The first meeting with a financial advisor can feel like you’re being evaluated. In reality, it’s a two-way conversation. And as a client, you have the power to choose who you want to work with.
That shift in perspective matters, especially since this person may impact every aspect of your financial future. Here’s what to expect in that first meeting (and what to watch out for).
What happens in the first meeting with a financial advisor
A good advisor will spend most of the first meeting asking questions. Their aim is to understand what your financial goals are and what kind of service you’re looking for. If you want something they don’t provide – tax preparation, for example – they can let you know upfront.
During the appointment, expect to discuss your goals, current financial picture, risk tolerance and timeline. Depending on your situation, the conversation could go deeper into business ownership, equity compensation, trusts, debt and if you’re already working with other professionals (a CPA, for example, or an estate attorney).
Questions the financial advisor might ask you
For an advisor, the main purpose of the initial call is to understand where you are financially. To do so, they might ask about:
- Your short- and long-term goals: Retirement, property purchases, family planning and more.
- Risk tolerance and sensitivity to market volatility: How loss-averse you are, how long you have until retirement and how much risk you’re comfortable with.
- Family dynamics: Whether you have dependents, aging parents, blended families or heirs.
- Special investments: Business ownership, concentrated stock positions, or upcoming liquidity events (such as a stock sale, an IPO, or a large number of vesting options or restricted stock units).
- Charitable giving: Interests, wishes and any existing donor-advised funds or foundations.
- Ground rules: Your preferred communication style and how involved you want to be in day-to-day decisions.
Questions you can ask the financial advisor
After the first meeting, you’ll want to have a good understanding of the financial advisor’s expertise, professional background and communication style. If this is a lot to cram into a first meeting, don’t worry – you can always schedule another as a follow-up (explore our guide to choosing and vetting a financial advisor).
- Are you a fiduciary? Legally, a fiduciary is required to act in your best interest, not theirs.
- What's your experience with clients like me? Not all advisors are equipped to handle complex financial situations. Ask for specific examples and how they handle situations like yours.
- How do you coordinate with my CPA and estate attorney? This is key if you already have a team that you work with.
- Do you offer access to alternative investments? This may be important to you if private equity, hedge funds, and real estate or real estate investment trusts (REITs) are already part of your portfolio or you want to begin investing in them.
- How are you compensated, and what are all the fees I'll pay? Understand how they bill for their services (if it’s fee or commission-based) and an estimate of how much it’ll cost you.
- What is your investing approach? If their investing style is different from yours, this question can help you understand their perspective and see if it’s one you trust.
4 red flags to watch for in the first financial advisor meeting
Not every advisor is the right fit. Sometimes it’s a disconnect in working style or communication, other times, it’s a sign to keep looking. Here’s some red flags to watch out for:
- Can’t (or won’t) clearly answer if they’re a fiduciary, or provides an alternative.
- Jumps to selling products before understanding your situation.
- Vague or avoids talking about fees clearly.
- Discourages a second opinion or encourages urgency.
What to bring to your first meeting with a financial advisor
You don’t need to do a deep dive of all your financial documents, but the more you share, the more productive the meeting will be. Here’s a general guide to what you should share (find a more detailed checklist for your meeting here):
- Federal tax returns (past two to three years).
- Investment and brokerage account statements.
- Retirement account balances (401(k), IRA, pension).
- Estate planning documents (wills, trusts, powers of attorney).
- Equity compensation details (RSUs, stock options, vesting schedules).
- Life, umbrella, and long-term care insurance policies.
- Any existing financial plan.
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