First meeting questions to ask a financial advisor

Whether you’re investing extra income, purchasing a house, planning your retirement or saving for higher education, we’re here to coach you through it.

We'll discuss your financial goals to understand what's most important to you, and together, we'll create a step-by-step strategy to help you reach them. If anything changes along the way, we'll help you adapt and stay on track.

What to expect when meeting a financial advisor for the first time

Financial advisors can develop personalized strategies that guide you toward your short- and long-term financial goals. But before your first meeting, it's best to know some of the other benefits of working with a financial advisor:

• They can help minimize the taxes you pay by incorporating tax-efficient investment strategies.
• They can help you plan how to fund your retirement or even prepare for early retirement.
• They can help you prepare your child's college education or create your own education savings.
• They chart short-term steps to help you stay consistent and adapt to unexpected market or life events.
• They advise you on appropriate financial solutions so you can invest accordingly and live the life you want.

How to research your financial advisor in 5 steps

• To help build confidence before your first meeting with a financial advisor, write a list of questions about the firm’s reputation, their approach to investing, products and the type of relationship you want to build. As you research, you can also review the products and services your financial advisor offers. Make a list of the ones that interest you and jot down questions about the investment programs, services and fees that seem confusing.
• Visit the Investment Adviser Public Disclosure's website to ensure the financial advisor has completed the Uniform Application for Investment Adviser Registration (Form ADV), which financial advisors use to register with the Securities and Exchange Commission (SEC).
• Be sure to check out your financial advisor’s or firm's websites. Make sure the information aligns with what you find on the regulatory sites. If not, it may create questions you want to add to your list.
• Browse the financial advisor's corporate or personal social media channels to get a sense of their personal profile, education, personality and values.
• Reach out to family, friends and colleagues who can share experiences they may have with the firm or financial advisor. This gives insight into their values to help you make the right choice for you.

We can also help teach you how to choose a financial advisor using online resources regarding background check information, certifications and registrations.

How to navigate Form ADV

You can search for your financial advisor’s firm by inputting its name under the “Firm” tab at the top left. Then, review the form’s three essential parts:

1. Financial advisor’s business

Form ADV’s first part focuses on how the investment advisor's firm operates and how they build and maintain relationships across business segments, including:

• Business practices
• Clients
• Employees
• Affiliations
• Ownership
• Any disciplinary events related to the advisor or their employees

2. Advisory programs

The second part helps you develop a greater understanding of the firm’s details, services and processes, including:

• Account/program requirements
• Services offered
• Fees, costs and compensation
• Conflicts of interest

These documents are primary disclosures, helping you understand all relevant information about products and services before buying them. They’re important sources of information about programs that may interest you, so take as much time as needed to explore them.

3. Client relationship summary

This last part provides key information that may not be explicitly called out in branded materials but can better educate you and support your decision, including:

• Required standard of conduct
• Helpful questions to ask the financial advisor
• Sources to find further information

What should you bring to the first meeting?

In addition to thoughts and questions you have during the research phase, pull together information that gives your financial advisor a snapshot of your current financial status to help them get started:

• Income statements like pay stubs and W2s, or a 1099 form if you're a contractor
• Federal and state tax returns
• Financial statements (retirement accounts, including 401(k) and individual retirement accounts (IRAs), investments, bank statements, CDs, assets, annuities, etc.)
• Debt (mortgage, student loans, credit cards and loans)
• Life insurance policies
• A monthly budget that includes your typical expenses
• Your plan for emergency savings: Most financial advisors suggest having a savings nest egg that will cover three to six months of total expenses
• A summary of your personal and professional purchases, investments and needs
• Near-future goals: expanding your family, buying a home or car, planning a vacation, getting a college degree or starting a business
• Goals as you age: owning a larger home, college education for kids, medical care or living expenses for your parents
• Personal life goals like a specific retirement age, hobbies, passions and potential travel plans

Questions to ask a financial advisor in the first meeting

At Edward Jones, we’ll start by getting to know you, what's important to you today and your plans for tomorrow. While we’ll always be there to support you every step of the way, we also want you to have every opportunity to get to know us.
Some standard questions to ask a financial advisor include:

• What’s your investment philosophy?
• How do you approach the client/financial advisor relationship?
• How do you maintain diversity in an investment portfolio?
• How does your firm ensure that financial advisors actively listen to clients and take their wishes and opinions into consideration?

What financial advisors ask in the first meeting

To find the right account option for you, we narrow down your risk level preferences and investment style by asking:

• How much do you want to be involved in your investment decisions?
• Are you more of a hands-on investor or do you prefer a guided approach?
• What’s your tolerance for risk?
• Are there types of investments you are particularly interested in?
• How often do you like to communicate, and how (in person, online or by telephone)?
• How often do you want to meet?
• Do you feel comfortable getting updates via Online Access or a mobile app?

After getting to know you better, we want to tell you how we can help. We'll share what products and services we offer and information about our related fees, and how we may provide options for your specific situation.

Questions to ask yourself after the first meeting

Following your first meeting, you and your financial advisor will agree on a specific short- and long-term strategy, a clear progress check-in timeline and a list of actionable next steps. Once you have the next steps, you can ask yourself:

• Do you feel comfortable working with this person long -term?
• What’s your current financial status in comparison to what you want it to be?
• What action items do you need to complete to accomplish your goals, like saving a set amount or tackling debt?
• What action items did your financial advisor commit to?
• How can you track your progress toward your goals?
• How often will you communicate with your financial advisor?
• How can you touch base with your financial advisor if you have a timely need?
• Who else will you work with from the firm?
• What services, products and programs can our financial advisor help you with?
• What’s the timeframe for your next meeting?

How Edward Jones can help you

We'll work to understand what living a meaningful life means to you, follow an established process and build personalized strategies that can help you achieve your financial goals. Throughout our partnership, we'll continue to revisit your goals and risk tolerance to help you stay on track. By working with your tax professionals, estate attorneys and insurance specialists, we can create a comprehensive approach for you and your needs.

Contact an Edward Jones financial advisor today to get started.