Your life and goals are constantly evolving, so it’s important your financial plan does the same. Hopefully, you have a trusted Wealth Management professional that you meet with at least once per year. These meetings are times to review your progress toward your goals and discuss how any recent changes in your life should be incorporated into your financial plan. To ensure you’re making the most you can out of your relationship with your financial advisor, take a look at the following areas we believe should be addressed each time you visit your financial professional for an annual account review:

Any changes that occurred in your life over the past year

Your financial plan should be a dynamic document that’s regularly revised to remain up to date with any changes in your life and financial situation. Talk with your advisor about any changes that have occurred with your employment, health, family situation (such as a marriage or the birth of a child), assets (such as receiving an inheritance), and overall financial objectives. Your advisor will use this information to update your financial plan and ensure everything is in line with your goals.

Investment performance and allocation

Your advisor should provide an annual review of your investment performance to assess your portfolio’s progress in helping you achieve your objectives. Part of this review should include a look at your investment allocation to determine whether any changes should be made based on current market conditions, your risk tolerance, your time horizon, and any changes to your goals or personal financial situation that occurred over the last year.

Personal progress

The primary motivation for seeing the guidance of a financial advisor such as a Wealth Manager is to get help tracking and achieving your personal financial goals. At least once per year, your advisor should provide a recap of your progress and update you on the next steps.

Goals for the upcoming year

Your annual review should also include a discussion of your upcoming short-term goals. Do you anticipate any changes to your personal financial life over the course of the next year? Perhaps you’re due for a raise or bonus. Maybe you’re planning for a wedding or the birth of a child or grandchild. Whatever changes may be on the horizon, be sure to share them with your advisor and discuss strategies for incorporating your annual goals into your overall financial plan.

Tax planning opportunities

Your annual review is a great time to discuss opportunities to lower your taxes. Your advisor should be proactively implementing tax-saving strategies, such as tax-loss harvesting, asset location, charitable giving, and more.

Estate planning documents and beneficiaries

Work with your advisor to review your estate planning documents and beneficiary designations to ensure they continue to reflect your wishes, given any changes that occurred in your life over the course of the year. If necessary, work with your estate planning attorney to update the documents.

Does your advisor go over each of these topics in your annual review? If not, call InVestra Financial Services to learn why we value each of these crucial areas of interest in regard to Wealth Management. Our experienced professionals are passionate about ensuring that every aspect of our clients’ financial lives is well cared for and working to help achieve all of their goals – whether that means settling down abroad or buying that dream car!



Important Disclosures:

Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual security. The information in this article is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. This material was prepared by InVestra Financial Services. Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. To the extent, you are receiving investment advice from a separately registered independent investment advisor that is not an LPL Financial affiliate, please note LPL Financial makes no representation with respect to such entity.

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