Preparing for your meeting with an insurance of persons professional

Before the meeting

One of your advisor’s fundamental obligations is to get to know you well—not just as a client, but first and foremost as a person. This means that questions must be asked about your personal and financial situation, some of which may even be embarrassing. The advisor’s goal is to establish an accurate and realistic picture of your situation in order to recommend products and strategies that suit you and are in your best interest.

Therefore, it is best to adequately prepare to make the meeting more effective. Here are the types of questions you might be asked:

Your situation 

  • Do you have dependents?
  • Are you covered in the event of disability?
  • Would your loved ones be protected if you were to die prematurely? 
  • What is your risk tolerance when it comes to investments?

Your goals 

  • At what age do you plan to retire?
  • Do you have a retirement plan? 
  • Do you want to save for major projects?
  • Do you want to help your children with their post-secondary education?

The advisor will want to get an overall picture of your financial situation. It will therefore be helpful to provide documents or information on the following:

  • Employment-related benefits: group insurance and pension plans 
  • Insurance policies: disability, life, home, etc.
  • Legal documents: wills, powers of attorney, protection mandates, etc.
  • Assets: registered and non-registered investments
  • The nature and balance of your debts and the associated interest rates
  • Your most recent tax returns and notice of assessment

During 

During an initial meeting, the advisor will typically use an account opening form to record all the information you provide. Note that the advisor is required to ensure the confidentiality and protection of your personal information. Documents commonly entitled “Financial Needs Analysis (FNA)” and “Investor Profile” will be used depending on the type of products or services offered.

It is important to feel comfortable with your financial advisor.  To be sure, ask yourself the following questions:

  • Is the advisor listening to me carefully?
  • Is the advisor taking the time to understand my financial situation?
  • Is the advisor clearly explaining the products and services being offered to me as well as the pros and cons of each?
  • Do the products and services being offered truly meet my needs? 

After 

It is best to keep a written record of the date and time of your meeting as well as a brief summary of what was discussed. You should also keep all correspondence and documents exchanged with your advisor, including letters, emails and text messages.