In this guide, George Square outlines what you can expect when meeting with a financial adviser for the first time, how to best prepare, and why seeking independent advice is worth considering.
The value of independent financial advice
Meeting a financial adviser for the first time can feel like a big step, particularly if you are feeling the pinch from rising costs and uncertain economic times. It might even seem counter-intuitive to pay for financial advice when you are focused on managing your outgoings.
However, taking the opportunity to sit down with an independent adviser can help you feel more confident about where you stand, ensure your budget is realistic and give you a clearer sense of how your longer-term plans might be shaped.
Moreover, recent research from Vanguard, based on responses from more than 12,000 investors, found that people who take financial advice often feel less financial stress and may benefit from the time and reassurance an adviser can provide.
The study noted that “86% of advised clients report having greater peace of mind when thinking about their finances, compared with managing them on their own. Advice improves investors’ positive emotions and seems particularly effective at lessening negative emotions regarding personal finances, such as feeling overwhelmed and worried.”
What to expect in the first meeting with your financial adviser
Most first meetings with a financial adviser are exploratory and are as much about establishing rapport and priorities as they are about figures. Typical topics include:
- Your main objectives and timescales, for example retirement age, desired retirement income, legacy wishes and any major capital projects
- An overview of your current financial position, including investments, pensions, property, outstanding loans and other liabilities
- Cashflow, budgeting and short term needs
- Attitude to investment risk and tax considerations that could influence planning
- Estate planning essentials such as wills, trusts and powers of attorney
- Fees, scope of ongoing service and how independence is evidenced by the firm
What to bring with you
You do not need to come armed with everything on day one, but having a few key documents to hand can make the meeting more productive. If you are unsure, you can always call ahead to check what would be most useful, but as a starting point, some documents it might be worth bringing include:
- Your passport, driving licence(s) or other proof of identity
- Recent bank and building society statements showing regular income and major outgoings
- A simple current monthly budget or list of typical outgoings so the adviser can see cashflow
- Details of pensions including recent statements and projected benefits
- Investment statements for ISAs, SIPPs, or portfolios
- Details of any debts such as mortgages or business borrowing
- Recent tax returns or a summary from your accountant if relevant
- Your will and any documentation on trusts or lasting powers of attorney if you have them
- A list of immediate concerns or questions you may have
At your first meeting, you will probably have a few questions you’d like to ask about the firm and how your adviser works too. Preparing these in advance can make the conversation more effective and give you a clearer sense of whether the adviser feels like the right fit for you. Examples of questions you may want to ask include:
- What qualifications and experience do the advisers who will work with me hold?
- How do you charge and what might a typical ongoing relationship cost?
- How often will we review progress and what reporting will I receive?
- How would you work with my other professional advisers, such as my solicitor?
Our top 5 tips to make the first meeting efficient
- Gather the most important documents in advance. Even simple lists are helpful.
- Be open about objectives and concerns. Your adviser’s recommendations will be better if they reflect what matters to you.
- Ask for a clear fee schedule and an explanation of ongoing costs before you commit.
- If you are currently feeling the pinch, flag this early so the adviser can prioritise cashflow and budgeting options. Being realistic about near term needs could inform longer term choices.
- If you prefer, bring a spouse, partner or a trusted friend to the meeting.
Next steps with George Square
If you feel now might be a good time to talk to a professional about your finances, we would be very happy to arrange a free, initial conversation at our Nottingham office or over the phone.
This first meeting is simply a chance to share your priorities and explore whether George Square’s approach could be a good fit for your needs. There is no obligation to take things further afterwards, and we will always be clear about any fees and possible next steps.
Whether you are feeling the pinch, conscious of the cost of living, or just want reassurance that your plans are still on track, these are all good reasons to start a conversation.
For a FREE initial consultation with one of our highly qualified financial advisers, call us on 0115 947 5545 or send us a message here.