Everyday Wealth
What should you expect from your year end review with your financial planner?
Sep 20, 2022
Topics covered: Year end financial review checklist, current financial plan review, risk tolerance assessment, questions to ask financial advisor, investing strategies, asset allocation, diversification, rebalancing, importance of effective communication and goal-setting in financial planning
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Quick takeaways
- Year end financial reviews assess achievements, personal changes, and financial plans.
- Tailored approaches for retirement, mid-term, and long-term investors include adjusting risk tolerance and building reserves.
Deep dives
The Importance of Annual Financial Reviews
Financial planner John McCaffrey highlights the significance of annual financial reviews where clients' achievements, progress, and changes in financial and personal situations are assessed. Discussions revolve around job changes, family dynamics like marriages or child-related matters, and financial considerations such as income and investment accounts. Specific scenarios like inheriting money after a spouse's death emphasize the need to celebrate sensibly and consult a financial advisor to make informed decisions.
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