A financial advisor is your key mentor when it comes to planning your financial goals so you can meet your life goals with confidence. But most of us have many apprehensions about our sessions with the financial advisor. A common saying goes, never lie to your doctor and lawyer. Well, I think it’s high time we add your financial advisor to this list too – of course, when it comes to your financial and life goals. So, what are the questions you can expect from your financial advisor? Every financial advisor has an individual style of managing their clients; however here are some common questions you can expect from your financial advisor.

Question 1: Tell me about yourself and your life/financial priorities? 

This question is generally an ice-breaker for both of you. You can build a good rapport with your financial advisor by answering this initial question honestly. Be prepared to give a simple introduction about yourself, career, family, and areas of interest. Of course, stay away from the tendency to meander away from the specific response to this question. Starting with a general idea about you will help build a strong bridge of understanding between both parties.  

Question 2: Where would you like to see yourself in the next 10 years?

Well, this might sound like a question you heard during your initial job interviews! But the answer to this question is critical in setting the foundation for a strong and accurate financial planning exercise. Your answer need not necessarily be only about your retirement plans. Your response should also contribute to understanding your career ambitions and personal life goals. Hence, answering this with an open mind will help your financial advisor understand your expectations from your future. Your age does not matter here, through this question your advisor will try to fulfill your needs and future dreams.

Question 3: What is your biggest concern – from a financial point of view?

There is a common misconception that people approach financial advisors only when a financial crisis arises. So, it is crucial for your financial advisor to know about your financial concerns and apprehensions right now. The answers to this question are not always easy, since often you are not really directly aware of your concerns. Hence, carefully assess any concerns you have about your assets, stocks, medical expenses, retirement worries, and maintaining a smart balance between income, savings, and expenditure. This comprehensive assessment will help your financial advisor to assess your financial planning needs better.

Question 4: Do you think you are on the right track to meet your financial and life goals?

An advisor does not blindly get into making a better financial track for you but tries to find out your opinion about the path you are currently traveling. The answer is not always a simple yes or no, especially since this question is asked after the probing and detailed questions. Hence, your answer to this question will give your financial advisor a clear idea about your approach towards life – optimistic, confident, negative, or pessimistic. A financial advisor will then work out a clear solution that is a perfect fit not just for your financial future but also for boosting your confidence.

Question 5: Are you ready to get started?

Having the initial conversation with the financial advisor is definitely a start but you will need to formally provide your approval to embark on the financial planning journey. The next set of conversations will get more in-depth after this, requiring extensive details of your financial past, present, and future to be shared with the financial advisor. Hence, with the response to this question can choose a comprehensive structured plan or just a skeletal approach for managing your finances. Committing to starting a journey together means the bond between you and your financial advisory service will help you connect your finances well with your life-goals.

Final lines

As you are all set to start your financial journey with the support of your financial advisor, the first step is to set expectations clearly and to understand the work that lies ahead. Answering such questions will help you build a good rapport with your financial advisor and create a strong foundation to build a perfect financial plan that suits your life goals.   

PrognoAdvisor is your trusted online financial planning service from India, with extensive expertise in understanding your specific financial and life goals and guiding you achieve these goals with confidence. Connect with our financial advisors at Prognoadvisor.com to understand how you can simplify the entire process of personal financial planning and meet your life goals with confidence.