Choosing an advisor to work with is a big decision.
If you’ve never worked with an advisor before, it can be a seemingly large expense for a largely unknown service.
If you’re considering making a change from your current advisor, there’s a whole host of concerns you probably have - the relationship you’re considering leaving behind, cost differential, what the service difference may look like, and the effort it takes to build a new relationship.
I figure the least I can do is provide some information about the process we’ll go through if you’re thinking about hiring PFP.
Step 1: Reach Out
You either call me, email me, or just tell me in person that you’re interested in learning more about working with me. My response will be to schedule time to discuss your situation and what you’re looking for. I then put all of the information I know about you into my system to ensure I don’t drop the ball.
Step 2: Schedule a Meeting
The easiest way to do this is to use my scheduling link through Calendly. There’s a link in my email signature, on the homepage of my website, on my LinkedIn profile page, and right here. That link allows you to find a time that works best for you, and put it right on my calendar. The default is a Microsoft Teams virtual meeting, but I do offer in person meetings for people in the Eau Claire, WI area. If you’d rather call or email to schedule a meeting, that works too!
Step 3: Gather Some Documents
Once a meeting is scheduled, I’ll be in touch to ask you to share a few items with me. The things I always ask for are:
Latest tax return (yes, the whole thing - the good stuff is in all those extra pages)
All investment statements
Information on debt (balances, interest rates, minimum payments/actual payments)
There are times that I add one or two additional items based on the specific situation, but I’ll do my best not to overwhelm you with requests. There’s a link in my email signature and on the Client Access page of my website to upload files securely to Dropbox. That link is also right here.
Please remember to never email documents that may contain personal information like account numbers, DOBs, or SSNs!
Bonus: Creating Your RightCapital Profile
This is for you overachievers out there - you know who you are! If you want to provide more information, it’s only going to improve our conversations, and RightCapital (my planning software) is a great way to do that. If you use the button on my homepage that says “Start a Plan,” (or this link right here) you’ll be prompted to create a login to RightCapital, and led through a few data entry points. You’ll even be able to link outside accounts, like your 401(k), credit cards, bank accounts, and loans. Not only will this give us a head start on building your plan, but you can even use the budgeting tool if you’d like.
Step 4: Introductory Meeting
Ideally, you’ve shared everything I’ve asked for with me, and we can spend our first conversation getting to know each other better. Transparency is one of my core values, so I’ll be happy to answer any questions you have. I’ll spend some time asking you questions about what got you to this point, what your current pain points are, and what would make a financial planning engagement a success in your mind. If I have enough information, I’ll also give you an idea of what you’re paying your current advisor (if applicable) and what the cost difference might be working with me.
At the end of the meeting, if it seems to be a good fit, I’ll either provide you with a quote for how much my services would cost or give you a timeframe for when you can expect to get a quote from me. You can see my fee schedules at my Services page if you’re interested.
If we determine that it’s not a good fit, I’ll provide you with at least one referral to someone who may be able to help you or a way for you to find a different advisor.
Step 5: Next Steps
I’ll never push you to make a decision in that first meeting, and if we need to have a second meeting to answer more of your questions, I’m always happy to. Once you tell me you’d like to move forward, I’ll send additional information about the next steps, including signing an agreement, opening investment accounts (if necessary), and setting up billing. At this point, we often schedule our next meeting, too.
Conclusion
It’s okay to feel nervous about working with a new advisor, but if you have any questions, it’s important to me that you know how to get the answers. The mystique that surrounds some financial firms drives me nuts, so I’ve decided to do it the way I consider to be the right way.
As always, keep in mind that you don't have to go it alone. I’m Austin Preece, a financial planner in Eau Claire, Wisconsin, and I work virtually with people across the US. Check out my website to see what it's like to work with me and reach out if you have any questions.
If you found this post helpful, help spread the word! Share with friends and family that you think may benefit as well. But remember, this is solely for educational purposes - it's not advice.
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