By: Maria Williams

In today’s volatile marketplace, having a trusted financial advisor you can rely on to guide your investing strategy can make all the difference. With over 272,000 financial advisors in the U.S., not all advisors are created equal — and not just in terms of whether they are qualified and honest. Even a highly successful advisor might not be the right match for your goals and preferred investing strategy.

Because of this, your first meeting with a prospective financial advisor is crucial for determining if they are a good fit for your needs. But a successful first meeting doesn’t just depend on the questions you’ve prepared to ask the advisor.

I recently had the opportunity to speak with Fulton Brock, president of Brock Asset Management about the questions a new financial advisor should ask to ensure they are right for your financial goals.

‘What Are Your Top Financial Concerns?’

“The things that you worry about, whether that be how a recession could affect your retirement savings or how you can use your investments to create a source of passive income, are key in guiding an advisor’s strategy for you,” Brock explains.

“For most people, these are the reasons that drive them to work with an advisor in the first place. By sharing your financial concerns, your advisor will be better positioned to guide you to the investments that will help you alleviate those problems.”

Investors don’t have anything to gain by hiding their worries or concerns form an advisor — quite the opposite. By openly sharing your most pressing concerns, you can start getting your investments on track.

‘What Are Your Financial Goals?’

Financial advisors often work with both your short- and long-term goals in mind. “A quality financial advisor never assumes they know what their clients wants, needs and goals are,” Brock says.

“Different goals may require dramatically different plans. The nature and scope of your goals are crucial for establishing milestones and determining the investment strategies that will be the most likely to get you there.”

For example, a survey by USA Today found that Americans’ top financial goals in 2024 were to save for a rainy-day fund (55.7%), save for retirement (52.9%), and save for their child’s education (52.3%). Even within these same goals, the specifics can look very different from person to person, which is why financial advisors will ask this question.

‘What Do You Hope to Gain By Working With an Advisor?’

Another way of asking “How can I help you?”, this question is an important way for financial advisors to understand what is motivating a client to work with them. This added context is crucial for explaining how their services do (or don’t) align with what a client is looking for based on their skill sets, experience and other factors.

A quality financial advisor won’t be afraid to turn down a prospective client and point them to someone else who would be better positioned to help. Setting clear expectations can help keep everyone on the same page and ensure a quality relationship.

‘What Major Life Changes Do You Expect in the Future?’

“Most new clients arrive with a clear understanding of what their financial needs are right now, based on their current life situation,” Brock remarks. “But to make a more robust and effective investing plan, we also need to consider any major life changes that could alter those financial needs. Losing a job or getting a promotion, having another child or moving to a new home can all lead to significant changes in your financial picture — and when we can prepare for those events, even a little, it will make a big difference.”

Because of this, when entering your first meeting with a financial advisor, don’t just focus on your immediate needs. Consider future life plans that could require a change to your overall investing strategy so you and your advisor can more proactively prepare for them.

‘What Type of Financial Loss Would Make You Uncomfortable?’

“Investing always carries a risk, even when you work with professionals,” Brock notes.

“We don’t want clients to lose sleep worrying about the markets or their investments.  We watch each account daily, and we don’t like to loose money. That’s why we invest alongside our clients by only putting equities we have tested and own into client accounts.”

As part of this, advisors may ask to review any current stock investments that you have, as your current investments are often a reflection of your risk tolerance and preferred investing strategy. Looking at this information can help your advisor recommend new investment opportunities that align with your risk tolerance, as well as develop backup investing strategies.

Understanding Your Needs

As Brock reveals, when quality financial advisors ask these questions during their first meeting with a new client, they can ensure that their strategies will align with your short- and long-term goals.

By understanding who you are, what you value and what you hope to accomplish, they will be better positioned to work with you to develop a plan that is tailored to you specifically. With this meeting as the foundation, you can have greater confidence in the long-term success of your relationship with your advisor.

Published by: Martin De Juan