You meet with a financial advisor. You talk about your finances, your goals and probably quite a bit about your life. You agree to work together and start building a financial plan.
Then what?
It’s a fair question - and one people may not think to ask until they’re considering becoming a client: Once I become a client, will I actually hear from my financial advisor again?
The short answer should be yes.
Financial planning isn't meant to be one big meeting followed by years of silence. Your life will change. Markets will change. Tax laws may change. Your goals may change. And the financial plan you start with may need to change along with them.
At LincolnBridge Financial Planning, we view financial planning as an ongoing relationship. Becoming a client isn't the end of the planning process. In many ways, it's the beginning.
So, what should you expect after hiring a financial advisor?
1. You should know when you'll hear from your advisor
One of the simplest questions you can ask before hiring a financial advisor is: “What happens after I become a client?”
You should have a clear idea of how the ongoing relationship works.
How often will you have scheduled reviews? Who will you meet with? What happens between those meetings? If something changes unexpectedly, can you call or email?
There isn't one communication schedule that's right for every client. Your needs may also change over time.
What's important is that you aren't left wondering when, or if, you'll hear from your advisor again.
2. Your advisor should know what's changing in your life
Some of the most important financial planning conversations don't begin with a question about investments. They start with things like:
I'm thinking about leaving my job.
My daughter is getting married.
We're considering buying a second home.
My parents may need more help soon.
I think I want to retire earlier than we planned.
Those are life decisions, but they can also be financial decisions.
A career change can affect your income, benefits, retirement savings and taxes. A home purchase can change your cash flow. Helping a family member financially may affect other goals.
That's one reason an ongoing relationship with your financial advisor matters. The better your advisor understands what's changing in your life, the better equipped they are to help you think through what those changes could mean for the rest of your financial picture.
3. Your review meetings should be about more than investment performance
Investments matter.
But they aren't your entire financial life.
An ongoing financial planning conversation may also include your cash flow, taxes, insurance coverage, estate plan, Social Security strategy, upcoming purchases, charitable giving, family changes or other decisions you're considering.
And sometimes, there won't be a major change to make.
That's okay, too.
A productive meeting doesn't always need to end with a new recommendation. Sometimes reviewing where you stand and confirming that the current plan still makes sense is valuable on its own.
4. You shouldn't have to wait months to ask a question
Financial decisions don't conveniently happen the week before a scheduled review meeting.
You may receive an unexpected inheritance. Your employer may offer you a new benefit. You might start thinking about changing jobs. You may be considering a large purchase.
If your next scheduled meeting isn't for several months, you shouldn't necessarily have to sit on the question until then.
Before hiring an advisor, ask what happens when something comes up between meetings. Can you call? Email? Schedule a conversation?
Knowing you have someone to reach out to when a decision actually needs to be made is an important part of an ongoing advisory relationship.
5. Your financial plan should change when your life does
Think about how different your life could look five years from now.
Your income may change. Your children may leave home. You could inherit money. You might pay off your mortgage. You could change careers. Retirement might go from feeling far away to being one of the biggest decisions in front of you.
A financial plan created today shouldn't automatically be treated as the right plan forever.
Ongoing financial planning means revisiting the assumptions behind your plan and determining when an adjustment makes sense.
Sometimes that means making a change.
Sometimes it means staying the course.
The important part is continuing to ask the question.
6. You should understand why you're doing something
Working with a financial advisor shouldn't mean handing over every financial decision without understanding it.
If your advisor recommends a change, you should be able to ask:
Why are we doing this?
What problem are we trying to solve?
How could this affect another part of my financial plan?
What are the tradeoffs?
And just as importantly: Why aren't we changing anything?
Good financial planning should help you understand the reasoning behind a recommendation, not simply give you a list of instructions.
7. Your advisor should actually know you
Financial planning can get personal.
Your advisor may know how much you earn, what you've saved, what you owe, what you're worried about, what you want to do in retirement and what you hope to leave behind for your family.
That relationship should feel like more than an account number.
You should know who you're working with. You should feel comfortable asking questions. And over time, your advisor should understand not just what you own, but what you're trying to accomplish with it.
That's especially important when a new decision comes up.
The numbers provide part of the answer. Knowing the person behind those numbers provides important context.
So, Will You Actually Hear From Your Financial Advisor? You should.
Before you hire an advisor, though, don't assume every firm approaches ongoing relationships the same way. Ask.
How often will we talk?
Who will I work with after I become a client?
Will you reach out to me, or am I expected to initiate conversations?
What happens if I have a question between meetings?
How do you keep my financial plan current?
The answers can tell you a lot about what being a client will actually feel like.
At LincolnBridge Financial Planning, we believe financial planning is an ongoing process, not a transaction that ends once the initial plan is created.
Our three partners work collaboratively to help clients understand where they stand, think through decisions and adjust as life changes.
Because the real value of having a financial plan isn't just having one on paper.
It's having a plan that continues to reflect your life.
Frequently Asked Questions
How often should you hear from your financial advisor?
There isn't one schedule that works for every client. Some people may need more frequent conversations during periods of change, while others may need fewer scheduled meetings when things are relatively stable.
Before hiring an advisor, ask how often clients typically meet and what communication looks like between those meetings. You shouldn't be left guessing about when you'll hear from your advisor.
What happens after you hire a financial advisor?
The initial process typically involves helping your advisor understand your finances, goals and priorities and developing recommendations or a financial plan.
After that, an ongoing relationship may include regular review meetings, investment monitoring, updates to your financial plan and conversations when something changes in your life.
Ask what ongoing service is included before becoming a client so you know exactly what to expect.
What do you talk about with a financial advisor after the first meeting?
It depends on what's happening in your life.
Conversations may include investments, taxes, cash flow, insurance, estate planning, Social Security, upcoming expenses, career changes, family changes or progress toward longer-term goals.
Not every meeting needs to result in a change. Sometimes confirming that you're still on track is the most important outcome.
Can I contact my financial advisor between meetings?
That depends on the advisor and the type of relationship you have.
If access between scheduled meetings is important to you, ask about it before becoming a client. Find out whether you can call or email with questions, who you'll contact and what happens when a decision can't wait until your next scheduled review.
Will my financial advisor contact me, or do I have to reach out first?
Different financial advisory firms approach communication differently, which is why this is a good question to ask before hiring someone.
Find out whether your advisor schedules regular reviews, proactively reaches out throughout the year and expects clients to contact them when something changes.
The important thing is understanding the expectations on both sides.
What should I tell my financial advisor when something changes?
You don't have to wait until something feels like a major “financial event.”
A new job, marriage, divorce, inheritance, home purchase, change in income, plans to retire or even a shift in what you want your future to look like may be worth discussing.
Changes in one area of your life can affect decisions elsewhere in your financial plan.
What should I expect from a good financial advisor relationship?
You should understand what services you're receiving, who you're working with and how communication works.
You should also feel comfortable asking questions and understand the reasoning behind recommendations.
Most importantly, the relationship should be able to evolve as your financial situation, goals and priorities change.
What questions should I ask a financial advisor before becoming a client?
In addition to asking about fees, services and investment philosophy, ask about the actual client experience.
How often will you meet? Who will be your primary contact? Can you reach out between meetings? How does the advisor update your financial plan? What happens when your life changes?
Those questions can help you understand what the relationship will look like long after the first meeting.