What Happens in Your First Meeting With a Financial Adviser

If you have never met with a financial adviser before, it is natural to feel uncertain about what to expect. The first meeting is not a commitment - it is an opportunity for both you and the adviser to understand whether you are a good fit for each other. Knowing what to expect beforehand can help you get more out of it.

Before the meeting

Before you sit down with any adviser, do two things. First, verify their registration on the ASIC Financial Advisers Register. You can do this through this directory or directly through ASIC's MoneySmart website - it takes about two minutes and confirms the adviser is legally authorised to provide personal financial advice. Our guide on how to verify a financial adviser's ASIC registration walks through the process.

Second, ask whether there is a cost for the initial meeting. Many advisers offer a free initial consultation, but not all do. Clarify this before you attend so there are no surprises.

It is also worth gathering some basic financial information before the meeting - a rough sense of your income, any significant assets or debts, your superannuation balance, and any insurance you currently hold. You do not need to bring documents, but having these figures roughly in mind will help the conversation flow more naturally.

What the adviser will ask you

The first meeting is primarily about information gathering. A good adviser will spend most of the time asking questions rather than talking about their own services. Expect questions about your current financial situation - income, expenses, assets, debts and superannuation - as well as your goals and what has prompted you to seek advice at this point.

They will likely ask about your timeline - are you planning for retirement in five years or thirty? Are you trying to buy a home, pay off debt, protect your family or grow wealth? They will also ask about your risk tolerance - how comfortable you are with the idea of your investments going up and down in value.

You are not obligated to share more than you are comfortable sharing at this stage. The relationship needs to be built on trust and you are entitled to take it at your own pace.

What the adviser will tell you

Before providing any advice, the adviser is legally required to give you a Financial Services Guide. This document sets out who they are, how they charge, how they are remunerated and how to make a complaint if something goes wrong. Read it carefully - it is one of the most useful documents in the advice process and is required by law.

At the first meeting the adviser will typically explain their process, what services they offer, how they charge and what would happen next if you decide to proceed. They should be able to give you a clear sense of what advice would cost before you commit to anything.

The difference between personal and general advice

It is worth understanding that at the first meeting, an adviser generally cannot give you personal financial advice - a specific recommendation tailored to your circumstances - without completing a full fact-find and preparing a formal Statement of Advice. What they can do is give you general information about the areas you are interested in and explain what the advice process would involve.

If an adviser gives you specific product recommendations at a first meeting without thoroughly understanding your situation, be cautious. Our guide on the difference between general and personal financial advice explains the distinction in more detail.

What to ask at the first meeting

Come prepared with a few key questions. Ask about their experience with clients in similar situations to yours, what areas they specialise in, and specifically what authorisations they hold. Ask how they charge and what the total cost of advice is likely to be for your situation. Ask what the next steps would be if you decide to proceed, and how long the advice process typically takes.

Our guide on what to ask a financial adviser before you hire them has a more comprehensive list of questions worth raising.

What happens after the first meeting

If you decide to proceed, the adviser will typically conduct a more detailed fact-find - a thorough review of your financial situation, goals, risk tolerance and existing financial arrangements. This forms the basis of the advice they will provide.

The advice itself will be documented in a Statement of Advice, which you will receive before any action is taken. You will have time to read it, ask questions and decide whether to proceed. You are never obligated to act on advice you have received - the decision is always yours.

If you are not ready to commit after the first meeting, that is completely normal. Take time to compare advisers, check their registrations and think about whether their approach suits your situation. You can search for registered advisers in your area using the financial advisers directory.