Checklist for Your First Visit With a Financial Planner
After you choose a CFP® professional and are preparing to meet for the first time, it helps to gather some of your key financial information in advance. This will help your advisor understand your current situation and create a plan to help you reach your goals.
OUTLINE YOUR GOALS AHEAD OF YOUR MEETING
Below you’ll find a list of documents to bring to your first meeting with a CFP® professional. Before you begin, the first essential step is to ask yourself, “what do I want the financial advisor to help me achieve?” By jotting down your high-level goals, you’ll set yourself up for a productive conversation.
Need help outlining your financial goals? We can help you set your financial goals.
WHAT TO BRING TO YOUR MEETING WITH A CFP® PROFESSIONAL
In addition to your high-level goals, be prepared to bring a variety of financial documents and information to your first meeting. If your CFP® professional hasn’t requested any specific materials, you can proactively ask them for a list of items that you should bring to your meeting. Regardless, every financial advisor will need some variation of the following:
- Tax Returns
First and foremost, you’ll want to gather your most recent federal and state tax returns (ideally from the last three years). These returns will provide the best high-level picture of your financial situation. - Pay Stubs
Alongside your tax returns, you should compile your latest pay stubs (as well as your spouse’s, if applicable). If your income is irregular (due to a large year-end bonus or inconsistent freelance work, for example), be sure to share these details with the CFP® professional. - Social Security Statement
Next, regardless of how far you are from retirement, you should acquire a copy of your Social Security Statement. - Monthly Budget
It will be helpful to bring your monthly budget to give a sense of your typical expenses. If you don’t have a set budget, a collection of your credit card and/or debit card statements will offer valuable insight into your spending habits.
- Financial Statements
Making a list of all of your savings and investment accounts, and then compile gather the latest financial statements from each one. This not only includes your bank accounts, but also your retirement accounts – (such as a 401(k), 403(b), or IRA), – mutual funds, stocks, bonds, annuities, and any other assets. - Pension Estimate
If you have a pension, you’ll want to acquire the most recent estimate as well.
- Mortgage
If you own real estate, you should collect any mortgage documentation (your lender likely shared a year-end statement with you). - Student Loans
You should also gather any student loan statements for you or your child. - Other Loans & Credit Card Debt
Lastly, if you’ve taken out any other loans or are carrying credit card debt, be sure to compile those details as well.
- Insurance Policies
To round out the document aggregation, you should gather your life insurance policies and any other insurance you have – whether purchased on your own or provided by your employer (homeowners, auto, umbrella, etc.).
BE PREPARED TO ASK QUESTIONS
Once you’ve outlined your high-level financial goals and collected the documentation above, you’ll want to jot down some questions to ask your CFP® professional.