Seeking guidance from a financial services professional can be one of the smartest moves you make.
Whether you’re saving for retirement, protecting your assets, or navigating complex tax matters. However, the value you gain depends on how you approach the relationship.
Here are the top five dos and don’ts to ensure you get the most from your financial consultation.
Top 5 Dos
- Do Your Homework First
Before scheduling an appointment, spend some time understanding your own financial situation—your income, expenses, assets, debts, and goals. A basic overview will help you have more productive discussions and avoid wasting time going over details you could have prepared in advance. - Do Choose the Right Professional
Not all financial advisors offer the same services. Depending on your needs, you might require a financial planner, investment advisor, accountant, or insurance broker. Check their qualifications, licensing, and areas of expertise. Ensure they’re registered with an appropriate governing body. - Do Ask Questions
Don’t hesitate to ask how your advisor is compensated (fee-for-service, commission, or both), how their advice is tailored to your needs, and what alternatives they considered. A trustworthy professional will welcome your questions and provide clear, understandable answers. - Do Set Clear Goals
Come prepared with specific goals—whether it’s buying a home in five years, retiring at 60, or paying off debt. This helps the advisor create a focused, personalised plan instead of offering generic recommendations. - Do Follow Up Regularly
Financial advice isn’t a one-time event. As your life circumstances and markets change, so too should your financial strategy. Schedule regular check-ins—annually or after major life events—to ensure your plan stays on track.
Top 5 Don’ts
- Don’t Leave It All to the Advisor
Financial professionals are there to guide you, not take over your entire decision-making process. You need to stay engaged and informed, as you are ultimately responsible for your financial wellbeing. - Don’t Ignore Red Flags
Be cautious of advisors who promise unrealistic returns, use pressure tactics, or don’t disclose fees and commissions. Trust your instincts—if something feels off, seek a second opinion. - Don’t Be Vague About Your Situation
Honesty is critical. Failing to disclose debts, financial obligations, or spending habits will lead to inaccurate advice. The more open you are, the better the outcome will be. - Don’t Focus Only on Returns
While performance matters, it’s not the only measure of a good financial plan. Risk management, tax efficiency, insurance coverage, and estate planning are equally important components of long-term financial success. - Don’t Delay Getting Advice
Too many people wait until they’re in financial trouble to seek help. Engaging a financial services professional early—before buying a house, starting a business, or nearing retirement—can help you avoid mistakes and seize
opportunities.
Final Thought
Approaching a financial professional with clarity, curiosity, and openness creates the foundation for a successful partnership. By following these dos and don’ts, you’ll be empowered to make confident, informed financial decisions that serve you well into the future.
If this article has inspired you to think about your unique situation and, more importantly, what you and your family are going through right now, please get in touch with your advice professional.
This information does not consider any person’s objectives, financial situation, or needs. Before making a decision, you should consider whether it is appropriate in light of your particular objectives, financial situation, or needs.
(Feedsy Exclusive)