Take These 5 Steps to Help Your Financial Advisor Make You More Money

Don’t Check Out — PARTNER with Your Advisor

You have a check-up every year to stay healthy.

Why not do the same for your money? Get the most out of your next financial advisor meeting by prepping for it like your annual physical. Like your health, your money is your responsibility, even if you pay others to care for it.

5 pre-meeting steps to ensure your advisor works your assets hard:

1. Update your net worth statement. What are your assets, broken down by short- and long-term? What are your liabilities? Your advisor needs to know how your portfolio fits into your whole financial picture.

2. Has anything changed or will soon change in your life? Your life isn’t static, and your portfolio can’t be either. If you’re buying a house soon or planning to start a business, tell your advisor.

3. Revisit your goals. Does this pool of assets have different purposes within it? Being able to wait out or invest in market downturns makes a huge difference to long-term returns. If not every dollar in your portfolio has the same purpose, your advisor needs to know.

4. Review your statements for the last year. Is there anything you don’t understand there? Be honest. Check your ego at the door. Remember that YOU are the client. You are PAYING the advisor. Ask until you understand what EVERY number and word mean.

5. Are you happy? Would you recommend your advisor to someone else? Why or why not? Are you happy with the results? Do you like how they communicate? How responsive are they?

This framework will help you better partner with (and evaluate) your advisor, so your money grows according to plan.