Time is precious no matter who we are, but even more so with a wealth advisor. You have to convey your financial goals and start putting a financial plan in place in an hour or less.

You can ensure the meeting’s focus is on value-added information by being prepared and asking more specific, targeted questions.

Here are 10 questions to ensure a productive wealth management meeting.

1. Wealth advisor profile – This basic criterion is overlooked by most. Would you hire a hat maker to design your wedding dress?

Ask: Are you or your clients of the same investment profile as me? And what is your investment style?

2. Your net worth – Calculating your net worth is the first step to financial planning. Avoid spending your meeting filling out forms. Subtract your debts from your assets to get your net worth. Know your savings, expenses, and monthly cash flow. Some investors ask their wealth advisor for his or her net worth.

Ask: How did you build your net worth?

3. Managing debt – Households in Singapore have racked up debts equal to 76% of the gross domestic product. A priority should be paying down debt so you can put the interest charges to work for you in the investment market.

Ask: What should I pay off, in what order and how much? For the longer term, how do I retire without debt?

4. Investment goals – When do you plan to retire? Fewer people are answering at 65, so why listen to the retiring at 65 spiels? State exactly how long you are planning to work.

Ask: What retirement plan will provide the highest quality of life for a late retirement?

5. Risk tolerance – Risk tolerance is the subject of many investment myths. Challenge them.

Ask: Rather than be ultra-conservative, I want a bit of excitement and growth in my retirement years. What would you suggest?

6. Asset allocation – Once your financial position, investment horizon and risk appetite are determined, the specific investment types can also be determined. Asset allocation is not a one-time deal.

Ask: What type of adjustments will I need to make over time, and what fees will be involved? What changes in the economy and my personal situation should trigger a revaluation?

7. Insurance – A good investment planner will be familiar with insurance options beyond term. Many life insurance products provide cash flows that could provide income for the early or late retiree.

Ask: What insurance policies will create income streams for me during my lifetime, and when should I consider them?

8. Estate planning – With family wealth planning, bitter estate battles are happening less frequently. You do not need to have a formal family office – a private family investment vehicle – to benefit from family offices’ wisdom.

Ask: What are five ways family planning can make my estate planning more successful?

9. Tax savings – Taxes are boring and often difficult to follow but the key to reaping higher returns from your financial plan. Cut to the chase before he or she starts citing sections of the tax code.

Ask: What is the most tax-efficient investment portfolio for me?

10. Diversification strategy – Portfolio diversification is a key objective of wealth advisory. Your wealth advisor should be applying the latest tax strategies and investment vehicles. Motivate your wealth planner to think innovatively on your behalf:

Ask: What are some ways to diversify my investment portfolio to reduce the risk of losses while growing and protecting my capital?

These questions provide general guidance and should be tailored to address your investment objectives.

Incorporate your personal objectives such as investing in ethical, green and socially responsible investments.

This article first appeared in The New Savvy.

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