Working with an advisor

Build a strong working relationship

The relationship with your advisor will require a clear and honest exchange of information. The following tips and suggestions can help you develop a productive working relationship.

Tip #1

Restate your expectations

Be clear about your service expectations and understand what your advisor expects from you. Use the Responsibilities review list as a starting point.

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Tip #2

Practice full disclosure

You need to provide all of your financial information and expectations if you are to benefit from the full value of your advisor’s expertise.

Tip #3

Fostering open communication

Be open and honest with your advisor. Be receptive to new ideas and suggestions, ask questions when you need clarification, and voice any concerns you might have.

Tip #4

Come to each meeting prepared

Bring all relevant information to every meeting. The Financial needs checklist that you completed earlier is a good guide to use.  Also, bring

  • a statement of value for real estate, collectibles or other important assets
  • your most recent tax assessment form
  • details of any liabilities – mortgages, loans, lines of credit, credit card balances
  • your will and power of attorney documents
Tip #5

Ask questions

Make sure you completely understand the financial concepts your advisor is recommending. Ask for clarification if you don’t understand something. There are no trivial questions when it comes to your money. And if you don’t agree with a recommendation, or have other concerns about your financial progress or the management of your account, say so. After all, it’s your financial future.