How often should you meet with your financial adviser?

Whether you’re considering a financial adviser for the first time, or you’re already working with one, you might be wondering how often you should meet with them. 

The answer will depend on your unique financial situation, but in this article we give you a general guide, and highlight some of the reasons you might want to meet your adviser more often. 

When should you meet or speak to your financial adviser? 

You’ll want to speak to or meet your financial adviser whenever something happens in your life that could affect your financial plan. 

When you’re nearing milestones such reducing your work hours ahead of retirement, buying a home or getting divorced, you’ll probably want to talk things through with your adviser.  

When policy changes occur, such as tax or pension rule changes being announced in the Budget, your financial adviser may contact you to explain the implications for your plan. You can always contact them if you have questions about something you’ve seen in the news.  

If markets have been a wild ride recently, you may be anxious about how your investments are performing. Your adviser can talk you through what’s been happening and why, and explain how your portfolio aims to manage risk. 

You may find this reassurance useful, especially if you’re quite new to investing.  

If you’re thinking of making a large purchase, or you want to gift money to a family member, you may want to meet your financial adviser to discuss it. They can run the numbers to make sure you can really afford it, and it won’t affect your retirement plans. 

How often should you meet your financial adviser?  

At a minimum, your financial adviser should offer you a review once a year. 

They may suggest you meet twice a year or once a quarter if there are some big changes happening. This might include you starting or selling a business, buying property, or preparing for retirement, for example.  

There may be other reasons for ad hoc check-ins with your financial adviser. Market falls, a dip in investment performance, or tax rule changes might all be cause to give your financial adviser a call. Or, perhaps you want a quick update to make sure your financial plan is on track to meet your goals.   

What to expect at a financial adviser meeting 

In your first meeting with a financial adviser, they will ask many questions to learn about your life and what you’re hoping to achieve by taking financial advice. 

They will tell you about themselves and their firm, and explain what services they can offer. The idea of this initial fact find is to discover whether the two of you are a good fit. 

Financial advice is all about relationships, and it should be for the long term, so you’ll need to get on well and make a connection. This meeting gives you the chance to ask questions and find out if financial advice, and this financial adviser in particular, is right for you.  

Once you’ve appointed a financial adviser, you’ll have at least one financial planning meeting a year. At this annual review, they will ask you what’s changed in terms of your life and priorities, and let you know how they think your financial plan should change to account for this. 

They may ask you to complete a risk questionnaire to assess if your attitude to capital losses is still the same as last year. If it has changed, your investments may need to change too.  

Generally, meetings will include an update on the performance of your investments. Your adviser may review any insurance policies you hold to make sure they still meet your needs.  

They will also likely go through your spending and saving patterns, and record any changes to your income or retirement plan. If you’ve been thinking of retiring earlier or later than planned, now is the time to talk this through. 

Your financial adviser may draw your attention to tax planning opportunities that are coming up, or things that you should do before the end of the tax year, such as maximising your individual savings account (ISA) allowance.  

You’ll have the time to ask any questions or voice any concerns at your financial adviser meeting, and you should come away feeling reassured that your finances are on track.   

Tips for getting the most out of your financial adviser meeting  

Preparation for both parties is important to get the most out of your meeting. 

Anything you can give your financial adviser in advance, such as details of changes to your income or your future plans, will help them prepare and make the most of your time together. It means they will not be scrambling to answer your questions. 

Make sure you bring any paperwork your financial adviser has asked for, such as bank statements or payslips. Write down any questions you have so you don’t forget them during the meeting. 

If you don’t understand something your financial adviser has told you, ask for an explanation.  

Remember, they work for you and have your best interests in mind. Try to be honest about your goals, hopes, fears or concerns so your financial adviser can support you as best they can. This can sometimes be difficult if you’re not used to talking openly about money.  

What questions should I ask my financial adviser?

Here are a few questions you might want to ask your financial adviser when you meet.  

• Am I on track to achieve my goals? This could include retiring early, paying for your child’s university fees, etc.

• How are my investments performing? Is this better or worse than expected and why?

• What changes have you made to my investment portfolio since we last met?

• Are my insurance policies still right for me?

• What fees am I paying you and what value am I getting in return?

• Should I worry about any of the announcements in the last Budget?

• Am I spending too much? 

• Can I afford to give cash gifts to my grandchildren? 

• Am I paying too much tax? 

• How much can I afford to take out of my pension?

• What will my annual income be in retirement? 

Get expert financial advice  

 Now you know some of the reasons you might want to meet your financial adviser, and some of the questions you might like to ask. 

 For some people, one meeting a year will feel like enough, but others may want to take a more active role in working with their financial adviser for the best outcome for their  plan.  

Need a qualified financial adviser? Unbiased can match you with one who can help you meet your goals.