Do not hide these from your financial advisor

 

Ideally, your financial planner needs to take a close look at not only your financial health but also several other things to pave your path towards a happy and prosperous future! A comprehensive look into your life makes the job of your financial planner easier and smoother too.

 

You know that your financial advisor in Los Angeles is on the right track when he/she inquires about too many things. Your way of life (living standards), stage of income (nascent or mid-level), traveling plans, other dreams and aspirations, kids' education plans (if any), family structure, assets and liabilities, credit score – and the list goes on!

Things to disclose to your financial planner in Los Angeles

It's commonly said that you should remain as transparent as glass when seeing your doctor and/or legal advisor. Well, the same goes for your financial planner in Los Angeles too. So, be ready to provide your advisor with every single detail. Be it complicated, embarrassing, or extremely confidential – confide in your financial advisor.

Be careful, if you have contacted your Los Angeles financial advisor and intended to keep any of the following facts masked from him/her!

Hidden assets – own up even if you don’t want to

Say, you have inherited from or have been gifted with a piece of property by your mom who’d abandoned you long back. You might naturally not want to bring it up but it’s certainly there and it’s certainly yours!

Financial decisions are taken based on your ability to absorb financial highs and lows. Another way of putting it is that your financial plan would largely depend upon your risk-tolerance level.

 

Health problems should be disclosed too

One of the firsts of financial planning is that you need to be rational. Talking about health issues, or worse still, anticipating a deadly disease (like cancer) that could be destined is truly hard to imagine. However, your financial plan necessarily needs to take all of these into account. Even your probable life span (which again hints at your tentative death age) based on your present health condition, counts.

Disclose all your health information to your fiduciary financial advisor and this one’s a must. Even a disease that’s running in the family lineage needs to be reported.

Your average life is calculated and the probable future medical expenses too.

 

Other secrets

Secrets are sometimes embarrassing. Well, just shoo the embarrassment off! Let’s say it’s your child who’s into drugs. If you don’t speak up, what happens (say in case of your sudden death) is that the child inherits a lot of assets all of a sudden and doesn't know how to put them to wise use.

 

Had your Los Angeles financial advisor heard about the child earlier, he/she could have helped you with the creation of a trust that would prevent the child from unhindered access to all the money.

 

In a nutshell, when you’re sitting in front of your planner, be yourself; don’t pretend!

 

Recommended Read:

Your guide to a DIY retirement planning

If Your Financial Advisor is a Good Person in Their Personal Life?

Steps to a perfect retirement plan