What a Financial Planner Really Does (and How They Can Help You)
If you’ve never worked with a financial planner before, you might be wondering what the process looks like. What will they ask for? What happens in meetings? How do they help you achieve your financial goals? A comprehensive financial planner doesn’t just focus on investments—they help you create a full financial strategy tailored to your unique situation. Here’s what you can expect when working with one.
The Initial Consultation: Getting to Know You
The first step is an introductory meeting, usually free of charge, where you and the planner discuss your financial situation, goals, and concerns. This meeting is a chance to determine if you’re a good fit for working together. Expect the planner to ask about:
Your current income, expenses, and savings
Your short-term and long-term financial goals (e.g., home purchase, retirement, travel, financial independence)
Any outstanding debts (student loans, credit cards, mortgage, etc.)
Your investment experience and risk tolerance
Major life events coming up (marriage, children, job changes)
Your comfort level with financial decision-making
At the end of this meeting, the planner will explain their services, pricing, and next steps if you decide to move forward.
Data Gathering: Organizing Your Financial Life
If you decide to work with the planner, the next step is data collection. This involves gathering detailed information about your finances. You’ll likely be asked to provide:
Bank and investment account statements
Retirement account balances
Debt details (mortgages, car loans, student loans, credit cards)
Tax returns from the last 1–2 years
Insurance policies (health, life, disability, home, auto)
Estate planning documents (wills, trusts, beneficiary designations)
Budgeting or expense tracking records (if available)
This might seem overwhelming, but a good planner will guide you through it. The more information they have, the better they can tailor their recommendations to your specific situation.
The Financial Planning Process: Creating Your Personalized Strategy
After gathering your financial information, the planner will analyze it and develop a comprehensive financial plan. This plan typically covers:
Cash Flow & Budgeting: Understanding where your money goes and how to optimize spending/saving.
Retirement Planning: Ensuring you’re on track for retirement based on savings rates, expected expenses, and different scenarios.
Investment Strategy: Aligning your investments with your risk tolerance, goals, and time horizon.
Tax Planning: Identifying strategies to minimize taxes now and in the future.
Insurance Review: Making sure you have adequate protection for unexpected events.
Estate Planning: Ensuring your assets will be distributed according to your wishes.
Plan Presentation: Reviewing Recommendations
Once the plan is complete, you’ll have a detailed review meeting where the planner walks you through their findings and recommendations. This meeting is interactive, allowing you to ask questions and discuss possible adjustments. The planner might provide:
Visual charts showing different financial projections
Step-by-step action items to implement the plan
Alternative scenarios (e.g., what happens if you retire early or take a career break)
At this stage, you can work together to fine-tune the plan so it feels right for you.
Implementation: Taking Action
A plan is only useful if you act on it! Your financial planner will guide you in implementing the recommendations, which might include:
Adjusting your savings contributions or investments
Opening or consolidating accounts
Paying off debt strategically
Updating insurance policies
Creating or revising an estate plan
Some planners take an active role in execution, while others provide guidance and check in periodically to track progress.
Ongoing Support: Regular Reviews and Adjustments
When you work with a planner in an ongoing capacity, your planner will schedule regular check-ins (often annually or semi-annually) to review your progress and make updates as your life changes.
During these meetings, you’ll:
Review your financial progress
Discuss any life changes (new job, family changes, major purchases)
Adjust strategies as needed (investment rebalancing, tax planning updates, etc.)
Many financial planners also provide ongoing support for unexpected financial decisions, such as handling a job loss, inheritance, or market volatility. If you work with a planner in an hourly capacity, be sure to reach out to schedule a check-in whenever major life events occur.
The Value of Working with a Comprehensive Financial Planner
Working with a financial planner can bring clarity and confidence to your financial life. Instead of feeling overwhelmed by decisions, you’ll have a professional helping you create a strategy tailored to your unique goals. Whether you want to retire early, save for a big purchase, or simply gain peace of mind, a financial planner provides guidance and accountability to keep you on track.
Are you ready to take control of your finances? Schedule a consultation with a financial planner at Pathways Financial Planning and start building your financial future with confidence!
