What Is Discussed During A Personal Financial Planning Consultation?

2 February 2023
 Categories: , Blog


If you are looking to get your personal finances in order, there is no better place to start than with an individual financial planning consultation. Financial planners tend to offer this initial consultation to prospective clients who are considering contracting the professional for their services. This initial meeting can give both you and the financial planner a clear idea of what your financial health looks like and how you need to change to get to where you want to be. Take a look at a few things that will likely be discussed during your first personal financial planning consultation. 

Your Specific Immediate and Long-Term Financial Goals

Perhaps you are simply looking to cut down on spending to have more cash flow for the immediate future. Maybe you are looking to build wealth or save for a comfortable retirement. Whatever your financial goals may be, you can expect these goals to be discussed at length during a personal financial planning consultation. You may be asked questions like:

  • Do you have a specific target savings goal you wish to achieve?
  • What does a stable financial life look like to you?
  • Are you planning to make any major investments in the near future?

Your Income and Expenses from All Sources 

Discussing your income is a natural part of financial planning. Initially, it can seem a bit intimidating to openly discuss your finances with someone. However, financial planners are well-trained professionals who are capable of taking an unbiased look at finances to help an individual make better decisions. You may discuss different income streams you have, such as employment and self-employment income, side jobs, rental income, retirement payments, and more. From here, your consultation will likely move into discussing your general expenses. You may be asked about aspects like housing costs, debt load, and additional expenses you face on an ongoing basis. 

Your Existing Wealth-Building or Savings Strategies 

Do you currently follow a certain savings plan or invest money in something meant to gain capital? If so, these aspects of your financial status will likely be discussed during the consultation. The financial planner needs a good understanding of the steps you are already taking to build your wealth. This allows them to help you make plans and decisions that can enhance the strategies you are already using. Beyond this, however, this shows the financial planner what moves you are already comfortable with making with your money.

To get started, contact a financial planning service in your area such as Centric.