9 tips for your first financial advisor call

Nice work! Partnering with a financial expert to create a plan for your money is one of your smartest moves yet. To help you prepare for your first financial advisor call, here are my Pro Tips. Let’s dive in!

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Tip # 1: Understand what a financial advisor actually does. This one might seem obvious, but people are still confused about what a financial advisor does, and how they help you accomplish your goals. No, financial advisors aren’t just for millionaire investors. Investing is just a slice of the personal finance pie. Help from an expert matters most when the stakes are highest, like they are with big decisions. Getting married, buying a home, having kids, and saving for retirement all require adjustments to your financial plan. And if you don’t have a financial plan...that alone is a great reason to meet with a financial advisor. 

Tip # 2: Learn how to interview a financial advisor. Not all barbers have the same track record, charge the same prices, or offer the same services. The same is true for financial experts. If you want to narrow your search and find the perfect financial advisor, you’ll need to ask the right questions, like...

• What services do you offer? 
• What are your fees, and how are you paid?
• Are you a fiduciary who’s required to do what’s best for me? 
• Who’s your ideal client, and why do you choose to work with them? 
• How do you measure success with clients? 

Tip #3: If you’re unsure how to prepare for the call, just ask. Every advisor has a process for getting to know someone on the first call. Most advisors even send a pre-call checklist with suggestions about what to bring - like a budget, a list of your goals, and maybe a few other things. 

But what if the advisor doesn’t lay out the details in an email? Then kindly ask them to. Since you’re both on the call for the same reason - to see if you’re a good fit to work together - your eagerness to come prepared shows the advisor you’re ready to go to work!  

Tip #4: Complete a 5-minute budget. What’s the single most important thing to bring to the first call? A snapshot of your income and expenses (aka, a budget). If you don’t have a budget, spend a few minutes creating one. It doesn’t have to be anything fancy. Rough estimates of your monthly income, expenses, and goal allocation using a pen & pad or spreadsheet are perfect for the first call. A current bird’s eye view of your finances is what the advisor cares about...not the budgeting app or software you use. 

A bonus for bringing a budget to the first call: most financial experts can’t resist the opportunity to teach and improve, especially when they see low-hanging fruit. Don’t be surprised if you leave the first call with a few tips that immediately improve your financial situation.  

Tip #5: Write down your top financial goals. An advisor’s main job is to help you align your money with your values and goals. What matters to you, and what do you want your money working towards? Write it down. Even better if you have clarity around your goals, like how much you need, when you want to accomplish each goal, and what you’re currently doing to make progress. If you don’t have all the details yet, that’s okay too. An advisor will work with you to uncover what’s important, so you can create a financial plan that you feel good about. 

Tip #6: Write down your top 3 financial worries. Sometimes it’s easier to identify financial stressors than clearly define our goals. That’s because our worries are often front of mind, constantly reminding us to save for retirement, stay out of credit card debt, stick to our budget, and start building that emergency fund. What’s causing you to lose sleep? What do you need more clarity on to feel better about your financial decisions? What’s holding you back from getting closer to your financial goals? Writing these down helps the advisor understand what’s on your mind and how he/she can be an effective partner, all before the call even starts.

Tip #7: Visit the advisor’s LinkedIn profile. Just like before a first date, stalking an advisor’s online profile is a must before the first call. Smart financial advisors even welcome this, knowing that LinkedIn is the best place to showcase their expertise. A little research can tell you A LOT about an advisor before the first call - like what they specialize in, who their ideal client is, what their peers say about them, and what credentials they hold. Remember, you’re interviewing candidates for an open position - your personal financial advisor. Look to an advisor’s digital resume to make the right decision for you and your money. 

Tip #8: Talk to friends & family who work with a financial advisor. These are the first people we go to for advice; not an expert. We trust their opinion, and it’s easier to ask a friend "How do you invest your money?"...than it is to ask a complete stranger. Chances are, you know someone who works with a financial advisor. Ask for a referral, or buy them coffee so you can hear about their experience. Your personal network is the best source for finding the right advisor and learning what to expect on the first call.  

Tip #9: Decide how to measure success. After your call, how do you know if this advisor is the one? To answer this question, decide how to measure success before your phone call. If the end goal is finding the right advisor for YOU, here’s what you should be looking for.

The right financial advisor will...

• Relate with your goals and concerns
• Specialize in working with clients like YOU
• Be clear about services and fees
• Not make you feel pressured or hurried
• Not sell you financial products (especially during the first call, before even getting to know you)  

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