How to Prepare for Your First Meeting With a Financial Adviser

Know What You Want to Achieve

Before your first meeting, think about your financial goals. Do you want help with retirement planning, saving for a home, managing debt, or getting insurance? The clearer you are about your objectives, the more useful the advice will be. Write down your goals and priorities to discuss with your adviser.

Bring the Right Documents

Your adviser will need information about your current financial situation. Bring recent payslips, bank statements, superannuation statements, insurance policies, tax returns, mortgage or loan statements, and any existing financial plans or SOAs. Having these ready means your adviser can focus on giving advice rather than chasing documents.

Questions to Ask

Ask how the adviser is paid — fee for service, percentage of assets, or commissions (if any). Ask what type of advice they are authorised to provide by checking the ASIC Register. Ask how often they will review your plan and whether ongoing fees are optional. A good adviser will welcome these questions.

What to Expect After the Meeting

After the meeting, your adviser will prepare a Statement of Advice, Record of Advice, or Client Advice Record documenting their recommendations. Review it carefully before signing. Check that it reflects what you discussed, that the fees are clearly stated, and that the reasoning makes sense for your situation. An independent compliance check can help you verify the document.

Documents to Bring to Your First Meeting

To make the most of your first meeting with a financial adviser, come prepared with key financial documents. The most important are: your most recent superannuation statement(s) for all accounts, your last 2-3 tax returns, details of any insurance policies (life, TPD, income protection, trauma, health), your mortgage and other loan statements, bank account and investment statements, and a summary of your monthly budget.

Your adviser needs this information to provide personal advice that is in your best interests. Without a complete picture of your financial situation, the advice may be incomplete or unsuitable. If you are unsure what documents to bring, ask your adviser before the meeting — they should provide a checklist or pre-meeting questionnaire. Our guide on what documents to bring provides a detailed list.

Questions to Ask Your Adviser

The first meeting is your opportunity to assess whether the adviser is right for you. Key questions include: "What qualifications and experience do you have?", "What type of advice do you provide (comprehensive, limited, or both)?", "How are you paid — fee-for-service, commission, or a combination?", "Do you have a preferred product list or can you recommend products from any provider?", "How will we work together — how often will we meet, and how will you communicate with me?"

Also ask about the adviser's licensee (the AFSL holder they operate under), their professional indemnity insurance, and what happens if you are not satisfied with the service. A good adviser will answer these questions openly and provide written information about their services and fees. If the adviser is evasive or reluctant to answer, consider it a red flag.

Setting Goals and Expectations

Before the meeting, write down your financial goals. Both short-term goals (1-5 years) like paying off debt, saving for a holiday, or buying a car, and long-term goals (10+ years) like retiring at a certain age, funding your children's education, or travelling after retirement. Be specific about what you want to achieve and when. Your adviser will use these goals as the foundation of your financial plan.

Also think about your risk tolerance — how comfortable you are with investment fluctuations — and any ethical or environmental preferences you have for your investments. Many advisers now offer responsible investment options. The more you share about your values and preferences, the more personalised your advice can be. Remember, the adviser works for you, and the first meeting sets the foundation for a productive relationship.

Frequently Asked Questions

How long does a first meeting typically last?
A first meeting usually lasts 60-90 minutes. This allows enough time for the adviser to understand your situation and goals, and for you to ask questions about their services. Some advisers offer an initial (free) discovery meeting followed by a more detailed scoping meeting.

Should I pay for the first meeting?
Many advisers offer a free initial meeting (also called a discovery session) to determine whether they can help you and whether you are comfortable working together. If the first meeting is charged, the adviser should disclose the fee before the meeting. You are not obligated to proceed after the first meeting.

What if I feel uncomfortable during the meeting?
Trust your instincts. If you feel pressured, dismissed, or uncomfortable, you are not obligated to proceed with that adviser. A good adviser makes you feel heard and respected. You can seek a second opinion from another adviser.

Can I bring someone to the first meeting?
Yes, absolutely. Many people bring a partner, family member, or trusted friend to their first adviser meeting. This can help provide a second perspective and ensure all your questions are answered. The adviser should welcome this.