Financial planners offer professional advice to help you pay off your debt, retire early, or grow your investment portfolio. Most planners offer digital communication channels but you could also schedule in-person meetings to review your needs, position, or progress. Here’s an overview of how often you should meet with your wealth planner:
When You Want to Review Your Plan
You are guaranteed a meeting with your wealth planner at least once a year. Financial planners usually offer annual reviews to assess your position and progress. Your planner can assess changes in your income, expenses, and debt levels. The review meeting also involves evaluating your financial strategies and portfolio performance and discussing emerging products and regulations. You need these meetings to realign your strategies with your evolving financial circumstances and goals.
After a Major Financial Event
Major financial events like inheriting a large sum of money or getting a new job or promotion can impact your finances. A job promotion or career change may increase your income and impact your savings, debts, and taxes. Large loans also affect your monthly budget and financial position. If you’ve had a major financial event, contact your planner. Financial planners can help you analyze the impacts of the event on your position, portfolio, and strategies.
Before or Following a Life-Changing Event
You should schedule a meeting with your financial planner soon after a life-changing event, such as marriage, the birth of a child, the loss of a job, disability, or divorce. These events can impact your budgets, expenses, and financial plans. Events like marriage or divorce also will affect your taxes and estate planning. Meet with your financial planner to analyze your situation and identify ways to adjust. If at all possible, meet with your planner before the event happens to mitigate risks.
When Changing Your Estate and Retirement Plans
Financial advisors can help when making any changes to your estate plan. The planner can assess your new goals and recommend changes to align them with your long-term financial plans. Your advisor can also help you adjust or restructure the financial plan to fit the new changes. A meeting with your advisor is also required when planning your retirement. The planner can help you evaluate your retirement needs and help maximize savings to meet your goals. Financial planners also offer insights into different retirement investment options.
Whenever You Need Financial Advice
You can meet with your financial planner whenever you need advice. If you have a large diversified portfolio, you may need biannual, quarterly, or monthly meetings to track them. Some planners also allow you to actively monitor your portfolio through regular reviews and meetings. Financial planners usually have no strict requirements on how often you meet with them. Most accept on-demand meetings in addition to routine annual or biannual reviews.
Contact an Experienced Wealth Planner Today
Wealth planning requires expertise in various aspects, including debt management, investments, tax strategies, risk management, estate planning, and retirement planning. Work with a financial advisor to help you craft a custom plan that suits your situation and goals. Contact a wealth planner today to learn more about wealth management meetings.
