What to expect at your first meeting
You and your advisor will likely fill out a new account application and “know your client” form. You should also discuss:
- Your goals, so your advisor understands what you want your money to do for you and when.
- What you expect to earn on your investments.
- How much risk you’re willing to take.
- How you’ll work together, including how often you’ll meet.
- What fees you’ll pay.
- Next steps.
“Know your client” information
Your advisor is required by securities law to know your financial situation, investment objectives, knowledge, experience and risk tolerance. Your advisor will have you fill out a new account application form and possibly a separate “know your client” form.
These forms cover:
- Why you’re saving or investing (e.g., for retirement, education savings or other reasons).
- What you own, what you owe and the income you earn.
- Your comfort level with risk,
- What kinds of savings or investments you’ll need.
- How much you know about investing and your investment experience.
Your advisor must ask you about your:
- financial situation
- investment objectives
- investment knowledge
- investment experience
- risk tolerance
