How to Prepare for Your First Visit with a Financial Professional
This is a sponsored post for SheSpeaks/Prudential.
I recently shared the importance of Planning for the Future with Medical Expenses and how I partnered with Prudential to shine a light on the issues many women face when it comes to a secure financial future. Being a single mom for over ten years before remarrying and raising a child with lifelong special needs, I realize how important it is to make solid plans for our future.
Taking small steps to shape your financial future is a great way to start. Before jumping head first into risky investments, seek advice from a financial professional. As someone who had never met with a financial professional before, I did not know what to expect or what to bring. I put together this helpful list to get you ready for your first meeting.
What to Bring to Your First Meeting with a Financial Professional
In order for your financial professional to conduct a full assessment of where you currently are with your financial goals and to plan for the future, you will need to bring some information with you. Be prepared to answer a lot of personal questions!
My Prudential financial professional, Chinetta Jackson, always tells new clients to remember the 2/2/2 method. 2 months of pay stubs, 2 months of bank statements, 2 years of online tax filings. That is a good place to get started when creating a new plan with your financial professional.
- Life Insurance Policy
- Current Investments
- 401K
- Retirement – employer-provided and/or individual plans
- Pay Stubs – two months worth
- Bank Statements – two months worth
- Income Tax Records – at least two years back
- Debt/Loan Information – know your monthly payments and total payoff amount
- List of monthly bills
The first step in your initial meeting with your new financial professional is to get to know one another. You will answer a lot of questions and create a budget based on your current finances. If you do not have previous investments or any retirement or life insurance policies, do not worry. That is what your financial professional will help you with. By creating a solid budget with a professional, you’ll start to learn where you can make small changes to save towards your future.
It is also very important to ask the question “how much life insurance coverage do I need” when planning for the future. Your financial advisor should be able to discuss the life insurance coverage amount with you.
What to Ask on First Visit with a Financial Professional
Your financial professional is not the only one that can ask questions. In order for them to do their job correctly, they must get to know you and your finances. However, in order for you to trust them, you must get to know them as well. All financial professionals are trained on the basics but each individual professional may specialize in something different. From real estate to medical care for the elderly, finding the best financial professional to fit your needs is imperative. Knowing the right questions to ask can give you peace of mind when working with a financial professional.
Always remember, it is YOUR money!
- What is your specialty?
- How much experience do you have?
- What is the average age of your clientele?
- Can you relate to my situation? – If caring for elderly parents, do they have elderly parents? If planning for the future for an adult child with special needs, do they have children?
- What do you see as a plan for me?
The number one question you should not be afraid to ask is:
How will it benefit me to work with you?
Planning for your financial future can be scary. Often times we find ourselves living paycheck to paycheck and do not believe we have extra money to invest or put away for years in the future. It is so important to make this change. We save for family vacations, back to school shopping or even a medical bill, but putting money aside to pay ourselves in the future seems so distant.
Take action today by scheduling your free consultation with a Prudential Financial Professional in your area.