My daughter and son-in-law are meeting with a certified financial planner at Schwab and they have asked me what they should highlight at their discussion. I had suggested they do that as their account is with Schwab. A little backround, age, 50's, 2kids 12, 14. little investment experience and not much time to give to it, so I think they should have someone do it.
They have a small nest egg of couple 100k, own home, both employed, 529 plan with small investment. Suggestions appreciated.
Comments
In the financial context, they should think hard about all upcoming major events or expenses for the next 3-5 years as best as they can and make a list of them. They should also add any financial issues they are facing now, however small.
This list will serve as a basis for a discussion to make sure that their financial plan is consistent with their short term goals/needs in addition to long term goals.
They should review their inveatment portfolio, make the CFP reiterate the goal/philosophy behind the current allocation and probingly ask if the current situation is still valid for that.
They should try not to get sucked into adding more products/funds into the portfolio unless the CFP can make a very good case for why. CFPs like Doctors can push "pills" and people have a tendency to accumulate "pills" all of which promise something good. A discussion to get out of "pills" in their portfolio if it isn't really helping is also mandatory as long as they don't get misled by short term performance.
While they may not be investment savvy, all these meetings should be a way to increase their knowledge and understanding so they can get increasing benefits in the future with their financial planning.