Which step is typically first in the client onboarding process?

The first step in the client onboarding process is the initial consultation. This stage is crucial because it establishes the foundation for the advisor-client relationship. During this consultation, the financial advisor has the opportunity to understand the client's financial goals, preferences, and overall situation. Listening to the client’s needs and gathering pertinent information helps the advisor to tailor their services effectively.

In this stage, the advisor can also assess the client’s priorities and concerns, which are essential for developing a personalized financial strategy. It sets the stage for subsequent steps, such as evaluating the client’s risk profile and proposing specific investment strategies. This initial meeting is an important element of building trust and rapport, which are vital in wealth management and ensuring that the client feels understood and valued.