How Do I Prepare for Financial Planning?

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The most important part of a financial plan is deciding what matters most to you. Your financial planner should provide you with a comprehensive set of questions on a wide range of topics. Take the time to reflect on those questions before you meet with your advisor, so that you can begin that process of defining what matters most.

Your advisor should also give you a data and documents checklist to assist you in gathering all relevant information and documents. Be thorough in compiling everything the advisor asks for. Don’t withhold something because you don’t think it’s important. Your financial planner has a reason for asking for that information. It is important to know all the pieces in order to develop an integrated and comprehensive plan.
Keep in mind that as you prepare for financial planning, all of your advisors need to be involved. In addition to the financial advisor, that may include your attorney, CPA, insurance professional, and others. Anyone that you rely upon to make decisions should be part of your team. If you are missing someone on that team let the others assist you in filling that position.

As you prepare, review the players on your team and ask yourself how you feel about each of them. If you find that you are not willing to involve each of them in the planning process, ask yourself why. Ultimately, you need to have an advisory team that you trust and respect to guide you through the implementation of your financial plan.