Meeting with your CERTIFIED FINANCIAL PLANNER for the first time ?

Congratulations ! You have decided to take control of your financial life.

While every financial planner and firm are different, most follow a common general framework based on the six-step financial planning process. The first step often involves something called a 'discovery' meeting, in which the financial planner and the client form a basis for their relationship. It's an opportunity to build trust, understand problems and priorities, and establish a roadmap for progress toward the client's financial and life goals. 

CFP® professionals and their firms often have an established process that includes providing a checklist of required documents and information they need to get an accurate picture of a client's financial situation. While it may seem a bit overwhelming to share your most important financial details with someone you don't know well, it's really no different than consulting with a physician on your health. When you engage a CFP professional, you are working with someone who has pledged to place your interests first.  

The Big Picture

When financial planners conduct a discovery meeting, many will ask questions not only about your financial situation, but also about your personal interests, family and lifestyle. Often, a person's interests, family or lifestyle can influence their financial goals and decision-making, so having a good understanding of your background may help the CFP professional understand their willingness to take on risk, or the triggers that will make them excited or spark their concern. The goal is to help you create a plan that will serve you well in good times or bad, so you always feel confident about reaching your goals. 

Thorough financial planners have a process to securely gather their clients’ information, analyse it, and synthesise their findings into a set of recommendations. After receiving and discussing the recommendations from the financial planner, you and your financial planner discuss how the recommendations can be implemented, and the role each will play in carrying out the plan. 

The more honest and direct you are at the beginning of the relationship, the better the financial planner can help you create a sound, actionable plan to help you reach your goals. Although some clients might be hesitant to discuss embarrassing financial mistakes they have made in the past, it's important to share those so the CFP professional can address any consequences of those decisions. 

Prepare for Your First Meeting 

Before attending your discovery meeting with a CFP professional, take some time out to prepare yourself with answers to these potential questions: 

1) Goals

What do you want your money to do for you ? Would you like a comfortable retirement, or a college education for yourself or your children ? Would you like to start a business or buy a home ? Contribute significantly to a favourite cause ?

What are you professional goals ?

What goals do you have for your loved ones ?

What legacy would you like to leave for your family and the world ?

2) Attitude toward money

Do you consider yourself to be a spender or a saver ?

What drives your decision to spend or save money ?

What scares you about money ?

What motivates you and makes you excited about money ?

3) Process

How much would you like to be involved in manging your finances ?

How comfotable are you using technology to access online statements, performance reports, tax returns or other documents?

What do you expect from your relationship with your financial planner ?

Get Organised 

Your financial planner may also ask you to bring certain documents to your first meeting. Those could include:  

·         Bank statements from the past year 

·         Other financial statements, such as loan documents 

·         Insurance policies 

·         Tax returns 

·         Pension or retirement savings account information 

·         Estate planning documents, such as a will or a trust 

·         Recent statements from other investments held. 

A Relationship for Life 

Although it may seem like a significant time investment or an emotionally taxing experience, being well-prepared for your first meeting sets the tone for a successful, trusting, long-term relationship with your financial planner. The more your financial planner knows about your history, your family, your interests and your financial situation, the better he or she can help you achieve the financial well-being you and your loved ones deserve.