How you can get the most out of your meetings with a financial advisor

Who needs a financial advisor? The truth is, everyone could likely use some help with their money, no matter the size of their paycheque. At the moment, only about one-third of Canadians work with one. One major reason people avoid advisors is a concern over cost. Some employers or group retirement providers may offer this service at a discount or at no cost at all.

Financial advisor services aren’t just for the ultra-wealthy. They can help you with investing, planning for children in the future, and just understanding the basics of managing your money. The most important thing is to figure out what you want out of the relationship—and then consider taking these steps to get there.

What you can do before your meeting with an advisor

1  Gather your financial documents

Your financial records help paint a picture of your complete lifestyle. Before you head to an appointment, make sure you gather all of your important financial documents, including:

• Bank statements for all accounts
• Your latest notice of assessment with your RRSP contribution room
• List of debts (student loans, car payments, mortgage, etc.)
• Group savings accounts
  
  

The more information your advisor has, the better and more detailed their suggestions can be. This will also help with your goal setting. For example, if you want to maximize employer matching contributions within your group savings plan, understanding your other financial responsibilities will help your advisor assess your options.

2  Get personal

Consider what’s happening in your life. Are you starting a family soon? Helping your aging parents? Retirement planning? All of these decisions will affect your ability to save, invest, and make big purchases. Let your advisor know of any changes you’ll be making in the near future.

3  Decide on a goal

Imagine you booked a meeting with a travel agent. You wouldn’t go without your vacation schedule, budget, or ideas on your trip destination. The same thing applies here. Make sure you have a goal, whether it’s understanding how much you need for retirement, saving for a home, or making sure you’re maximizing your group savings plan.

What you can do during your financial advisor meeting

1  Speak up if you’re confused

Taking control of your finances isn’t easy and can quickly become overwhelming. If you’re confused or unsure of anything, ask questions. Your advisor is there to help you.

2  Know your role

Understand where you need to take action. There are some things your advisor can do on your behalf, but others you’ll need to do on your own. Make sure you discuss any changes you can make or a timeline you don’t think you’ll meet.

Next steps. What you can do after your financial advisor appointment

It doesn’t end after your meeting. If your advisor recommends changes or follow-ups, make sure to start soon, before you forget any of the details. Remember that goals are ongoing. You and your advisor can decide if you should meet again, but you can work on your plans and keep a record of your progress. This will help make sure you stay on target.

Making sure your meetings matter

Working with a financial advisor is more than a one-time event. You need to be actively involved every step of the way for their guidance to be effective. This starts with gathering all of your financial information so you and your advisor can review your savings, investments, debt, and more to understand your unique financial situation. This will help maximize your time during the actual appointment where you can focus on the action you can take to start working toward your goals. Future meetings should also be scheduled, even if they’re just a yearly check-in.

Working with a financial advisor can be a big benefit to your bottom line. Taking a bit of time and consideration during the process can help you make the most of this option and work toward your goals a bit faster.