How to prepare for your first meeting with an advisor

Whether it’s your first time ever – or your first time with a new advisor – here’s how to prepare, and what you can expect from the meeting.

Key takeaways

1. Your first meeting is free and lasts about an hour 

It's a discovery session with no cost, giving you a chance to share your goals, ask questions, and see if the advisor is a good fit.

2. Start by thinking about your goals – and getting a sense of your finances

Before the meeting, start thinking through your financial goals, and gather key financial information. (Which can be as easy as opening your banking, employee and investment apps.) This information will help your advisor tailor their recommendations.

3. Your advisor is here to help, not judge 

Your advisor's role is to understand your current situation and help you build a plan to reach your goals. Look for someone who listens, asks thoughtful questions, and can understand the nuances of your journey.

What can I expect from my first meeting with an advisor?

Your first meeting is a discovery session and usually lasts about an hour. This is a chance for you to share your goals and why you’re seeking advice. 

It’s also a good way to:

• Ask questions,
• Get to know the advisor,
• Find out how they work, and
• Hear what they can offer you.

What do I need to bring to the first meeting?

1. Your goals. Before you meet, think about what's important to you.  

Not sure what your goals are? Here are questions you can start by asking yourself:

• What do you want in the short-, medium- and long-term? (i.e. A large purchase, retirement, giving to charities, etc.)
• Do you have anyone who depends on you financially? (i.e. Spouse, kids, grandkids, your business, etc.)
• Are you thinking of starting a family – or caring for aging relatives?
• Are you thinking about changing careers – or retiring?
• Do you want to buy a house? 
• Do you need an emergency fund? 
• Do you want to go back to school – or take a sabbatical? 
• What’s important to you?

2. Your financial documents and/or apps. The next things to prepare are your financial documents.

These days, this can be as easy as opening your banking, employee and investment apps.

Here are a few types of information that can be helpful. But please note: you don’t need to bring everything to your first meeting!

• Employee benefits information
• Mutual fund statements
• TFSA,  RRSP or FHSA statements
• Insurance policies
• Mortgage payments
• Information about other financial assets

Be prepared to share: 

• How much debt you have
• What your monthly payments are (i.e. bills, mortgage/rent, car payments)

It may feel a bit uncomfortable to share personal information with someone new. But rest assured that your advisor will keep your information confidential. The more information you provide, the better analysis and recommendations an advisor will be able to give you.

Remember: your advisor is here to help, not to judge. 

Their role is to draw an accurate portrait of your present financial situation. And help you draw a plan to help get you where you want to go.

What happens after my first meeting? 

After your first meeting, your advisor may share recommendations.  

At that point, you may be ready to start exploring products – like investments and insurance. Or you may need more time to think. 

Your advisor can walk you through what to expect for the application and buying process.

Does meeting with an advisor cost money? And how do advisors get paid? 

Your meetings with a Sun Life advisor are free. But of course, advisors get paid once you become a client and purchase solutions with them that support your needs. 

They may get a:

• Commission
• Fee for sales and continuing services
• Or a combination of both

Some investments, like mutual funds, include management fees. The advisor selling the investment receives a portion of these fees. 

If you're looking at insurance, advisors typically receive commission for those products. 

Ask your advisor to explain how the companies they represent pay them.

What should I look for in a financial advisor?

The quality of this relationship matters. Since there’s no cost to meeting with a Sun Life advisor, you can look for the right fit.

An advisor who:  

• Asks thoughtful questions about your goals  
• Understands your life circumstances  
• Helps you test your plan against "what if" scenarios  
• Adjusts when your life changes 
• Helps you build financial confidence quickly 

Look for someone who understands your needs – and who understands that your financial planning should adapt to your life, not the other way around.