Five Meeting Musts

No matter what your financial goals are, a meeting with a financial advisor can help to set these goals in motion and allow you to achieve what matters most. Sometimes, this first meeting can feel overwhelming and to help you, we’ve outlined five key things you can do to prepare.

1. Consider your current finances 

Once your meeting is scheduled, it’s time to give your current financial position some thought. Do you have any debt? Do you have any savings or investments? Are there any planned expenditures that are coming up? Do you have an idea of when you’d like to retire? Do you have any other financial goals you’d like to achieve? If you’re married or common-law, I recommend discussing your financial goals with your partner. If you’re single, discuss your goals with a close friend or family member and ask them for feedback. This will help to ensure you’re on the right track before your meeting.

2. Know your Financial Health Score

The Financial Health Index is an eight-question quiz that leverages the FinHealth Score® Toolkit developed by the Financial Health Network. It takes just a few minutes to complete, and helps you understands where you are — and then see how to build your financial health. You will receive your financial health score along with additional information that will be helpful to review with your financial advisor. Take it now!

3. Gather what you’ll need

Bring your budget. If you don’t have one, that’s OK and you can either try this budgeting template or ask your financial advisor to help you start one. You should also gather your recent pay stubs, tax returns from the last two or three years, statements or details about your investments, debt you owe (mortgages, credit cards, student, business or personal loans, etc.) and insurance policies. And, if you’ve ever had a financial plan made in the past, bring that with you too so your advisor can understand what you’ve been working towards.

4. Ask questions

During your meeting, ask the questions that will help you grasp the full scope of your current finances. Common questions are:

• How can improve my financial health?

• What is the most important part of reducing debt or saving money?

• Am I on-track with my retirement savings?

• Is my portfolio diversified enough to meet my financial goals?

• What’s missing from my financial plan?

5. Build a plan that you’re comfortable with

Now with a firm grasp on your current finances and your future goals in mind, your financial advisor will work with you to create a plan to help you achieve those goals. This could include finding ways to save, such as through a Tax-Free Savings Account (TFSA), a Guaranteed Investment Certificate (GIC), or a Registered Retirement Savings Plan (RRSP). Whatever is considered, it will be what best suits your needs, income and retirement plans.

Overall, remember that a financial plan is the key that enables you to take charge of your finances. With a plan in place, you’ll have the tools you need to decide what will happen with your hard-earned money, and when. To schedule your meeting with a CUA financial advisor, click here, or contact us at (902) 492.6500 or info@cua.com.

Revised Jul. 23, 2021

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