The right questions you should be discussing with your Financial Adviser.

Make the most of your Financial Planning Consultation.

When you first meet with a financial adviser, whether it’s just an initial consultation or the start of planning, it’s hard to know what information you need to share about your personal and financial situation.

The most important thing to remember is that you’re not there to just talk about money. When you talk about money, you’re really talking about your hopes, dreams and concerns for the future, so there are a number of important elements at play.

In essence, what and who is important to you? From family members and work through to leisure activities and the kind of life you want to lead in retirement they’re all vital to giving your financial adviser an insight into how best to plan for your future.

Here’s a list of questions that will trigger important areas of conversation for your and your adviser.

What should your adviser understand about your family? Is it just the two of you or do you have children. What about children from a previous relationship? Are there older relatives who rely on you or may do so in the future? Have you recently received an inheritance?

What worries keep you up at night? It could be the kids’ education fees, risk exposure in your business, a small superannuation balance or an elderly parent. There are many relevant concerns that are worth mentioning to your adviser.

How prepared are your spouse/partner and heirs to handle the finances after your death? This can cover everything from making loan or mortgage repayments to accessing important documents, covering the costs of a funeral or running a business (or potentially selling it).

If you could wave a wand and take away your problems, what would that scenario look like? Again, consider your business, your finances and assets as well as your personal life including health and family.

Who else besides your financial adviser do you turn to for help or advice with insurance, retirement, real estate, tax or financial planning needs? Do you have a strong network of trusted professionals or are you relying on relatives and friends. What areas do you need more advice and assistance with?

What was the best interaction you and your adviser have had recently? What was the worst? Was there a conversation you and your adviser should have had but didn’t? It’s common to walk away from a meeting with more to discuss, there’s only so many hours in a day after all. Chances are, some important items weren’t covered. Perhaps you or your adviser focused on only a few items, leaving others unsolved or perhaps you’ve only thought of something afterwards. And if it’s only your first meeting, do you have experiences from other meetings you can draw on.

What tools would help you feel more in control of your financial future? Think about self-education, apps and online resources or putting procedures in place that don’t rely on you remembering to do something. Or maybe you need something to help you see the big picture rather than focusing on the day to day. We all work differently and your adviser will be more than happy to assist as long as you’re willing to reveal the information.

This list is by no means complete list and will probably trigger other important questions you’d like to bring to a meeting. Remember, the more meaningful the conversation with your adviser, the more you’ll personally get out of the experience.

To arrange a consultation that’s aimed at personalising the entire financial planning experience, call Graham at Blue Chip on 0414 583 558.

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