Ideally, the relationship you have with your financial advisor is not one-sided. You want to take advantage of the advisor\u2019s experience and expertise, of course, and to allow your advisor to help steer your financial planning in the right direction. That direction is determined by your goals and priorities, though, which means you need to have a say in the process. You need to feel comfortable telling your financial advisor what\u2019s important to you, where you hope to be in five, ten, twenty years\u2019 time.<\/p>\n
Not everyone is comfortable with that, though. One recommendation we would make is to start off on the right foot\u2014to make your advisor relationship collaborative from the very first meeting.<\/p>\n
Anyone preparing to meet with their advisor for the very first time\u2014those who are new to the Stonepath Wealth Management team, for instance\u2014might use some of the following questions as examples. Let these guide your own thinking, and don\u2019t be afraid to ask these or any other questions that spring to mind.<\/p>\n
Where do you stand right now?<\/strong> Before your initial consultation, spend some time thinking about how comfortable you are with your life right now, and what you might like to see changed about your finances. Be prepared to discuss your current financial status with your advisor\u2014and to ask, frankly, whether you\u2019re in decent shape.<\/p>\n How can your financial goals be met?<\/strong> What are the things that are most important to you? What big financial events do you foresee in the next five, ten, twenty years? College? A growing family? Retirement? Make sure you know your goals, and ask your advisor about a roadmap for meeting them.<\/p>\n What\u2019s your current path to retirement?<\/strong> What savings do you have? What plans have you made? Ask your advisor to appraise your progress, and to help steer you in an even more positive direction.<\/p>\n What kind of retirement lifestyle can you afford?<\/strong> Ask your advisor to help you set reasonable goals for your retirement living\u2014including travel, leaving a financial legacy, and so forth.<\/p>\n Are you and your family protected against disaster?<\/strong> Ask your advisor what, if anything, can be done to ensure that your family is looked after, in worst-case scenarios.<\/p>\n What about risk?<\/strong> Think about how much risk you are comfortable taking on\u2014and make sure you confer with your advisor on this.<\/p>\n How will your advisor be compensated?<\/strong> This is obviously an important, practical consideration.<\/p>\n Is your advisor truly independent?<\/strong> Will your advisor be making recommendations based on what\u2019s best for you\u2014or for the company that he or she works for? You have the right to know!<\/p>\n Come to your initial consultation ready to contribute, and to speak up about what matters to you; that\u2019s one of the secrets to a positive and productive relationship with your advisor!<\/p>\n","protected":false},"excerpt":{"rendered":" Ideally, the relationship you have with your financial advisor is not one-sided. You want to take advantage of the advisor\u2019s experience and expertise, of course, and to allow your advisor to help steer your financial planning in the right direction. That direction is determined by your goals and priorities, though, which means you need to […]<\/p>\n","protected":false},"author":2,"featured_media":528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"post_statement":"","post_description":"","post_cta":"","post_button":"Read More","post_button_url":"","footnotes":"","compliance_id":"","post_disclaimer":""},"categories":[10],"tags":[77,11],"acf":[],"yoast_head":"\n