What to Prepare Before a First Consultation

March 14, 2025Prof. Alyce Larkin

A first meeting with a financial adviser works better when you bring the right documents and the right questions. Here is what to gather and what to expect.

What to Prepare Before a First Consultation

Most people walk into a first consultation with a vague sense of what they want: more savings, less tax, a clearer retirement picture. That is a fine starting point, but the meeting becomes far more useful when you bring specifics. Advisers can only work with what they see, so the quality of your preparation often determines the quality of the advice.

Start with the basics. Bring a recent statement for each account you hold: superannuation, bank savings, term deposits, shares, managed funds, and any debt. You do not need to organise them perfectly, but a rough list of balances and monthly contributions helps the adviser understand your cash flow within the first few minutes. If you have a mortgage or personal loans, include the interest rate and remaining term.

Next, think about your income and expenses. A simple summary of what comes in and what goes out each month is enough. You do not need a full budget spreadsheet, though it helps if you have one. The goal is to show the gap between your current position and where you want to be. That gap is what the adviser can help you close.

Write down your goals before the meeting. Retirement age, planned travel, a home renovation, or helping children with a deposit are all legitimate targets. Be specific about timing and rough amounts. A goal like "retire at 62 with enough to travel twice a year" gives the adviser something concrete to model, while "I want to be comfortable" leaves too much open to interpretation.

Finally, prepare a short list of questions. Ask about fees, how the adviser is paid, and whether they act on your behalf or as a product distributor. These are not awkward questions; they are standard due diligence. You should also ask about the recommended service format, whether that is a single review, an ongoing arrangement, or something in between. If you are unsure which format fits, the adviser can explain the trade-offs during the meeting.

One more thing: bring a notepad or a phone to take notes. You will hear a lot of numbers and recommendations, and most people forget half of them by the next day. Writing things down also gives you a record to compare against if you meet with a second adviser later.

If you are still deciding whether to book a meeting at all, it may help to read about the different service formats available and how they compare. A short overview can clarify what to expect before you commit to anything.

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