably at least the last three months.      


2. Current Spending


While your fiduciary needs to understand your income, he or she will also need to understand your expenses, so bring a copy for your budget, whether it be a weekly or monthly budget. If you don’t have a budget, don’t worry. An estimate of your expenses will do for now; however, the more specific you can be, the better your fiduciary will be able to assist you.  


3. Debt


A majority of Americans have debt of some kind, whether it be student loans, credit card bills, medical bills, or a mortgage. Part of creating a financial plan will include determining how you are going to handle the debt. Bring copies of your most recent bills and statements to your initial meeting with your financial advisor.  


4. Insurance Policies


Also bring copies of your your insurance policies, as these may have an effect on your finances. For example, if you and your spouse both have life insurance and something happens to one of you, the other will be compensated through life insurance. This compensation and the loss of the deceased spouse’s income will need to be worked into your financial plan.


5. Retirement Savings and Investments


If you already have a 401(k) or retirement fund established, that’s great. Please bring the most recent balance and any other information you have relating to your retirement savings or investment account(s). If you aren’t currently saving for retirement, don’t worry. Your fiduciary can help with this.  


6. Other Investment and Assets


If you have other investment accounts, shares, mutual funds, bonds, or other investments, bring all relevant information. Your fiduciary will need to be able to understand your current portfolio. If you own property or other valuable assets, bring information about their current value and any debt you may have against them. All of these investments will need to be addressed in your financial plan.


7. Your Financial Goals


Having a thorough understanding of where you stand financially is important, but you also need to decide where you want to go. Before you meet with your financial advisor, make a list of financial goals. For example, do you want to put your kids through college? Are you imagining retiring on the beach? Do you want to take a trip abroad every five years? How often would you like to be able to purchase a new vehicle? Your fiduciary will be able to help you determine which goals are plausible, as well as what adjustments you may need to make.


Knowing what you should bring to the initial meeting with your financial advisor will help you feel prepared for your first consultation and help your advisor get the best picture possible of your financial situation. At Lorenz Financial, we a offer no-cost, no-obligation financial planning consultation because we believe it is important for every individual and family to have a financial compass. Learn more about our financial planning services, and contact us if you have further questions or concerns.


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Lorenz Financial Services, LLC is a Lafayette, Indiana fiduciary who offers financial planning and portfolio management services. If you have questions about who we are or our services, please contact us at (765) 532-3295 or email us.