Brokerage Firm - Question 33

What kind of questions should my financial advisor be asking me when we meet for the first time? What should I tell him or her?

Some of the questions your financial advisor should be asking deal with your objectives for investing: the reasons why you are investing, the level of risk that you are able to assume, and the amount of money you have to invest. Remember that your financial advisor is a consultant. In order to help you, he or she needs as much information as possible about your expectations, your prior investment experience, your assets and liabilities, and your time horizon. This person should treat everything you say as confidential -you need to be clear about that with this person before divulging any information. You should tell your financial advisor everything he or she needs to understand about your finances (including your prior investment successes, disappointments and expectations). If you have accounts held at other firms, let this person know. If you or members of your family have any major health or interpersonal problems, your financial advisor may need to know this information. This way he or she will be able to better advise you about health and estate planning matters.