Making the Most of Your Meeting with Your Financial Advisor

Chris P. Barthe             
Vice President and Wealth Planning Officer
Washington Trust Wealth Management

When you connect with your financial advisor, whether it’s once a week or once a year, preparation is the key to walking away with a sound financial plan that supports your goals, protects your wealth, and adapts as your life evolves.

Start With Your “Why”

Before your meeting, ask yourself:

• What am I trying to fund? (Retirement? A second home? College education? Charitable giving? Family support?)
• Is my focus on income needed now or years from now?
• Is stability more important to me than growth—or vice versa?

Ask the Right Questions

Getting the right answers starts with asking the right questions. Here is a checklist of questions to bring into your meeting. 

Preparedness

• Am I saving enough to support the income I want in the future?
• How much can I safely spend each year without jeopardizing my long-term plan?
• How long will my money last at my current spending level?

Portfolio Structure

• Am I taking on enough risk—or too much?
• Is my portfolio properly diversified for my goals?
• Should I adjust my allocation as I get closer to retirement or a major life event?

Income Sources

• How much income will come from dividends, interest, and real assets?
• How much will come from planned withdrawals?
• Should I consider a systematic withdrawal strategy?
• Should I add or reduce exposure to bonds, dividend stocks, or real estate?

Taxes

• How can I generate income in the most tax-efficient way?
• Should I be converting traditional IRAs to Roth?
• Should I withdraw from taxable, tax-deferred, or Roth accounts first?
• How will capital gains, Required Minimum Distributions (RMDs), or Social Security affect my tax bracket?
• Are there charitable strategies—such as Qualified Charitable Distributions (QCDs or Donor Advised Funds (DAFs)—that can help lower my taxes?
• How should I adjust my tax strategy as I near retirement? 

Longevity and Inflation

• How will we adjust my plan as I age?
• What assumptions are we using for inflation and life expectancy?
• What happens to my plan if inflation is higher than expected?
• Can I afford elder care or a nursing home? 

Protection and Legacy

• Do I have the right insurance in place to protect my income plan?
• How should I structure beneficiary designations to support my goals?
• If something happens to me, will my income plan adequately provide for my family?

Stress Testing and Scenarios

• Can you show me how my plan performs in a market downturn?
• What happens if I spend more (or less) than expected?
• How would a shift in risk level affect my long-term income?

Implementation

• What changes should I make now?
• What should I focus on over the next 12 months?
• What are the next steps after this meeting?

Leave With a Clear Action Plan

A productive meeting should end with clarity. You should walk away knowing:

• How much income you can expect—and where it comes from.
• What portfolio adjustments need to be made.
• How your withdrawal strategy will work.
• What tax implications to prepare for.
• What follow-up actions you need to take (and when).

Washington Trust Wealth Management Can Help

When you meet with the experienced and qualified wealth advisors at Washington Trust Wealth Management, we analyze your full financial picture, model diverse growth and income scenarios, and take you through how various risk levels, withdrawal strategies, tax decisions, and portfolio adjustments may impact your long-term plan. Most importantly, we partner with you to align your plan with your unique lifestyle, values, and goals, so you walk away with confidence and peace of mind.