What to expect during a financial planning meeting

in Financial Wellness

Planning for the future can be difficult because of unknown factors like market risk, life expectancy and social security cuts. We may not know what the future will hold, but often times the best advice is to stay invested. A helpful tool to stay calm during a tough market is with financial planning!

Whether your plan is created or in the beginning stages, these ideas can help calm your nerves to help keep you focused on what is most important … your financial future. Having a financial planning meeting with your Advisor once a year, or more if there is a significant life change, is a good rule of thumb to abide by. If you’re going into for your first financial planning meeting, it’s best to come prepared as best as possible.

What to expect at your first meeting

This is a good time for us to get to know each other, and a good time for you to ask questions. During our first meeting, I will spend a lot of time listening because I want to learn about your goals and what’s important to you. This is a great time for you to be candid about your financial situation and where you would like to be in the future.

Important documents to bring with you

The following items are important to have on hand for our meeting, though I won’t need to see all of them:

  • Recent statements for all financial accounts including:
  • 401(k) or other employer-sponsored retirement plan statements
  • IRA statements
  • Bank account and CD statements
  • Brokerage account statements
  • Trust account statements
  • Insurance policies
Recent income and identity documents:
  • Current salary information
  • Copy of your most recent tax return
  • A copy of your most recent Social Security statement (with your social security number hidden) which can be obtained at www.ssa.gov
  • Birth dates and photo IDs for you, your spouse and your beneficiaries if possible
  • A list of your average monthly expenses including:
  • A list of any other financial assets not mentioned above.

Additionally, be prepared to talk about any wills and trusts and the date the will or trust was created.

Think of any questions you may have for me, and have an understanding of the following information:
  • Any financial and lifestyle goals you have, both short and long-term (taking a vacation, buying a house, saving for college, planning for retirement, etc.).
  • How soon you hope to achieve these goals.
  • Amount of income do you think you’ll need in retirement?
  • What do you want to do in retirement?
  • Questions or concerns you have about investing or using these services
  • What will happen as a result of this meeting?

Our meeting will help give me a clear picture of your financial situation, your tolerance for risk and what you hope to achieve.

I will prepare a formal review of our meeting(s) and list my recommendations specific to your financial situation.

You’ll have time to consider these recommendations and any decision to move forward with a financial plan is completely up to you.

For more information, contact Bob Skillings – Financial Advisor with SouthPoint Investment Services at 507-233-5624 or by email [email protected]

Securities and advisory services offered through Cetera Advisor Networks LLC, member FINRA/SIPC, a Broker-Dealer and a Registered Investment Advisor. Investments are: • Not FDIC/NCUSIF insured • May lose value • Not financial institution guaranteed • Not a deposit • Not insured by any federal government agency. Cetera is under separate ownership from any other named entity.

*Consult your legal or tax counsel for advice and information concerning your particular circumstances. Neither Cetera nor any of its representatives may give legal or tax advice.

 All investing involves risk, including the possible risk of principal. There is no assurance that any investment strategy will be successful.


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