Financial Planning

Before You Meet with a Financial Advisor, You Need to Know This

Before you meet with a financial advisor.Are you thinking about retirement?  Did you start a new job and want to know more about a 401K?  Or are you interested in starting 529s for college savings?  Then you might be considering meeting with a financial advisor.  But, before you meet with a financial advisor, you should be prepared and you will get much more out of it.  Here are a few questions they will ask you.  

What is your net worth ?

Your financial advisor will more than likely ask you if you know this.  I did not on my first visit and it made me feel a little foolish.  It is actually quite simple to figure out, but you may need to do a little digging to figure it out.  Simply put, you take your assets (savings) and subtract your liabilities (debts) which leaves you your net worth.

Here is an article to help you determine your net worth.

A good step for your financial future is to start tracking your net worth and updating it at least once or twice a year.  If you are are looking for a good online way to track your expenses, you would definitely check out Personal Capital.  I have been using this for over a year and it is so motivating to see your net worth grow. 

What accounts do you already have?

Have you already started a 401k with another company?  Do you have a Roth-IRA?  Already have a 529?  Your advisor will want to know of any savings that you already have.  They also can help you roll-over any previous accounts from old employers.  I had 3 different 403b accounts that my advisor helped me do a direct rollover to a traditional IRA.  This helped put my money into one account that I can now manage much more easily. 

Savings include, 401k, 403b, 457, 529, HSA, HRA, Bank Savings, Roth IRA, Traditional IRA, or other investment accounts.

What are your current expenses?

You will want to know what your expenses are each month.  This includes your mortgage, bills, money spent on shopping, entertainment, etc on average.   You will need to know your expenses to determine the amount of money you will need saved for retirement.

Here is another way to determine how much money you will need for retirement.

What will your likely expenses be in retirement? 

If you know your current expenses, you will look at these and determine what might stay or increase in retirement.  Will you continue to have a mortgage, or will you pay it off before you retire?  Will your expenses decrease because you won’t have children that you will be taking care of?  Or will they increase because you need to include a travel or hobby budget into your expenses?  Do your best to determine what they might be.  Your financial advisor should be able to help with this as well.

What do you want to do in retirement?

This is a big question.  If you are married make sure to talk with your spouse about what your dreams are.  Do you want to travel?  Do you want to buy a home on a lake?  Do you want to travel around in a RV across the nation?  Live in a different country?  Pick up new hobbies?  Volunteer?  Work at another job that you are passionate about.

Do you have any income that will continue in retirement?

This may include any rental property income, other investment accounts, or other jobs that you may continue to earn from in retirement.  Will there be a pension?  What would be your estimated social security?  This will have a direct impact on how much money you will need to pull from your investments in retirement. 

When do you want to retire?  How much do you plan to save each month?

Depending on how you answer each of these questions, will directly affect the other.  For instance, if you have longer until your retirement, you will need to save less each month.  But if you plan to continue to increase your savings each month, your retirement will come sooner.  Your advisor should be able to take into account either of these and give you a plan of savings to make your goal.

My warning to you is to not feel overwhelmed by the numbers that your advisor may give you.  Many things can change between now and your retirement date.  Your career may make advancements and you may increase your salary which could lead to a larger savings rate, or you may cut your expenses and make lifestyle changes which could also lead to an increase in your savings rate. 

All in all, a financial advisor can be a great asset and the better prepared you go into your meeting with one, the better advice you will get.  They will help guide you through all of these questions so don’t worry if you are unable to answer any of them before you go. 

Read here to determine why you should see a financial advisor.

Get weekly tips on how to manage money in your life!  You will get tips that are simple to include in your everyday life now.  Who doesn't want more money?  Sign up today!

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: Flip the Fail, P.O. Box 28, Lakeville, MN, 55044, http://www.flipthefail.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

79 comments

  1. Great beat ! I would like to apprentice while
    you amend your website, how could i subscribe for a blog site?
    The account aided me a acceptable deal. I had been a little bit acquainted of this
    your broadcast provided bright clear concept
    g could recently posted…g couldMy Profile

  2. Nice post. I was checking continuously this blog and I am impressed!
    Very useful info particularly the last part 🙂
    I care for such info a lot. I was looking for this certain information for a very long
    time. Thank you and best of luck.
    well g recently posted…well gMy Profile

  3. What i don’t realize is actually how you’re now not really much more smartly-favored than you
    might be now. You are very intelligent. You realize thus significantly relating to this matter, produced me personally believe it from a lot
    of various angles. Its like men and women aren’t involved
    except it’s something to do with Girl gaga! Your individual stuffs great.
    At all times deal with it up!
    http://tinyurl.com/ycohfur3 recently posted…http://tinyurl.com/ycohfur3My Profile

  4. Simply wish to say your article is as amazing. The clarity in your post is simply
    nice and i could assume you are an expert on this subject.
    Fine with your permission allow me to grab your RSS feed to keep updated with
    forthcoming post. Thanks a million and please continue the enjoyable work.
    best hosting recently posted…best hostingMy Profile

  5. My developer is trying to persuade me to move to .net
    from PHP. I have always disliked the idea because
    of the expenses. But he’s tryiong none the less.
    I’ve been using Movable-type on various websites for about
    a year and am concerned about switching to another platform.
    I have heard fantastic things about blogengine.net.
    Is there a way I can transfer all my wordpress posts
    into it? Any kind of help would be really appreciated!
    web hosting services recently posted…web hosting servicesMy Profile

  6. Hi, I think your blog might be having browser compatibility issues.
    When I look at your website in Firefox, it looks fine but
    when opening in Internet Explorer, it has some overlapping.
    I just wanted to give you a quick heads up! Other then that, wonderful blog!
    web hosting companies recently posted…web hosting companiesMy Profile

  7. I was curious if you ever thought of changing
    the structure of your blog? Its very well written; I love what
    youve got to say. But maybe you could a little more in the way of content so people could connect with
    it better. Youve got an awful lot of text for only having one
    or 2 pictures. Maybe you could space it out better?
    cheap fly recently posted…cheap flyMy Profile

  8. Today, I went to the beachfront with my children. I found a sea shell and gave it to my 4
    year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to her ear and screamed.
    There was a hermit crab inside and it pinched her ear.
    She never wants to go back! LoL I know this is entirely
    off topic but I had to tell someone!
    web hosting companies recently posted…web hosting companiesMy Profile

  9. Excellent blog you have here but I was curious
    about if you knew of any discussion boards that cover the same topics talked about in this
    article? I’d really love to be a part of group where I can get feed-back
    from other experienced individuals that share the same interest.
    If you have any recommendations, please let me know.
    Appreciate it!
    website hosting recently posted…website hostingMy Profile

  10. Attractive section of content. I just stumbled upon your blog and
    in accession capital to assert that I get in fact enjoyed account your blog posts.
    Any way I will be subscribing to your augment and even I achievement you access consistently
    rapidly.
    webhosting recently posted…webhostingMy Profile

  11. I’m really impressed with your writing skills as well as with the layout on your blog.
    Is this a paid theme or did you modify it yourself?
    Anyway keep up the excellent quality writing, it is rare to see a great blog like this one these days.
    31muvXS cheap flights
    cheap flights recently posted…cheap flightsMy Profile

  12. Somebody essentially lend a hand to make seriously articles I might state. That is the first time I frequented your web page and up to now? I amazed with the research you made to make this actual post extraordinary. Fantastic job!

  13. I just like the valuable info you provide for your articles.
    I will bookmark your weblog and test once more here frequently.
    I am slightly certain I’ll be told many new stuff proper here!
    Good luck for the following!
    cheap flights recently posted…cheap flightsMy Profile

  14. Hi there! I’m at work surfing around your blog
    from my new iphone 4! Just wanted to say I love reading your blog
    and look forward to all your posts! Keep up the great work!
    black mass recently posted…black massMy Profile

  15. This is very interesting, You are a very skilled blogger. I have joined your feed and look
    forward to seeking more of your excellent post.
    Also, I’ve shared your website in my social networks!
    black mass recently posted…black massMy Profile

  16. Undeniably believe that which you said. Your favorite reason appeared to be on the net the easiest thing to be aware
    of. I say to you, I definitely get irked while people think about worries that
    they just don’t know about. You managed to hit the nail upon the top and also defined out the whole thing without having
    side-effects , people could take a signal. Will likely be back to get more.
    Thanks
    web hosting company recently posted…web hosting companyMy Profile

  17. The willow has become a real money-maker for many who view the many uses of
    the tree beyond its traditional use being a landscape tree.
    High school science teacher Pauline Muth enjoyed growing and
    training bonsai trees in her spare time, and chose to turn her hobby
    in to a real bonsai business when she retired from teaching.
    Best of all, it’s actually a business anyone can begin with
    only a few hundred dollars.
    bonsai tree lifespan recently posted…bonsai tree lifespanMy Profile

  18. It’s actually a great and helpful piece of info.
    I’m glad that you shared this useful information with us.
    Please keep us informed like this. Thank you for sharing.
    April recently posted…AprilMy Profile

  19. Hi are using WordPress for your site platform? I’m new
    to the blog world but I’m trying to get started and create my own. Do you need any coding knowledge
    to make your own blog? Any help would be really
    appreciated!
    Hattie recently posted…HattieMy Profile

  20. I loved as much as you will receive carried out right here.
    The sketch is attractive, your authored subject matter
    stylish. nonetheless, you command get got an shakiness over that you wish
    be delivering the following. unwell unquestionably come more formerly
    again since exactly the same nearly a lot often inside case you shield
    this hike.
    Hassan recently posted…HassanMy Profile

  21. Do you mind if I quote a few of your articles as long as I provide credit and sources back to your
    blog? My blog site is in the very same niche as yours and my visitors
    would definitely benefit from some of the information you present here.
    Please let me know if this alright with you.
    Thanks a lot!
    Mikel recently posted…MikelMy Profile

  22. First off I want to say excellent blog! I had a
    quick question in which I’d like to ask if you don’t mind.

    I was curious to know how you center yourself and clear your thoughts prior to writing.
    I have had trouble clearing my thoughts in getting my ideas
    out there. I do enjoy writing but it just seems like the first 10 to 15 minutes are
    generally lost simply just trying to figure out how to begin. Any ideas or tips?
    Many thanks!

    Also visit my web site … https://mbnbabyblog.com/reactive-hypoglycemia-and-weight-training-be-sure-that-be-eating-dinner/
    https://mbnbabyblog.com/reactive-hypoglycemia-and-weight-training-be-sure-that-be-eating-dinner/ recently posted…https://mbnbabyblog.com/reactive-hypoglycemia-and-weight-training-be-sure-that-be-eating-dinner/My Profile

  23. Hello There. I found your blog using msn. This is
    a very well written article. I will make sure to bookmark it and return to read more of your useful information. Thanks for the post.
    I will definitely comeback.
    Catharine recently posted…CatharineMy Profile

  24. Hi there! I could have sworn I’ve been to this
    website before but after going through some of the articles
    I realized it’s new to me. Nonetheless, I’m certainly happy I came across it and I’ll be book-marking it and checking back regularly!
    Tracking recently posted…TrackingMy Profile

  25. Heya! I just wanted to ask if you ever have any issues
    with hackers? My last blog (wordpress) was hacked and I ended up losing a few months of hard work due
    to no backup. Do you have any solutions to protect against hackers?
    Ward recently posted…WardMy Profile

  26. Hi would you mind sharing which blog platform you’re working with?
    I’m going to start my own blog soon but I’m having a tough time
    deciding between BlogEngine/Wordpress/B2evolution and Drupal.
    The reason I ask is because your design and style seems different then most blogs and I’m looking for something completely unique.
    P.S Apologies for getting off-topic but I had to ask!
    真空波纹管 recently posted…真空波纹管My Profile

  27. You really make it seem really easy along with your presentation but
    I find this matter to be actually one thing that I believe I might never understand.
    It sort of feels too complicated and very vast for me.
    I am having a look forward for your next put up, I’ll try to get the hold of it!
    online projects recently posted…online projectsMy Profile

  28. Very good blog! Do you have any tips for aspiring
    writers? I’m planning to start my own blog soon but I’m a little lost on everything.
    Would you propose starting with a free platform like WordPress or go for a paid option? There are so many options out there that I’m totally confused ..
    Any recommendations? Thank you!

    Feel free to surf to my web page; UltraSonic Keto Review
    UltraSonic Keto Review recently posted…UltraSonic Keto ReviewMy Profile

  29. I got this web page from my friend who informed me about this web site and now this time I am visiting this
    web site and reading very informative articles at this place.
    Willis recently posted…WillisMy Profile

  30. Just to follow up on the update of this
    theme on your website and wish to let you know simply how
    much I treasured the time you took to generate this valuable post.

    In the post, you actually spoke of how to really handle this
    thing with all convenience. It would be my personal pleasure to get together some more concepts from your web-site and come as
    much as offer some others what I have learned from you.
    Many thanks for your usual great effort.

    Feel free to visit my homepage: https://releafeasecbd.org/
    https://releafeasecbd.org/ recently posted…https://releafeasecbd.org/My Profile

  31. Hi there! This is kind of off topic but I need some
    help from an established blog. Is it difficult to set
    up your own blog? I’m not very techincal but I
    can figure things out pretty quick. I’m thinking about creating my own but I’m not sure where to begin.
    Do you have any points or suggestions? With thanks

    Also visit my homepage … Enter site
    Enter site recently posted…Enter siteMy Profile

  32. I precisely wished to thank you very much again. I do not know the things
    that I would have used in the absence of those
    recommendations documented by you about my area of interest.
    It has been a real alarming case in my position, nevertheless being able to view a new
    skilled way you processed the issue made me to weep for contentment.
    I’m grateful for the help and in addition wish you comprehend what a powerful
    job you happen to be putting in instructing the rest by way of your site.
    Probably you’ve never got to know any of us.

    Also visit my blog post … https://indicativecbd.com/
    https://indicativecbd.com/ recently posted…https://indicativecbd.com/My Profile

  33. Wonderful goods from you, man. I’ve understand your stuff previous to
    and you are just too fantastic. I really like what you’ve acquired here, certainly like what you’re saying and the way in which you say it.

    You make it enjoyable and you still care for to keep it smart.
    I cant wait to read much more from you. This is really a tremendous website.
    web design recently posted…web designMy Profile

  34. Howdy just wanted to give you a quick heads up.
    The text in your content seem to be running off the screen in Safari.

    I’m not sure if this is a formatting issue
    or something to do with browser compatibility but I thought I’d post to
    let you know. The style and design look great though! Hope you get the
    problem resolved soon. Kudos
    Elsie recently posted…ElsieMy Profile

  35. I am really impressed with your writing abilities as well as
    with the structure in your weblog. Is that this a paid subject
    or did you modify it yourself? Either way keep
    up the excellent quality writing, it is uncommon to look
    a great blog like this one these days..
    Free live chat recently posted…Free live chatMy Profile

  36. Hello exceptional website! Does running a blog such as this take a great deal of work?

    I’ve absolutely no knowledge of computer programming however I was
    hoping to start my own blog in the near future.
    Anyhow, should you have any ideas or techniques for new blog owners please share.
    I know this is off topic but I just had to ask. Thanks!
    Clark recently posted…ClarkMy Profile

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge