Many investors consider working with a financial advisor but feel uncertain about what the process involves. Not knowing what to expect can create hesitation, even when professional guidance may be worth evaluating. This article walks through what typically happens when you begin working with an advisor for the first time. The goal is to help investors understand the process so they can evaluate whether this type of relationship may be appropriate for their situation.
The Initial Conversation
Most advisory relationships begin with an introductory conversation. This meeting is typically exploratory for both parties. The advisor may ask about your financial situation, goals, concerns, and what prompted you to seek guidance. You may ask about the advisor’s approach, services, compensation, and fiduciary status.
This conversation helps both sides evaluate whether there may be a good fit. Some investors meet with multiple advisors before deciding. No commitment is typically required at this stage.
Sharing Your Financial Information
If you decide to continue the conversation, the advisor will likely request financial documents. These may include account statements, tax returns, insurance policies, estate documents, and information about income and expenses. This information helps the advisor understand your current situation and identify areas that may warrant attention.
Sharing personal financial details can feel uncomfortable at first, but it is part of building a financial advisor personal relationship grounded in your actual circumstances. Advisors are generally bound by privacy obligations, and investors may wish to ask  how their information will be protected.
Understanding Your Goals and Concerns
Beyond the numbers, the advisor may ask about your priorities, concerns, and timeline. Questions may include: When do you hope to retire? Do you have concerns about market volatility? Are there family members who depend on you financially? Do you have charitable intentions or legacy goals? These conversations help shape advice that reflects your life, not just your portfolio.
Receiving a Proposal or Recommendation
Based on the information gathered, the advisor may present a proposal outlining recommended services, fee structure, and how the relationship would work. This is an opportunity to ask questions and clarify expectations. Investors may wish to ask about what services are included, how fees are calculated, and how often communication typically occurs.
Investors may also wish to take time to review the proposal, compare with other advisors, and consult Form ADV Part 2A before making a decision. Form ADV provides information about services, fees, and potential conflicts of interest. There is no obligation to proceed; this step is part of the evaluation process.
Onboarding and Account Setup
If you decide to engage the advisor, the onboarding process typically involves signing an advisory agreement and completing account paperwork. Assets may be transferred to a custodian, or existing accounts may be linked for oversight. The advisor may develop an initial investment strategy and financial plan based on your stated objectives and risk tolerance.
This process may take several weeks depending on the situation. During this time, the advisor may coordinate with your existing financial institutions and, if appropriate, with your CPA or estate planning attorney.
Ongoing Communication and Reviews
After onboarding, the relationship typically shifts to ongoing communication and periodic reviews. Review frequency varies by firm and client preference; many advisors conduct reviews at least annually. These reviews may cover portfolio performance, progress toward goals, and any changes in your circumstances. Investors may wish to clarify how communication works and who their primary point of contact will be.
What First-Time Clients Often Notice
Investors who work with a financial advisor for the first time often notice several changes in how they approach their finances:
Having someone to discuss financial decisions with may reduce uncertainty. Coordination across investments, taxes, and estate planning may become easier to navigate. Questions that previously felt overwhelming may become more approachable with professional guidance.
This article is general information and not individualized advice; investors should evaluate multiple firms. For investors seeking a financial advisor in the Chicago area, Virtue Asset Management is an independent, fee-only registered investment adviser. The firm provides investment advisory services on a fee-only basis and acts as a fiduciary for those advisory services. Virtue Asset Management does not provide tax or legal advice; clients should consult their tax professional. Not all services are available to all clients, and services are provided pursuant to the terms of each client’s advisory agreement. Additional details may be verified via the firm’s Form ADV.
Disclosure: Investing involves risk, including the possible loss of principal and fluctuation of value. Past performance is no guarantee of future results. This article is not intended to be relied upon as forecast, research, or investment advice. It is not a recommendation, offer, or solicitation to buy or sell any securities or to adopt any investment strategy.
