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amother




OP
 

Post Sun, Sep 18 2022, 6:54 am
When speaking to a financial advisor, do they need details about all your money- or if you are specifically inquiring about investing a small amount, is that all they need to know?
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Amarante




 
 
 
 

Post Sun, Sep 18 2022, 9:12 am
It depends on what your goals are.

What kind of advice are you seeking? What kind of financial advisor would you be using.

Technically a stock broker is a financial advisor and people use them to get advice on what specific stocks or mutual funds they recommend. In order to give appropriate advice - even on such limited advice - they generally want to know how much your net worth is and what kind of goals you have - I.e. long range? retirement? is this IRA or Roth in order to make an appropriate recommendation based on your personal situation because otherwise it is just a random stock "tip"

If you are contemplating using a Certified Financial Planner then it really would be pointless to give them limited information. These people do not operate on a commission and so they charge for their advice. People generally use them to provide advice on their overall finances and recommending a specific investment for a small percentage of one's assets without knowing the totality of your economic situation would make no sense because it would be a waste.

In general the more people know about your finances the better their advice would be just as is true for medical conditions
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amother




Feverfew
 

Post Sun, Sep 18 2022, 10:18 am
It makes a difference in regards to risk. For example if you’re investing 50k but overall are worth a million, you might be more willing to do something more aggressive than if that was your total in assets.
There also might be tax implications.
They might want to know if you’re diversified.
But it depends on your comfort level and how much you want to get out of this person.
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