Taking the step to meet with a wealth management firm is a big move toward taking control of your finances. For many, the first meeting is unfamiliar, and it’s normal to feel unsure about what to expect. But rest assured, the initial consultation with independent wealth management firms is typically about understanding your financial situation and starting the conversation about your goalsl. Here’s what you can expect from that first meeting so you can feel prepared and confident.
Assessing Your Goals and Financial Situation
One of the primary purposes of the initial meeting is for the advisor to get to know you. Expect a discussion centered around your financial goals, current situation, and future aspirations. Advisors will typically ask questions about your income, savings, investments, debts, and financial priorities.
For instance, are you looking to save for a child’s education, plan for retirement, or grow your investments? This is your opportunity to share what matters most to you. The professionals at independent wealth management firms use this information to tailor their advice to your specific goals.
Reviewing Documents and Financial Information
You’ll likely be asked to bring financial documents to the meeting. This could include pay stubs, tax returns, account statements, and a list of your monthly expenses. These documents help the advisor paint a clearer picture of your finances.
Don’t worry if you’re unsure which documents to bring; most firms will provide you with a checklist beforehand. The idea isn’t to judge how much you have but to understand how to align your resources with your goals.
A Discussion About Risk Tolerance
Your risk tolerance is an important factor in financial planning. How comfortable are you with market fluctuations, and how much risk are you willing to take to achieve your financial goals?
The advisor will likely walk you through scenarios to gauge your comfort level. This conversation helps ensure that your investment strategy matches your personality and long-term objectives.
Explanation of Services
During the first meeting, the advisor will explain the services offered by the firm. This might include investment management, retirement planning, tax strategies, or estate planning. Each service will be tailored to your unique situation. For example, if you’re living in Oak Park and want to focus on retirement, the advisor might explain how their expertise in wealth management in Oak Park aligns with what you want.
Don’t hesitate to ask questions. A good advisor will take the time to explain their process in clear, simple terms.
Getting to Know the Advisor’s Approach
Just as the advisor is getting to know you, this meeting is also your chance to understand their approach. What’s their investment philosophy? How do they prioritize client communication? How often will you review your plan together?
If you’re working with independent wealth management firms, you’ll often find that they provide more personalized service compared to larger institutions. Asking questions to understand their approach will help you determine if they’re the right fit for your needs.
Fees and Transparency
The first meeting is usually where fees are discussed. The advisor should clearly explain how they’re compensated, whether it’s through a flat fee, hourly rate, or a percentage of assets under management.
Be sure to ask about any additional costs, such as transaction fees or fund expenses. Reputable advisors uphold transparency, and this discussion will help you decide if their services align with your budget.
Setting Expectations
Your advisor will likely outline what to expect moving forward. This could include how often you’ll meet, how your financial plan will be developed, and the steps needed to implement it.
For example, say you live in Oak Park and are exploring services for management wealth Oak Park. The advisor might explain how they’ll build a strategy specifically designed for your local environment and financial circumstances.
Wrapping Up and Next Steps
At the end of the meeting, your advisor will summarize the key points discussed and outline the next steps. They may give you homework, such as gathering additional documents or reflecting on specific financial goals. You’ll leave the meeting with a clearer understanding of how their services can help you.
This is also a good time to decide if you feel comfortable moving forward with the firm. Choosing an advisor is a partnership, so trust and communication are critical.
Disclosure
This letter is not intended to be relied upon as forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.
Additional information about Virtue Asset Management is available in its current disclosure documents, Form ADV, Form ADV Part 2A Brochure, and Client Relationship Summary report which are accessible online via the SEC’s investment Adviser Public Disclosure (IAPD) database at www.adviserinfo.sec.gov, using SEC #801-123564.
Virtue Asset Management is neither an attorney nor an accountant, and no portion of this content should be interpreted as legal, accounting or tax advice.
