Meeting With a Financial Advisor? – What to Bring and Questions to Ask

You’re ready to get organized, grow your money and get a jumpstart on big goals like retirement, paying down debt or even that family vacation you’ve been dying to take—so you finally take the plunge and book an appointment with a financial advisor.

Except now you’re not sure what you’re supposed to bring to the table (other than yourself, of course) or what to say when you get there.

When you’re prepared to meet with your financial advisor, you’re likely to get more out of the meeting. That can put you on a faster track to make progress with your money. Here’s what to know before meeting with a financial advisor for the first time.

What to expect when meeting with a financial advisor

First and foremost, your advisor will ask questions to get to know you and what’s important to you. They will want to know about aspects across different parts of your life—like how many kids you have (or want to have), what you and your spouse do for a living, what your goals are and what you’re doing with your money right now.

This may feel uncomfortable, especially if you have debt (like student loans or credit card debt) or feel like you could be doing better with your money. Know that your advisor isn’t here to judge you—their goal is to help you get to where you want to be.

Though your advisor will lead the conversation, preparing ahead of time can make this conversation much more productive.

What to bring when you meet with an advisor

First, bring your significant other if you have one, because you both need to be involved in this discussion. And bring something to take notes with in case there are to-do items or interesting points you want to keep front-of-mind. As far as the actual paperwork to bring, here are a few things that would be helpful:

• A budget, if you have one (or credit or debit card statements to show trends in spending)
• Pay stubs
• Statements/details about any investments
• Any insurance policies you have
• An employer benefits statement
• Tax returns for the past two or three years
• Statements/details on any debt you owe (mortgages, credit cards, student loans, business loans, personal loans, etc.)
• Information on any trust funds you may be a beneficiary to

And if you’ve ever had a financial plan in the past, bring that so your advisor can understand what you’re working with.

Also, it’s not uncommon for people to forget about their benefits statement but try not to forget this. Your benefits statement helps an advisor see what your total compensation really includes—things like incentive pay or stock options, for example—and also helps them see how much disability or life insurance coverage you’re getting through your employer.

Questions to ask a financial advisor

If you’ve reached out to work with a financial advisor, then you’ve already made a big step toward making progress on your money goals.

But you want to make sure the advisor is a good fit, so it’s a good idea to get a sense of how the advisor works. Here are a few questions to ask a financial advisor before you commit to a working relationship.

1. What do you consider a good financial plan?

If you want someone who can take a holistic approach to your finances, then you’ll want that reflected in the answer. You may want an advisor who can help you save for your kid’s college and your next home, all while helping you figure out how to pay off your debt and build a retirement nest egg. But you may not get that if, for example, the conversation focuses solely on investment options for your portfolio. So it’s important to figure out if they can help create a personalized plan for you that includes all the various goals you’re trying to achieve, versus just advising on one part of a plan.

2. What certifications do you have?

Many financial advisors obtain industry credentials that indicate they’re trained specialists in certain areas. Earning these credentials can require anything from logged hours of practical experience, taking exams or completing coursework. There are hundreds of financial designations available, but the most common you may want to look for are:

• CERTIFIED FINANCIAL PLANNER™ (CFP®): A CFP® could be a good designation to look for if you’re looking for general financial advice. This certification recognizes an advisor as someone who has an in-depth knowledge of personal financial planning topics, including tax planning, employee benefits, retirement planning, estate planning, investment management and insurance and risk management.
• Chartered Financial Consultant® (ChFC®): A ChFC® is like a CFP®, but it covers more advanced planning topics that can include special circumstances, such as planning for business owners, single-parent and blended families, LGBTQIA+ families and special needs situations.
• Chartered Financial Analysts® (CFA®): If you’re looking for a financial advisor that can manage your investments, you may look for a CFA®. A person with a CFA® can provide advanced investment analysis and portfolio management.
• Retirement Income Certified Professional® (RICP®): This is another good option to look for if you’re looking for retirement planning. An RICP® is focused specifically on effective retirement income planning.
• Chartered Life Underwriter® (CLU®): A CLU® certifies the advisor understands personal risk management and life insurance planning strategies for individuals, business owners and professional clients.

You also may want to ask your advisor if they are a fiduciary. Advisors who hold a fiduciary designation are bound to a set of ethical standards requiring them to act in your best interest.

3. Which financial services do you and your firm provide?

Make a list of things you’re looking for help with. Are you looking for a financial plan that you’ll carry out on your own? Or are you also looking for someone to manage your investments? Then when you meet with the advisor, ask them if these are things they can do for you. Different advising firms have different services they offer—so you’ll want to make sure your needs align with what the advisor offers.

You’ll also want to understand the offerings of the firm as a whole. For example, if the firm does handle investments, are there any limitations on financial products you’ll have access to? Some firms also have a minimum income level or investment level you’ll need to reach in order to work with them. At Northwestern Mutual, we have advisors who work with people at all different stages of life and income levels.

4. How will we work together and communicate?

You’ll want to understand how your working relationship will look, including how often you’ll meet. There’s no set standard for how often you should meet, but you’ll want to make sure it’s often enough to help you stay on track with your goals or be able to adjust when changes in your life occur.

You may feel you need more frequent input from your financial advisor, such as once a quarter. Or if not much changes about your finances from month to month, then you may need just a mid-year and end-of-year check-in. Even if you don’t meet face-to-face with your advisor multiple times a year, make sure you would feel comfortable calling or emailing for advice if something came up.

It’s also important to understand who your point of contact will be and what other resources you may have access to. Your potential advisor may have their own staff, a company or even several companies, as well as a network of other professionals they can tap when needed. That can make a big difference if you know your financial needs will evolve over time, or if you think you’ll need access to other types of specialized services, such as tax planning or estate planning.

5. How will you get paid?

Transparency about pay is key if your financial advisor wants to earn your trust. Three of the most common ways financial advisors can get paid include charging you a fee, charging a percentage of the assets they help manage for you, or getting commission from any products or services you buy. Some advisors may even do a mix of each.

6. What's your investment philosophy?

If you decide to work with a professional who’s qualified to give investing advice, make sure you understand their investment approach. You wouldn’t want to be pushed into riskier investments if you were really risk averse, for instance. Or you may be willing to take on risk if it makes sense for the investment goal you have, such as funding a retirement that’s decades away. Make sure that your financial advisor’s approach balances your goals, your timeline for getting there and your appetite for risk.

Next steps

Your relationship with your financial advisor will ideally span many phases of your life, and you’ll work with this person through some major live events. So, it’s important that you feel comfortable with whoever you choose to work with.

After talking with a potential advisor, if you feel good about moving forward, ask them what the next steps are to continue your working relationship. If, however, you have concerns that this person may not be the right fit for you—that's okay, too. Learn from this meeting and find another advisor that more closely aligns with your needs.

With a Northwestern Mutual advisor, your advisor will likely next want to set up some time to get to know you much better. They’ll ask more questions about your goals and pose questions you may not have thought of yet. By getting as much information as possible, your advisor will be able to design a plan to grow and protect your money that’s tailored to you and your goals.

Not all Northwestern Mutual representatives are advisors. Only those representatives with "Advisor" in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services.

Financial Advisors and Representatives do not render tax advice. Consult with a tax professional for tax advice that is specific to your situation.

Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP^®, CERTIFIED FINANCIAL PLANNER^®, and CFP^® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.