Your First Financial Planning Meeting – What to Expect

Financial planning is unfamiliar ground for many people. However, a financial adviser can help you make sense of your situation, plan for the future, and achieve your goals more quickly.

By the time you attend your first financial planning meeting, you probably have an idea of what you would like to discuss. You may also have done some research on the firm, so you know who you will be meeting and their area of expertise.

But beyond this, what can you expect at your first meeting?

First Steps

The first meeting should be no-obligation and incur no charge.

The adviser will provide you with some information about the firm and its capabilities. They will explain their process and establish your expectations.

You should be provided with some documents at your first meeting, some of which you will need to sign. These include (but not limited to)

• The firm’s privacy policy.
• A marketing agreement which allows you to opt in or out of receiving marketing communications.
• A client agreement which explains the service and the terms of your contract with the firm.
• Details of service levels and the charges that will apply.

By dealing with these formalities first, you can get a feel for how the firm works and whether you are comfortable proceeding to the next stage.

Note (2025): The Capital Gains Tax (CGT) annual exemption is now lower, at £3,000. The Dividend Allowance is also lower at £500. So, discuss with your adviser about how to cover the implications of these tighter thresholds early in the planning process.

Finding Out About You

Your adviser should spend some time finding out what you would like to achieve. This will probably start with your immediate objective, for example, reviewing your pension. However, you will also be encouraged to think about your longer-term goals and aspirations.

You will be asked a lot of questions at your first financial planning meeting. This may include:

• Basic personal information
• Details of your family situation
• Information about your employment or business
• A breakdown of your income and expenditure
• An idea of your assets and liabilities

You may be asked to complete a questionnaire with some of this information before your first meeting. This can save time, although some advisers prefer to ask the questions as part of a conversation, as this can help to build the relationship.

You will also need to complete a risk questionnaire. This might happen during the first or second meeting, or you may be asked to fill it in at home.

This will help to establish how you feel about risk and how much volatility you can cope with in respect of your investments. It may also include questions about your investment experience and how you have dealt with market ups and downs in the past.

Case Study: Recently, a client in their early 50s came in to review their pensions with us. After discussing their broader goals, they decided to create an early retirement plan factoring in partial drawdown – starting at age 58. 

Gathering Information

Your adviser will need to gather a lot of information to create your financial plan. This may include:

• Details of income, for example, payslips, P60s or tax returns.
• Bank statements
• Valuations of your pensions and investments
• Details of any workplace or occupational pensions
• Insurance policy information
• Confirmation of any employment benefits, such as sick pay and death in service benefits.
• Copies of any wills, trusts, or powers of attorney

You might need to bring some documents with you to your first meeting or provide them later.

Your adviser will ask you to complete a letter of authority, which allows them to contact the relevant companies directly for information. This can save time and make the whole process easier for you.

You should allow several weeks for your adviser to gather information, although they will likely keep you updated during that time.

Update (2025): If you’re a higher-rate taxpayer, your adviser may discuss additional pension contributions to offset the reduced CGT and dividend allowances through tax relief.

Time to Ask Questions

Trusting someone with your financial plan is a big step, and you need to make sure you are comfortable with it. You should have plenty of time to ask questions and clarify anything you don’t understand.

You are not expected to be an expert in financial matters and should ask any questions that come to mind. You may need further clarity regarding:

• The firm’s processes and charges
• The tax implications of the issues you are discussing
• Investments and financial products in general

At the first meeting, your adviser will be happy to discuss general options and answer your questions. Once they have assessed your situation, they will discuss the specifics, such as how you should invest or plan for retirement.

Agreeing on Next Steps

After the first meeting, you should be clear on what your adviser will do for you. This may involve a follow-up meeting, or your adviser will agree to contact you once they have all the information they need. The next step may be:

• Creating and implementing a complete financial plan and incorporating regular reviews.
• Creating a financial plan for a fixed fee that you can then choose to implement or not.
• Dealing with a specific area of your financial situation, for example, consolidating your pensions. This may be a one-off exercise, or it may include ongoing service.
• You may decide not to proceed with financial advice. The adviser may give you some tips or signpost you to resources that can help you.

Your first financial planning meeting should be a positive experience, and you should come out of it with a good idea of how you want to proceed.

Remember, you are under no obligation, and if you want to defer a decision or speak to another firm, you are within your rights to do so.

Example Scenario: A client seeking to consolidate three personal pensions with varying risk profiles and charges could receive a tailored consolidation strategy, with an optional ongoing review service.

If you decide not to proceed, your adviser may still offer helpful tips or signpost resources, such as MoneyHelper or HMRC tools.

Please don’t hesitate to contact a member of the team to find out more about financial planning.