It doesn’t matter how much money you have, everyone can benefit from finding a wealth advisor. Not only can they help you manage your money today, they can help you discover the best ways to spend and save so that you’re prepared for retirement.
However, in order to get the most out of your relationship with your wealth advisor, you need to do more than just set up an initial meeting. You’ll get the most out of their services when you build a meaningful relationship.
Hire the Right Person for the Job
One of the very best things you can do when hiring a wealth advisor is to hire the right person for the job. That means you have a lot more to do than browse the internet and call the first person that pops up in a Google search.
Just a few things you’ll want to do when choosing a financial advisor include:
- Get recommendations from friends and family
- Check the advisor’s credentials
- Find out how long they have been an advisor
- Ask about their successes
One of the most important things you’ll need to consider is whether or not they are a fiduciary or a broker. If you want a financial plan that is specific to your unique needs, you’ll want to hire a fiduciary, as brokers work for others to promote certain stocks and services.
Don’t Expect Too Much From Your First Meeting
Don’t make the mistake of assuming that you’ll get all of your financial ducks in a row the very first time you meet with your wealth advisor. The first meeting is more about getting to know each other. That means you should be aware of the questions they are asking you, but you should also treat the meeting a bit like an interview. If you are unhappy with the way things go, you can always consider going with a different advisor.
Ask them about the specific services they provide, their investing philosophy, and how they measure success. They should ask you about your goals, what is most important to you, and what you want your life to look like after retirement.
Know What To Bring To Your Meeting
There will be things that you should bring to your first meeting in order to get the most out of your time with your wealth planner. A few things you’ll want to bring include:
- 401(k) and other investment plan statements
- Statements for other debts
- Pay stubs for you and your spouse
- Your last tax return
- Monthly bills
- Other recurring expenses
In addition to knowing what to bring, you should also think a little bit about what you want to say. There are things you should tell your financial advisor. You’ll want to tell them a little bit about your short- and long-term goals, your experiences with money as a child and an adult, and mistakes you’ve made in the past with your money that you don’t want to make again.
Having an advisor doesn’t mean you’re handing off your finances to someone else so you never have to think about them again! You should never invest or make other financial decisions without fully understanding their possibilities and implications. That means your advisor should educate you as well as help you come to the decisions that are right for your family.
For example, there are different kinds of investments, and your advisor can help you understand them all so you know which ones work best in your portfolio.
Touch Base With Your Advisor Often
Knowing how often you should look at your investment portfolio is going to be different than how often you visit with your advisor. For example, you may want to check in on your portfolio every month or every few months, depending on your comfort level and if you’re still learning about different investments and how they work.
When it comes to your advisor, it’s fairly standard to make sure you schedule a meeting at least once a year. However, as you’re getting to know them and your new financial goals, you may want to send a quick email or give them a call a little more often.
Everyone can benefit from hiring a wealth advisor, but that doesn’t mean automatically having one will lead you to financial success. Building a strong relationship with your advisor is the best way to make the most of your money and enjoy doing it!