First time working with a financial advisor? Here are your four meeting talking points

An important aspect of working with a financial advisor is understanding what they’re talking about. It doesn’t matter the topic, investments, taxes or retirement plan, it should be clear and concise. Their job is to simplify everything for you, but you’ll need to be informed and ready to ask questions.

It can be a stressful experience, but it doesn’t have to be. Follow these conversation topics and tips to get the most out of it.

  1. Your contracts: how should your contracts be structured? In general it is recommended to think long term and negotiate a contract that differs payments over an extended period of time. It will ensure you have an income over an extended period of time and prevent too much money too soon. Take it one step at a time.
  2. The long-term talk. You’ll want to share your retirement goals with your advisor. This will help get everyone on the same page and working towards a common goal. It’s easy to get off track, so don’t lose focus of the long-term goals and if anything changes alert your advisor.
  3. Long-term tax. Discuss different tax scenarios as well, it can get complicated for athletes as discussed here
  4. Investments: stay small and diverse. When it comes to investments, we think it’s better to start off small, investing 10% of your income at the beginning. Slowly moving to 20% and up to 30% when you’ve reached a comfortable level. Discuss your investment plans with your advisor.

The overarching theme

Make sure you ask your advisor a lot of questions and make sure you are getting to all the available different options.

It’s key to know exactly where your money is going and they should be able to help you do that. A lot of options in terms of investments, advisors and other ideas will come your way, but take a step back and analyze the situation.

In any case, the first thing you must do is  have a budget, a foundation and a plan to guide you. Then and only then, you can decide what your plan will be.

Mostly, work closely with your advisor and build trust, it’s the only way it will work.

If you really want to do your homework, send these five questions to your advisor ahead of time and you will leave the meeting with what really matters.


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