5 Things Your Financial Advisor Should Know About You

When you’re working with a financial advisor, you want to make the most of your relationship. For the best odds of reaching your goals, it’s important to share vital details. Here are the top things a financial advisor should know.

And remember, there are many different aspects of your financial life you need to manage, from protecting your family from risks today to preparing for a secure tomorrow. You don’t have to do everything on your own. Talk to Farm Bureau for professional advice.

Your Goals

Sharing what you hope to accomplish with your advisor is crucial so they can help you build a personalized plan for getting there. Your financial advisor can help you with financial goals like retirement planning, insurance or investment options.

Your Net Worth

A lot of people think you need to have tons of money before you start working with a financial advisor. But part of what a financial advisor does is help you build your portfolio. By sharing your net worth, your advisor can help you build a plan to meet your goals within your budget.

If you have debt from credit cards, auto or student loans, mortgages or other sources, your advisor can help you come up with a payment plan.

Your Life Situation

A financial advisor needs to see the big picture:

• Do you have a partner, and, if so, how do you blend your finances?  
• Do you want to buy a home? 
• Do you have children and, if so, what expenses would you like to cover for them? For example, would you like to send them to private school or pay for their college education?
• Do you have parents or other people in your life who may need financial support? 
• How secure is your job? 
• At what age would you like to retire, and what kind of income will you need in retirement? 

The answers to questions like these help your financial advisor see how your plans can work in the context of your income, expenses, obligations and goals.

Your Struggles

You’ve probably tried to manage your money on your own and found that it was challenging. Think about what makes it hard for you. Maybe that’s building an investment strategy, reacting thoughtfully instead of emotionally to market shifts or adjusting your plan over time to respond to life changes.

When your financial advisor has a sense of your relationship with money, they can partner with you to take on some of the workload and help you find strategies to overcome your challenges.

Your Financial Literacy

Your personal and educational background shapes what you know about money. Maybe you learned a lot about finance in college, but you don’t have the time to manage your financial life on your own. Or perhaps you have parents who kept money private and you never had the opportunity to learn much about it.

Your financial advisor can explain a good number of concepts and terminology to you. It’s helpful to give them a baseline of what you know, so they can explain things in ways you can understand best. 

Connect With a Professional 

Talk to Farm Bureau and get personalized advice from a professional who can help you meet your goals and protect yourself and your loved ones.