first time appt with planner

Add in your various insurance policies (life, disability, etc),

And maybe a list of your goals. Any FP will want you to start thinking about it and probably send you off to come up with such a list anyway. Retirement? When? College funds for the kids? A house down payment, etc. Caring for your parents? There are a lot of things. The FP may even suggest some thing you hadn't thought of.

If you haven't, you should. A will is pretty important, even if you have a very simple estate and even if you have very few people you want to receive it. It doesn't have to be complicated, and many of your assets can be handled outside of the will (IRAs, for example, always have designated beneficiaries, as do 401ks. Most brokerage accounts and mutual funds will let you designate them, too)

Too much is hard to pull off. But too *disorganized* is easy. Take some of the information you've compiled above and write up a summary. Doesn't have to be complex or even perfectly detailed, at least not to start with.

Hopefully, you've got the rest of the records in some sort of organized system of folders. It might be easy to just bring the most recent statement from each of the accounts

Truthfully, before heading on down the road to the FP, I'd strongly suggest reading Personal Finance for Dummies. It's got a chapter on selecting and evaluating planners - as much as it appears to be a do-it-yourself book, it's a great starting point and it has worksheets ot help you figure out exactly the information you'll want to bring to a planner anyway (ie. assets, debts, net worth, etc) and may cover things that some planners (not necessarily good ones) might skip - like debt reduction. It's a very basic book and you might breeze through a lot of it going "yeah, yeah, of course I shouldn't carry a zillion dollar debt on my credit card!" but it's organized, generally pretty right on and will help you have a clear idea of what to expect (or what you should expect) before you plunk down a lot more money for someone else's help.

I know, the regulars are probably sick of hearing me suggest this book. And, no, I have nothing to do with the book, the author or the publisher.

No more than my references to fairmark.com

The Dummies book is one I haven't read yet, but I'm inclined to read it if only to add to my suggested reading list. My own goal is to take the list and segment it into an 'objectives' and 'expertise' grid. If this book is a good one for beginners, and is the answer to many people just getting started, that's great, and considering this newsgroup gets a steady stream of new visitors, I'd expect to hear this recommended again.

JOE

What's his/her fee structure?

Ask the financial planner how he or she is paid for the services offered. Paradoxically perhaps, the best answer you could get to this question is: "You will pay me $200 an hour or so for my time and advice." On the other hand, if the answer is simply "You will owe me nothing," that is time to divest yourself of the notion that you are getting something for free and find out how the payment really comes about. If it comes from the companies offering the products sold to you, may want to say "Wait a minute, is there possibly a conflict of interests here?" and then explore the facts about index funds, exchange traded funds, no-load funds, and so on, before you act. Another idea: You compared this first visit to going to a doctor for the first time. What would want to know about a doctor? Well, you might want to know the same about a financial expert: qualifications, professional designations, ethical standards that are followed, etc.

Ask your planner what you need to bring! If he can't readily and intelligently give you a list then that may be a bad omen.

However, some planners like to do an 1. Fee structure is important

1. Check to see if he is CFP certified
2. What other designations does he have?

When it comes down to the hard data, he will probably want alot of info. SSA statements, Net worth, all investment account statements, insurance info, Education expense info, tax returns, annual budgeting data... What he needs should be tailored to what YOU need.

Here's my question for you; what is your expectation? Why do you want a planner? And how will you judge his performance? Someone advising a retiree would have to maker it clear that they are not going to match the returns one hears on the news, i.e. the S&P, but in a down year, will not be down as much. Someone advising a 30 year old needs to understand their risk tolerance, I can tell you what mine is now, and at 30, but not what someone else's is without a long interview. If your expectations are out of line, he should set you straight as to what's reasonable. I recall a co-worker in the late 90's telling me he was well on his way to a good retirement. All I asked was what return rate the planner used. His reply was 16%. I told him to get a new guy. I'd not debate whether the current proper number is 8 or 10, but no regular here will suggest

16 is reasonable. Better to plan for a lower rate of return and be surprised you were too pessimistic than the alternative. Maybe that's a 'quiz' question you can ask him. JOE

You might consider asking the advisor: "Are you a fiduciary?" The article below surprised me; I think it's worth reading.

I wish this issue was more commonly known among investors...your advisor's role and obligations are dictated by how that advisor is licensed and does business. I believe striking down the Merrill Rule will lead to better outcomes for investors/clients, by amplifying the distinction between advice and sales-facilitation.

This is the comment I submitted during the rulemaking period, discussing my views on the distinction, when the Merrill Rule was being finalized:

For the OP: I'd suggest asking for a copy of Form ADV, Part II, which is the regulatory filing that all investment advisors must make, and must provide to prospective clients. If they don't have a Form ADV, they're not registered as an advisor. That's not the end of the world, but be sure to find out how they are licensed, and understand the role they'll play when providing advice.

-Tad