5 Ways to Maximize an Initial Financial Advisor Meeting

First appointments with a financial advisor tend to have two key traits—they’re free and, therefore, relatively brief. Despite this, an initial consultation is a defining moment of your relationship with a professional or their firm. It serves as a prime opportunity to get to know each other on a surface level and, perhaps more critically, for you to begin to evaluate them.

So, how can you ensure your first meeting is as productive as possible? In this article, we’ll share five essential tips to keep in mind to maximize your initial meeting and gather the information you need to assess whether they’re right for you.

1. Know What to Expect

Initial appointments may occur over the phone or in-person. Often, they’ll also be available at no cost, enabling you to learn more about what they can offer you and how a potential arrangement would work. While you may receive an overview of services, fees, and minimums, effective consultations generally should feel like a two-person conversation—not a one-sided sales pitch.

“One big misconception about an initial consultation is that the potential client will be signed up for an advisor’s services in that call,” explains Laura DiFiglio, CFP^®, ChFC^®, a financial advisor at Northwestern Mutual. “An advisor is interviewing a potential client just as much as a potential client is interviewing them. Both parties want to make sure the relationship is a good fit.”

Think of the initial appointment as a discovery process, where you and a professional interview each other and gather information. It’s your chance to understand who they are, the value they provide, and their qualifications. Likewise, it’s also helpful for them, as they’re trying to assess your needs and goals as a client and how they can assist you.

“An advisor wants to work with clients who they know they can really serve and grow with,” says DiFiglio. “A lot of the questions they ask in that meeting are to gauge if both parties’ personalities will align. Deep conversations happen between advisors and their clients over time and each party should feel comfortable engaging in these.”

Throughout your discussion, prepare to talk in broad terms about financial concerns and long-term objectives. For example, an advisor might ask about your income and expenses or things you want to accomplish, like retirement or buying a home. Though conversations might not get too far in-depth, expect and try to welcome preliminary talks about your financial picture.

2. Ask Questions About Ethics, Services, Fees, and Process

Knowing the right questions to ask is crucial for getting the most out of an initial consultation. Specifically, it will be important to learn more about what to expect if you were to become a long-term client with the advisor or their company. This means asking about services, fee structures, and the professional/company’s approach to planning and investing, allowing you to understand their business practices.

Here are some important points to raise:

“Are You a Fiduciary?”

The first and, perhaps, most important question to ask is whether they’re a fiduciary. These professionals uphold a high standard of ethics and must put your best interest first. This means recommending investments they know will help you and practicing with integrity and care.

Many advisors registered with the U.S. Securities and Exchange Commission (SEC) or a state regulatory agency must follow this duty. The organizations that issue professional titles also require a fiduciary standard.

Similarly, be sure to ask the professional how they make money. Do they collect commissions or only operate on a fee basis? Fee-only professionals will usually be the highest quality, as they don’t earn money from the products and investments they recommend and often uphold a fiduciary duty.

“What Services Do You Offer?”

You’ll want to ask the advisor to describe their available services—e.g., investment management, financial planning, tax planning, estate planning, and more. Larger firms may commonly have most of these, while smaller advisors might have a defined focus or offer all of them. Either way, inquiring upfront about it allows them to explain it in their terms and within the context of your situation, even if you’ve read their website or brochure beforehand.

According to Chad Gammon, CFP^®, owner of Custom Fit Financial, another way to find out whether they can help with your circumstances is by asking “what types of clients the advisor works with.” For instance, do they serve primarily high-net-worth clients or regular individuals? Asking about this will help you know if you’re at the right place.

“What Fees Should I Expect?”

Next, you should ask the professional about the fees they charge clients. “There are a few different fee structures out there,” says DiFiglio, adding that “none is better or worse than the other” and “it just depends on a client’s needs.”

For instance, advisors might charge an asset-based fee when managing your portfolio or taking on more responsibility. Others will charge an hourly or fixed rate for creating a plan or completing a specific project.

“How Do You Work With New Clients?”

Finally, it’s good to request a description of their professional process. How will it work to receive advice and work with them? “You’ll want to know what to expect before going through their process,” DiFiglio says. “Most advisors have a series of meetings with a prospective client to ensure they gather all the needed information and provide ample education to explain why certain recommendations are being made.”

Whether they’re taking control of your account and investing on your behalf or designing a plan for you to implement, you must know how your advisor works and collects information. Make sure you identify how they’ll assess your goals and risk tolerance and how that translates into advice or action.

3. Assess Credentials and Experience

A strong indicator you’re talking to a reputable financial advisor is their credentials and experience. Beyond that, it’s key to recognize whether their training and expertise align with your goals. During your meeting, you’ll have the chance to ask them about these details directly and get a handle on their quality and skillset.

Knowledgeable financial advisors often hold professional designations or titles from well-known organizations such as the CFP Board, CFA Institute, or The American College of Financial Services. Some, like the Certified Financial Planner (CFP) title, bind professionals to act in your best interest and give them education and on-the-job familiarity in a specific focus.

“Advisors are continually educating themselves to better serve clients,” says DiFiglio, adding that when “you see letters after their name,” it usually “means they have certifications and designations that show off that education.”

As the conversation unfolds, try to learn more about the advisor’s certifications and years of experience in the field. Per DiFiglio, “If you are in the market for an advisor who specializes in a certain area you’ll want to ask what their specific designations mean and how they pertain to your situation.” This will help you begin figuring out if they can effectively serve your needs and help you accomplish your objectives.

4. Don’t Overlook Intangibles

Advisor-client relationships require a great deal of trust and understanding. You’ll be working with each other on some complex and very personal issues. So, to put it simply, it’s vital that you feel comfortable and can get along with them. Your first meeting is a good trial run to evaluate intangibles, such as their communication style, engagement, and demeanor.

A good first step is assessing how they communicate. Do they clearly and effectively explain concepts? This person could be giving you detailed financial advice for a long time. They should be able to make nuanced and complex information understandable—whether it’s a description of their fee structures or a report of your portfolio’s performance. If they can’t, it could be a red flag of things to come.

DiFiglio suggests observing how long they speak and what they ask. “In the consultation call and the first meeting, an advisor should be talking only 20% of the time,” she says. “The deeper the questions they ask and the more those questions become tailored to you is an indicator that this advisor grasps your financial situation and how you want your money to work for you.” If the conversation begins to feel more like a sales presentation than a meaningful discussion about your needs, it may not be the right fit.

Finally, as simple as it sounds, pay attention to their personality and trust your instincts. Your advisor should be a calming presence as you tackle financial goals and tasks rather than a source of stress.

It’s a good sign if you smile or laugh during the meeting between the more serious talking points. It’s even better if they inspire confidence in their abilities. On the other hand, if they seem distant and difficult to read, you may need to explore other options.

5. Keep an Open Mind

The first consultation with a financial advisor can be overwhelming—and it can go by quickly. As we’ve outlined, there are several things to be aware of and bring up. However, one of the most important is to keep an open mind, both on what you hear from the professional and finding the best match.

“Go in with an open mind,” says DiFiglio. “There are many different approaches to financial planning and the perfect fit for you may be an alternative one.”

As a prospective advisor discusses their approaches and investment philosophy, hear them out and decide whether it’s right for you. If you’re unfamiliar with financial topics, this might be easier. But if you have some knowledge, understand that professionals adopt unique strategies and have their own opinions.

When deciding whether to choose a professional, consider as many factors as possible. This includes their answers to the questions we listed above, credentials, and approach to planning and investing. After the meeting, think about what you talked about and whether it sounds good to you.

An open mind is also beneficial in the decision to look for other options. “My advice is to think of the consultation as an interview process with several advisor firms,” says Gammon. Just because this is the only company or professional you’ve talked to doesn’t mean that it’s the only one out there. Another may fit your needs, and it will take an open approach and multiple meetings to find the right financial advisor.

If you need help searching for a professional, we recommend using a free matching tool. After completing a short list of questions, it’ll connect you with a fiduciary financial advisor who fits your needs and goals.