Geller Law
Let's assume that you have arranged a first meeting with a financial advisor. You have an appointment to meet at noon tomorrow. What should you bring with you?
1. The first question is actually not "what?” but rather "who?”
If there will be two or more clients participating in the accounts, then all should be present. It is common for spouses to retain the same advisor. If so, both spouses should be present. If an account is managed for an adult child, then the child should accompany the parent(s).
There are a couple of rules involved here. The first is that the advisor must take steps to understand what makes the client tick. This means that the advisor should meet with the client. The second is that the advisor must make sure that the client understands what the advisor has to say. This is not possible if the advisor relies upon one client (who is present) to explain to the other client (who is absent).
2. The second question is definitely "what?"
Existing statements: Advisors want to know what clients already have. If the client already has an account with a financial advisor, then the client should bring the most recent statements of that account. The statement will show the new advisor what is in the account. The new advisor can then ask questions about how, when, and why the account was created and how the current holdings came to be there.
Proof of Income: Is your income from salary, dividends from your own company, or from investments. The source of income is an essential element of competent financial advice.
Income tax: Clients should have some idea about their income tax situation, so the most recent tax returns might be a good source of information for the new advisor.
Financial plan: Some clients already have a written financial plan, either prepared by a consultant or one they came up with by themselves.
Life Insurance policies: If the financial advisor is licensed to deal with life insurance, a summary of the current policy would be helpful.
Will and power of attorney (POA) information: Most financial advisors want to know if there is a POA for property. Some will ask who the executor and beneficiaries are in the will.
3. When in doubt, ask the advisor
Of course, it is a good question to ask the advisor, “What information or documents do you want me to bring tomorrow?” The advisor’s answer may provide some guidance as to how knowledgeable and professional is the advisor!
Excellent information is available on the Ontario Securities Commissions' website to assist you further. See: https://www.osc.ca/en/investors/investor-resources
