When it comes to your money, a financial advisor can be a trusted resource to help provide guidance and growth. The key to a successful relationship with your advisor starts with the initial meeting.
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GOBankingRates spoke with financial advisors to identify five key questions you should be asked in that first meeting — and the red flags that could send you running in the opposite direction.
Anna Yen, a senior financial advisor with nearly two decades of experience in financial markets, said one of the first questions you should be asked in your consult is about your financial goals.
“These questions can address your short- and long-term financial goals, such as funding education, buying a home and affording retirement,” Yen said. “A good advisor should also ask about any major upcoming expenses or life changes.”
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Yen said it’s important for the financial advisor to ask early on about your risk tolerance. This helps shape an investment strategy that aligns with your comfort level regarding market fluctuations — whether you prefer steady conservative growth or are open to higher-risk opportunities.
Ali Dhanji, a financial advisor with Raymond James, said your advisor should seek to understand how you and your partner value money and what it represents in your life — such as security, freedom or opportunity.
This insight helps the advisor shape your financial strategy around what truly motivates you, making sure that your plan supports not only your money goals, but also your overall life values.
Your financial story doesn’t start with your first job or investment, or even with your first meeting with a financial advisor. It begins in childhood. According to Dhanji, “Early financial experiences significantly shape your current money attitudes and behaviors and a thoughtful advisor explores these formative influences.”
Whether you grew up in a household where money was scarce or abundant, the lessons you absorbed can impact how you save, spend and plan. Your advisor should want to understand that history in order to offer meaningful, personalized guidance.
Dhanji said this question reveals an advisor who cares about your values and your family’s long-term financial wellbeing beyond just your immediate needs.
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