How to get comfortable sharing your finances with an advisor

Money plays such a crucial role in our lives, so why is it hard to talk about it? Whether you’re chatting about  investments , salaries,  debts  or goals, conversations about money can be uncomfortable. But getting familiar with your finances and talking about them with a professional can have significant benefits.  

There’s not a lot of work you need to do before chatting with a financial advisor, but a little preparation can help you get ahead of some questions.  

Assess your current comfort level with these conversations. Do you love talking about your finances , or do you shy away from the mere mention of money? If you have some uneasiness about how to open up, consider starting low-stakes conversations with friends and loved ones to build your confidence.  

In fact, talking with an advisor may be easier than chatting about money with friends, family or partners. While your loved ones may be influenced by your history with money or their own perception of financial success, an advisor will be impartial and advise you toward the goals you choose.  

Read more: Have questions about financial advising? We have answers.

In order to get comfortable talking about your financial situation, you’ll need to get familiar with it. You don’t need to know your account balances by heart, but having a document that reflects your current assets, investments and debts can help fully illustrate your financial picture.  

Consider talking with a close friend or family member to see how they discuss their finances. You may learn some useful tips to help you talk about money — but hold off on taking any advice until you discuss with your advisor.

You may have some ideas on goals you’d like to achieve, but clearly defining them will help you talk about why they matter to you. For instance, instead of just "retirement," think about the specifics — at what age do you plan to retire? Do you envision yourself traveling the world? These considerations will likely impact how you save toward that goal. You and your advisor can then formulate a more tailored plan accordingly.

The unknown can be frightening, but there’s no need to be nervous about your first conversation with a financial advisor. When you know what topics will come up, you’ll be ready to share. Here’s what to expect.  

Your first conversation will be a get-to-know-you chat. With Ally Invest Personal Advice , we’ll give you a call to discuss your history with money and your primary goals, as well as any concerns you have. This first conversation will take about 15 minutes and is a great warmup for the money talks to come.  

This is where all that preparation and organization you did ahead of time will pay off. Based on your conversations, your dedicated advisor will create a complimentary personalized financial proposal that can serve as a jumping-off point for your future conversations: What questions do you have? Are there any areas you’d like to discuss or revise?  

Your advisor will be able to assist with any thoughts you may have — and if you have any doubts or uncertainties, they can address those, too. 

Now that you have a financial plan and an investment account, what’s next?  

Practice makes perfect, and you’ll have plenty of opportunities to chat about your finances. Any time you undergo a big life change (such as marriage or divorce, growing your family or changing your job status), consider contacting your advisor , so they can help you revise your financial plan and update your goals and progress.

As you become more comfortable with these conversations over time, you can delve into other areas of your financial plan. Your advisor is also available on demand to talk through your thoughts.  

A little preparation and knowledge can go a long way toward getting comfortable talking about money. When you know what to expect, you can set yourself up for productive, beneficial conversations with your financial advisor.