Your First Financial Planning Meeting – What to Expect

By the time you attend your first financial planning meeting, you probably have an idea of what you would like to discuss. You may also have done some research on the firm so know who you will be meeting and their area of expertise.

But beyond this, what can you expect at your first meeting?

First Steps
The first meeting should be no-obligation and should not incur a charge.

The adviser will tell you a bit about the firm and what they can do for you. They will explain their process and establish your expectations.

You should be provided with some documents at your first meeting, some of which you will need to sign. These include:

• The firm’s privacy policy.
• A marketing agreement which allows you to opt in or out to receiving marketing communications.
• A client agreement which explains the service and the terms of your contract with the firm.
• Details of service levels and the charges that will apply.

By dealing with these formalities first, you can get a feel for how the firm works and whether you are comfortable proceeding to the next stage.

Finding Out About You
Your adviser should spending some time finding out what you would like to achieve. This will probably start with your immediate objective, for example, reviewing your pension. However, you will also be encouraged to think about your longer term goals and aspirations.

You will be asked a lot of questions at your first financial planning meeting. This may include:

• Basic personal information
• Details of your family situation
• Information about your employment or business
• A breakdown of your income and expenditure
• An idea of your assets and liabilities

You may be asked to complete a questionnaire with some of this information before your first meeting. This can save time, although some advisers prefer to ask the questions as part of a conversation, as this can help to build the relationship.

You will also need to complete a risk questionnaire. This might happen during the first or second meeting, or you may be asked to fill it in at home. This will help to establish how you feel about risk and how much volatility you can cope with in respect of your investments. It may also include questions about your investment experience and how you have dealt with market ups and downs in the past.

Gathering Information
Your adviser will need to gather a lot of information to create your financial plan. This may include:

• Details of income, for example payslips, P60s, or tax returns.
• Bank statements
• Valuations of your pensions and investments
• Details of any workplace or occupational pensions
• Insurance policy information
• Confirmation of any employment benefits, such as sick pay and death in service benefits.
• Copies of any wills, trusts, or powers of attorney

You might need to bring some documents with you to your first meeting or provide them later.

Where possible, your adviser will ask you to complete a letter of authority, which allows them to directly contact the relevant companies for information. This can save time and make the whole process easier for you.

You should allow several weeks for your adviser to gather information, although it is likely that they will keep you updated during that time.

Time to Ask Questions
Trusting someone with your financial plan is a big step, and you need to make sure you are comfortable. You should have plenty of time to ask questions and clarify anything that you don’t understand.

You are not expected to be an expert in financial matters and should ask any questions that come to mind. You may need further clarity regarding:

• The firm’s processes and charges
• The tax implications of the matters you are discussing
• Investments and financial products in general

At the first meeting, your adviser will be happy to discuss general options and answer your questions. The specifics, such as how you should invest or plan for retirement, will be covered at a later date once they have had time to assess your situation.

Agreeing Next Steps
After the first meeting, you should be clear on what your adviser will do for you. This may involve a follow-up meeting, or your adviser will agree to contact you once they have all the information they need. The next step may be:

• Creating and implementing a full financial plan, as well as incorporating regular reviews.
• Creating a financial plan for a fixed fee that you can then choose to implement or not.
• Dealing with a specific area of your financial situation, for example, consolidating your pensions. This may be a one-off exercise or it may include ongoing service.
• You may decide not to proceed with financial advice. The adviser may give you some tips or signpost you to resources that can help you.

Your first financial planning meeting should be a positive experience and you should come out of it with a good idea of how you want to proceed. Remember you are under no obligation, and if you want to defer a decision or speak to another firm, you are well within your rights to do this.

Please don’t hesitate to contact a member of the team to find out more about financial planning.