How do you assess a client’s financial position in your initial meeting with them?

"As a responsible wealth management professional it is essential to me that my clients know their bandwidth when it comes to the risk they are willing to take, and where they want to be in the near, and far future. I saw a lot of pain during the economic downturn as so many investors over-estimated their ability to stomach the risk and the downside of investing. When first assessing a clients' actual financial position, I ask a lot of discovery questions. I also perform time horizon tests such as NestEgg Estimates and other stress tests to ensure they understand where they are as far as their financial future and the risk they are willing to take."

"There are many ways to assess my client's financial position. I am analytically minded and know that the truth is always in the numbers, so I rely on a lot of data that comes from stress and tolerance tests. I ask a lot of questions regarding future planning and their level of comfortability when it comes to risk. Everyone is different, and it's critical that I treat each client as a unique case."