When meeting with your financial advisor, do you wonder what you should talk about other than your portfolio and asset allocation? A financial advisor is able to provide insights and education on a variety of topics, but it is important for you to be an advocate for yourself and ask questions about your financial needs.
Here are five topics to discuss at your next meeting:
1. Retirement
This is the number one reason that people decide to create a financial plan. Discussing timing, and income expectations in retirement are important topics to review with your financial professional. Major movements in the market like those recently experienced may require you to review your current plan for retirement and make adjustments with your financial advisor.
Start the conversation with questions like:
- Am I contributing enough to my 401(K) or 403(b)?
- Could recent market losses impact the age I want to retire? What adjustments can I make to retire early?
2. Education funding for children
There are several schools of thought when it comes to funding the cost of higher education. Whether you believe that responsibility lies with you, your child, or somewhere in-between it's important to consult your financial advisor.
Start the conversation with questions like:
- Can I afford to fund my child’s education?
- What types of investments should I be making if I’d like to help pay for college?
3. Estate planning
No one likes to talk about their own mortality, but now is a perfect time to get these crucial financial steps complete and give yourself more peace of mind.
Start the conversation with questions like:
- Is my list of beneficiaries up-to-date?
- Am I properly insured in the event of catastrophic event?
- Are my final wishes properly documented?
It is also common for your financial advisor to recommend an attorney, or work with your existing attorney, to ensure that accounts are titled properly according to the existing will or trust, and that all other components of your financial life are coordinated well with your estate planning.
4. Real estate/non-liquid assets
A financial advisor can help you in understanding how real estate and non-liquid assets impact your overall financial life, as well as help prepare for any potential tax liability that may arise upon estate distributions from those assets.
Start the conversation with questions like:
- How can I transfer funds more effectively?
- What documents should I have on hand during tax time?
5. Liability management
This is one topic that very few investors discuss with their financial advisor. This would include mortgage, vehicle loans, personal loans, business loans, credit cards, etc. A financial professional can work with you to manage those liabilities, utilize credit where it would benefit you, and minimize fees and expenses related to carrying liabilities.
Start the conversation with questions like:
- How can I pay down my debt more effectively?
- What financing options should I consider for a future purchase?
Questions?
Our wealth management professionals are here to help
