5 Things You Need To Know Before You Talk To A Financial Adviser

What you need to know before talking to a financial adviser
Share this article ...Share on Facebook
Share on LinkedIn

What To Know Before Chatting To Financial Adviser

We know engaging with a financial adviser can be a bit freaky, especially if you’ve never worked with one before. The thought of sharing your financial dreams, strengths and weaknesses with someone else can be as nerve wracking as a first date, but it doesn’t need to be!

Before your first meeting with a financial adviser, there are just a few key things to know – things that will make your experience with a financial adviser that much more enjoyable and help you get well on the way to building your money empire! Behold, our top 5 things to know before talking to a financial adviser:


  1. Communicate with loved ones

So often couples and families show up to appointments and haven’t discussed as a team what their financial goals and aspirations are. Your loved ones can have a big impact on your financial goals and potholes, so make sure you’re keeping in touch with your partner along the way. Discuss with your spouse how much you are willing to fund your child’s education, any medical conditions that run in the family that could affect older family members in the near future, and whether your parents have saved enough for retirement or whether they might need a bit of financial support. These things will determine how much you are able to save, and what you might need to put a little aside for.

Thinking of these issues beforehand means your adviser can navigate them better, and help you sort through sensitive areas, such as joint budgeting or savings. Couples who experience conflict when it comes to finance may find a financial adviser can help supply an objective perspective, as well as help you celebrate and make the most of your financial strengths and wins.


  1. Pick the right financial adviser

When you’re talking about things like your dreams and your money habits, you want to make sure you’re talking to someone you’re comfy with. Check that they’re someone who you get along with and you can trust (word of mouth is always a good way to judge this, as is doing a bit of research).

Beyond just the likeability factor though, make sure you understand what services they can provide and how they’re regulated. When you first enquire, find out what they can assist you with.

Here at Money Empire, we are Registered Financial Advisers who can assist you with financial planning (budgeting support), insurances and mortgages. However, our advisers all have different areas of expertise and experience, so just get in touch to find out which of our advisers will be right for you.


  1. Be an open book

There’s nothing harder as a financial adviser than having someone who’s unwilling to share with you. To do our best possible work, we need to understand the bigger picture – so be ready to disclose everything about your financial situation, even the things you might be a little embarrassed about.

Beyond just sharing your history with us, if you can come into your meeting with a financial adviser with an open mind and a willingness to take advice, you will get so much more out of the experience. And we’ll be able to help you get much further on your way to achieving your financial goals!


  1. Understand the difference between banks, mortgage brokers and financial advisers

Want to get a mortgage but don’t know where to start? It helps to understand the difference between the value that different offerings provide. When it comes to getting a mortgage, going directly to a bank is unlikely to garner you the best deal possible or the correct lending product. With 45% of the total mortgage business going through advisers and brokers, a financial adviser can negotiate on behalf of multiple clients and so get better deals by using their bigger pulling power.

While a mortgage broker may be able to get you a good deal financially, they may not go into detail and provide the structure that is best suited to you, your lifestyle and your goals, or may not continue to work with you to achieve all your financial dreams. A good financial adviser will structure your mortgage to suit your needs, taking into account everything that affects you. Just structuring your mortgage differently could help you save hundreds of thousands in interest, or support you to buy your second property sooner – so it’s worth going to someone who can help you make that happen!


  1. Know your timeline – and how you can speed it up!

Any financial planning takes time, especially when you take into consideration trying to get mortgage approval. Ideally, the whole process from meeting with a financial advisor to approval should only take a month, but often the average process can take three months in total.

So how can you sit in the ideal group? It all depends on you getting your documents to your financial adviser as soon as possible.

There are some documents that financial advisers can’t get directly, so if you’re proactive and retrieve these documents sooner, you can speed up the whole process. Try having all your financial forms and information (digitised or printed) ready to go when you first catch up with a financial adviser – then they can just let you know what’s missing, and get you on your way to building your empire.


Now that you’re all set with what you need to know before talking to a financial adviser, why not make it happen? Get in touch to chat to one of our friendly (and we think rather awesome) financial advisers and get on your way to achieving your financial goals.

Comments are closed.