9 Things You Should Bring With You to Your First Meeting With a Financial Planner
So you’re finally ready to take the power of your money to the next level and hire a financial planner. Congrats! These professionals will help guide you through your working years as well as in retirement to keep you on track with your goals and ensure your money is doing all that it can to grow.
For You: 5 Genius Things People With Healthy Savings Do
Find Out: 7 Reasons You Should Consider a Financial Advisor — Even If You’re Not Wealthy
These experts need to know a lot about your life to get you started on your path to financial security. As such, you need to be prepared to provide quite a lot of information. What exactly should you bring with you to your first meeting with a financial planner? Let’s explore.
Retirement Planning: Whether you're planning for retirement, dealing with a significant life event or simply looking to make smarter financial decisions, a financial advisor can offer the expertise and guidance you need. Here are some compelling reasons why you should consider a financial advisor -- even if you're not wealthy.
Your ID
Have two forms of identification on hand to show to your financial planner so they can verify your identity.
Financial Statements
When you first visit with a financial planner (and likely further down the road), you’ll need to bring in all your up-to-date financial statements. This includes recent statements for both any and all types of bank accounts, retirement plans, investments and assets.
Check Out: I’m A Self-Made Millionaire: 6 Steps I Took To Become Rich On an Average Salary
Social Security Statement
It doesn’t matter how old you are or whether you’re collecting benefits. You need to provide a copy of your Social Security statement.
A Detailed Breakdown of Any Debt
Have the latest statements regarding any outstanding debts readily available. This could involve quite a few documents, especially if you have some or most of the below types of debt.
Mortgage debt
Student loan debt (for you or your children)
Credit card debt
Auto loan debt
Business debt
Medical debt
Personal loan debt
Any other loan debt
Tax Returns
Be sure to have your most recent federal and state tax returns (aim for the last three years’ worth) ready to show your financial planner.
Pay Stubs
Share your latest paystubs. If you’re self-employed and don’t have pay stubs, disclose that information right away.
Insurance Policy Information
Do you have life insurance? Health insurance? Homeowners insurance? Renters insurance? You’ll need to be ready to show documentation of each and every insurance policy you have, along with up-to-date policy statements.
Your Monthly Budget
Some might think this is unnecessary, but it’s a very good idea to bring with you a copy of your monthly budget. Your financial planner will be dedicated to gaining insights into your financial life and how to optimize it. Giving them a look into your spending system helps them understand how you operate and what you could be doing differently to save.
A List of Your Goals
Last but not least is a list of your financial goals. Part of the reason you’re going to a financial planner is so you can become the best financial version of yourself. Be ready to talk about what you want, what you need, and who you really want to be.
More From GOBankingRates
6 Things to Try This Week if You're Behind on Your Savings Goals
4 Reasons Retired Women Need More Money Than Men -- And What To Do About it
This article originally appeared on GOBankingRates.com: 9 Things You Should Bring With You to Your First Meeting With a Financial Planner