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Consultation Checklist: 5 Critical Questions You Should Ask Your Financial Planner

Do you have an upcoming meeting with your financial planner?

Regardless if it’s your first meeting or an annual visit with your financial planner, it’s important that you arrive prepared. You should have a general idea of what to keep track of, so that you can make changes to your plan necessary, to better fit your goals. When you arrive prepared with the right questions and documents, you can expect to get the most out of your meeting.

Read on and explore the top five questions that you should ask your financial planner.

1. Am I on Track to Achieve My Goals?

This is a great question to get the conversation moving. Begin your meeting by requesting an overall review of your entire financial situation.

This could include re-examining things like your:

  • Income
  • Expenses
  • Investment goals
  • Risk tolerance
  • Time horizons
  • Investment portfolio

You can take this time to determine if your circumstances or portfolio has changed in any way since the last time you met. Your financial planner can also discuss the possibility of introducing new investments, rebalancing, retiring early or delaying retirement if appropriate.

2. Do I Need to Reassess My Time Horizon?

This is an extremely important question to ask.

Your time horizon is essentially the finish line for your financial goals. If something needs to be adjusted for you to meet your financial goals on time, this is the time to discuss your options. Especially if you have different time horizons for different goals or investments.

3. How Will Recent Lifestyle Changes Affect My Finances?

Your entire lifestyle can change in the blink of an eye. You might be surprised at how a major change in your lifestyle can affect some of your long-term financial goals. A major lifestyle change could include a marriage or divorce, having a child, buying a house, a change in career, starting a new business or even early retirement.

One or more of these lifestyle changes could affect your investments and financial goals. This could be an opportune time to sit down and regroup, so you can make changes to your goals and investments as you and your financial planner see fit. You can also take this time to review your beneficiary information and update as needed.

4. What is the Status of My Retirement Savings?

Your retirement savings are extremely important.

Meeting your retirement goals on time can determine the long-term quality of life for both you and your family. Saving enough money to support yourself well into retirement is essential to ensure that you’re well taken care of for many years to come. Especially if something unexpected were to happen, such as a large repair to your home or an uninsured medical emergency.

If for any reason you are not on track with your retirement savings goals, your financial planner may suggest a variety of different strategies to help you meet your goals. This could include prolonging your working career and putting retirement off for a few years, or perhaps a change to your investment portfolio.

Looking for retirement income planning in Burlington and Oakville? Contact Halton Wealth Management to get started!

5. Is My Portfolio Diverse Enough to Meet My Financial Goals?

Your portfolio can consist of a variety of investments. Your investment mix could include different asset types, such as stocks, bonds, and cash, or geographic regions, such as Canada, the U.S. or internationally. Having a diverse investment portfolio can prove to be a strong strategy, helping you reach your financial goals according to your time horizon!

If you would like to explore something new, and your financial planner feels that it may be in your best interest, now is the time!

Now that you have a strong list of questions to ask your financial planner, it’s time to meet with them! If you’re looking for a financial planner in Burlington or Oakville, schedule a free consultation with Halton Wealth Management! Our team will provide you with a variety of customized investment solutions, while offering completely transparent investment fees.

Request a free, no obligation consultation today to begin!

Ready to take control of your financial future? 

From your first consultation, expect personalized financial services and continuous support to help you achieve your goals with us.