What to Bring to Your First Financial Planning Meeting

A useful financial plan starts with a clear picture of your life and finances. An account, debt, source of income, family commitment or goal left out of the conversation can materially change which recommendations make sense for you.

Building that picture is a shared responsibility. Your planner should ask questions and help identify gaps. Your part is to provide information that is as accurate and complete as you can for the work you have agreed to do. Ask when you are unsure what is relevant.

You do not need perfect records or a polished budget to begin. Tell your planner what is missing, estimated or uncertain so you can work together to fill the gaps. The aim is to give your planner the information needed to understand your situation and the decisions you face.

The checklist below is a suggested way to prepare. Use your planner's instructions to tailor it to the work you have agreed to do.

Bring the decision you want help making

Try completing this sentence: "I would like this work to help me decide ___."

Your answer does not need to sound technical. "Can we afford for one of us to work less?" is a useful planning question. So is "We have several savings goals and don't know which to fund first."

Choose one priority and two secondary questions. Add any deadline, such as a benefits election date, a job offer or a planned move. Separate a date imposed by someone else from a date you would simply prefer to meet.

Here is a fictional example of a short preparation note:

We want to understand whether I can reduce my working hours next year. Our first question is how that would affect our monthly spending and retirement savings. We would also like to review health coverage and decide how much cash to keep available. We have not committed to the change yet.

The note gives the planner a decision to investigate. You can bring it even if you cannot yet provide every number.

Gather documents that match the agreed scope

CFP Board's preparation checklist starts with goals and includes records of income, spending, assets, debts and insurance. Ask your planner which items are relevant and how far back to go. The list below is a starting point for a planning engagement, not a requirement to send everything before an introductory call.

Ask separately about documents tied to your specific decision. For an employee benefits review, that might mean the current enrollment materials. For a stock compensation question, ask which grant documents are needed. Let the planner identify the records required for the analysis.

Make the information easier to use

Consider adding a short account list with the institution, account type, owner and approximate balance. Mark each estimate with its date. This is a suggested organizing tool, not a substitute for the statements your planner requests.

Keep individual and joint ownership clear. If you are preparing as a couple, avoid combining every account into a single total that hides whose name is on it.

For spending, distinguish your regular monthly costs from occasional expenses you want the plan to accommodate. You might list a planned home repair, travel or help for a family member separately. If a number is a guess, label it as a guess and ask whether the planner needs something more precise.

For a virtual meeting, save your questions somewhere you can see them without searching through the same window you are using for the call. Check that you can open the requested documents. Small preparation steps can keep the appointment focused on the conversation you came to have.

Say what the statements cannot tell the planner

Consider bringing a separate note about what you want to protect, change or avoid. Perhaps keeping flexibility matters more to you than buying a larger home. Perhaps you want to support a parent but have not decided how much you can offer.

You can also describe your preferences for the advice itself. Would you like the planner to explain the reasoning in detail? Do you want a short action list? Are you comfortable implementing recommendations yourself, or do you want help coordinating the steps?

If you are attending with a partner, each of you could write down one goal and one concern beforehand. Bring the differences into the discussion rather than trying to settle them all before the meeting.

These are conversation prompts. You do not need a polished statement of your values to start asking for help.

Do not send sensitive records over regular email

Do not send tax returns, bank or investment statements, identity documents or other sensitive financial records as attachments to regular email. Ask your planner for a secure upload portal or another approved secure way to share them. If an upload request arrives unexpectedly, confirm it using contact information you already trust. Never share account passwords or authentication codes.

Agree on what happens after the meeting

Before the session ends, ask what you will receive, when to expect it and what you will need to do next. CFP Board's interview guidance recommends discussing the services provided, implementation responsibilities, fees and potential conflicts before choosing an advisor.

For your particular engagement, useful questions include:

• Will I receive recommendations in writing, and which questions will they cover?
• Which parts of the work require more information from me?
• Who will carry out the recommendations?
• What follow up is included, and what would create an additional charge?
• When should we revisit the plan if my circumstances change?

If you want advice while continuing to manage your own accounts, say that explicitly. Ask how the proposed service handles implementation and whether moving assets is a condition of working together. Our guide to advice-only financial planning explains that model.

If you cannot find everything, tell the planner

Send a short note identifying what you have, what is missing and what you are unsure about. Ask which missing items would prevent a useful meeting and which can follow later.

There is no need to guess at a balance or invent a spending number to make a checklist look complete. Let the planner tell you where an estimate is enough and where an accurate record is necessary.

Your first useful step may be deciding what information to collect next. Bring your questions, the records requested for the agreed work, and a clear description of the decision you want help making.

Sources and further reading

• Document preparation: CFP Board's checklist for a first visit with a financial planner.
• Services, implementation, fees and conflicts: CFP Board's questions to ask a financial advisor.