You have arranged to meet a financial adviser, perhaps for the first time. What should you bring with you? Taking the right documents will help you get the most out of your free consultation, giving the adviser more information to give you some ideas and insights. Below, our Carlisle financial planners at Vesta Wealth offer some ideas about what to bring for a meeting like this. Please refer this list to a friend, family member or colleague if you feel they would benefit. If you are already a longstanding client, then use this list as an opportunity to organise your documents so you can access them readily in the future!
#1 Identification
It is usually a good idea to bring your passport, driving licence(s) or other proof of identity. Or, you can supply some of the information ahead of time via email. If you have changed your name (e.g. by deed poll) then consider also bringing the legal documents showing this.
Just make sure to send it to the adviser’s official email address via a secure internet connection. These details can help to avoid potential issues further down in the financial planning process. For instance, if you changed your name after getting married, then certain bank accounts or pension schemes may be registered in your previous name. Not telling the adviser, however, could lead to confusion later.
#2 Investment information
Do you own any investments in ISAs (e.g. a stocks and shares ISA), online platforms or general investment accounts (GIAs)? Here, you may wish to bring information such as recent statements, shareholder reference numbers, purchase prices and dates of purchase. This gives your adviser a better understanding of your asset base.
Also, do you own a buy to let or other investment property? Bringing relevant information about this to your meeting (e.g. mortgage information from your lender) will help the financial adviser gain a clearer picture of how this is structured.
#3 Debt information
Do you have a student loan, unpaid credit cards, mortgage, personal loans or business loans? Here, it is important to give the financial adviser an idea of your liabilities. This helps them see how they compare to your assets, painting a better picture of your current position and how this relates to your future goals. If you are married, in a civil partnership or live with someone else it may also help to bring this information for your partner (with their permission) since you may be jointly liable for certain debts (e.g. council tax).
#4 Insurance information
Do you have a life insurance policy, critical illness cover or income protection? What about any home and contents cover? Business owners/directors will also have dedicated policies such as public liability cover. Bringing these documents helps a financial adviser gain an idea of your current level of financial protection and any “weak points” in your profile. Consider also bringing private medical insurance (PMI) information and relevant employee benefits information, such as “death in service” benefits.
#5 Pension information
Your State Pension can be checked online if you have a Government Gateway account (it may help to create one before your meeting so information can be readily accessed). Yet you may also have savings in workplace pensions and/or personal pensions. A financial adviser will want to know how prepared you are for retirement, so bring relevant information about your scheme(s) with you (e.g. account balance). If you are/were a member of a defined benefit or final salary scheme, moreover, then bring this information as well. Those currently receiving an annuity income should also provide information about this to the adviser.
#6 Tax information
Bringing some recent employee payslips or your P45/P60 can be help establish your current tax position for capital gains tax, dividend tax, National Insurance (NI) and income tax. Yet this also illuminates your responsibilities, benefits and allowances for other important parts of your financial plan (e.g. pensions and estate planning). If you submit a Self Assessment tax return, consider bringing copies of the most recent tax years along to the meeting, too.
#6 Estate planning information
Do you have a will or power of attorney documents? A financial adviser should know what plans are in place if you die or if you can no longer make independent decisions by yourself. Perhaps you do not yet have these documents in place. In which case, meeting with the financial adviser is a good opportunity to start putting relevant plans in place!
Keeping your documents safe and organised
If you decide to work with a financial adviser, then the company will have a secure means of keeping your documents secure. However, you should also keep your information stored in a safe place. Physical files should be kept in a secure location (e.g. a safe) and only a few trusted people should know where (e.g. the executors of your will).
In today’s digital world, online storage and security are especially important. It helps to have web-based copies, too, in case physical documents are accidentally lost, stolen or destroyed (e.g. in a house fire). Use a reputable cloud storage provider and always make sure you use a secure internet connection when accessing or sending data.
Invitation
If you would like to discuss your financial plan and retirement strategy, then we would love to hear from you. Get in touch with your Financial Planner here at Vesta Wealth in Cumbria, Teesside and across the North of England.
Reach us via:
t: 01228 210 137
e: [email protected]
This content is for information purposes only. It should not be taken as financial or investment advice. To receive personalised, regulated financial advice regarding your affairs please consult your Financial Planner here at Vesta Wealth in Cumbria, Teesside and across the North of England.