1. Evaluate your financial situation
Before meeting a representative, it is important to evaluate your financial situation. Here are some steps to follow:
- Draw up your personal balance sheet. This will give you a precise evaluation of your financial situation (assets and debts).
- Use the budget simulator to determine the amount you can invest.
- Discover your tolerance to risk. This will help your financial services professional offer solutions that fit your profile.
- Will you be able to tolerate variations in the value of your investment portfolio, whether positive or negative?
- Are you ready to see your investments lose value? Can you afford to?
- Do you prefer a safe investment with a modest return or a riskier investment with a possibly higher return?
Such avenues for thought will help you determine your tolerance to risk. Whatever your answers, the important thing is to be comfortable with your choices so that they do not become a source of stress.
2. Set your goals
Set your financial goals so that, during your meeting with a representative, you can focus on the things that are important to you – the objectives that will help you fulfill your dreams, the goals you want to attain. Here are some financial goals that might inspire you:
- Buying a home;
- Planning personal or professional projects;
- Protecting your purchasing power in case you become seriously ill or disabled;
- Preparing for your retirement;
- Protecting your family from the financial consequences of death.
3. Prepare your questions
Often, because of a lack of preparation, we forget to ask important questions. This is why we suggest you make a list of the questions you want to ask your representative.
To help you, we have prepared 2 sets of questions. The first will help you know all about your representative on a professional level. The second specifically deals with your needs.
Questions to ask your representative
- Which permits do you hold?
- How many years have you been practicing this profession?
- What are your fields of expertise?
- Do I have to pay for your services?
- How do you get paid?
- What services can you offer me?
Questions related to your needs
- Do I need life insurance, health insurance or an investment program?
- Do I need a complete financial plan?
- How much life insurance do I need?
- How much serious illness insurance do I need?
- Are these products appropriate for my needs?
- Can these products be modified according to my needs?
Financial terms are often difficult to understand, so don’t be shy about asking questions or requesting clarifications from your representative. Think about taking notes to remember the details of your discussion.
4. Have your financial information on hand
To help your representative determine the very best solutions for you, make sure to bring the following information or documents to your meeting:
By arriving well prepared at your meeting with a representative, you will save time and be assured to get advice that is adapted to your personal situation.