You’ve made the decision to work with a wealth management and/or financial advisor to help with your finances – but your work’s not done yet! It’s important to do some research on what you are looking for, and determine what you will ask your advisor to do. Here in Missouri, wealth management professionals can help with everything from:

• Transfer of wealth
• Missouri life insurance
• Missouri fixed annuities
• Investments such as funds, stocks, or “alternative investments”
• Missouri final expenses

That list may seem deceptively simple. It is worthwhile to consult a professional about each and every one of the above topics, as they are multi-faceted. For life insurance, do you want a term policy? Variable universal life? Fixed life? The answer depends on what you are looking for the policy to do – protect your estate, give you money to retire on, or provide a cushion in the case of your untimely death for your spouse or heirs. For transfer of wealth – there’s a lot more involved than simply turning over cash or stocks to your dependents. Without a careful plan, you’ll be disappointed with how much the government can claim as their own. And “alternative investments” do not even sound simple – things such as direct investment in real estate, or access to complicated investment vehicles such as separately managed accounts – are areas where a wealth management advisor and his/her experience can help put your money to work – in ways that the average investor does not even realize exist.

When you meet your advisor, you will need to do some preparation.

• Gather the important papers and files that you’ve kept over the years; your advisor will want to review recent tax returns, investments, retirement plan, wills, and insurance policies, if they exist.
• Know what you want to discuss, and together with your advisor, identify areas where you may need assistance, such as building up a retirement income or improving returns. If you only want help with a specific area of your portfolio (ie retirement planning), tell your advisor that (and stick to your guns!)
• Together with your advisor, review your investment timelines and willingness to take on risk – he or she will likely have you fill out a risk tolerance questionnaire.
• If you’ve elected to work with an advisor who will develop a complete financial plan, you’ll want to discuss that plan and determine if you need to work with additional specialists (such as accountants or attorneys) to implement key pieces of the plan. Ask how often it makes sense to meet with your advisor to update or review your plan.

A little legwork and preparation can make your time spent with your wealth management advisor beneficial for you both.