Just as you schedule an annual checkup with a doctor for your physical health, meeting yearly with a Financial Professional is a proactive step you can take to help maintain your financial well-being. Here are tips on preparing for a financial checkup, as well as what to expect during the meeting, so you can maximize the benefits to your bottom line.
Prep for Success
To get the most out of your appointment, you’ll want to gather some information — and your thoughts — ahead of time:
Financial Documents
Collect recent bank statements, investment account details, recent credit card and loan information, your last tax return — and a copy of your current financial plan (if you have one). These documents will help your Financial Professional accurately assess your current situation.
Goals for the Future
Bring a list of your short-term and long-term financial goals. Whether it’s saving for next summer’s vacation, a new car, your first house or your child’s education, write them all down along with estimated costs and timelines.
List of Questions
Write down any questions you have about Medicare, estate planning, insurance, debt management or any other part of your overall financial picture. This helps ensure you don’t forget to discuss important topics.
What to Expect
During the meeting, your Financial Professional will likely review several key aspects of your personal situation to help ensure you’re on the right track:
Budget Basics
Your Financial Professional will evaluate your current income and expenses, look at your assets and liabilities and determine your net worth. They’ll assess your overall financial standing to identify areas for improvement.
Investment Review
You’ll also review the performance of your current investments. Your Financial Professional will consider any necessary modifications to your current strategies based on market trends, goals and your personal risk tolerance.
Life Changes
Discuss any significant changes in your life over the past year. This could include marriage, divorce, the birth of a child, or a change in employment status or retirement timeline. These changes can significantly impact your financial plan — and if they’re significant enough, they may merit meeting more often than once per year.
Retirement Planning
You should expect to review your retirement plan performance and any recommended changes to your portfolio based on your goals.
To maximize the meeting, ask about any guidance you need in areas such as reducing debt, savings strategies, building an emergency fund and planning for retirement. This is your opportunity to gain expert advice tailored to your specific financial situation.
Maintain Your Fiscal Fitness
Even if you feel like you don’t have a lot saved yet, scheduling your annual checkup with a Financial Professional is a proactive step to help keep your financial health and goals on track. By being well-prepared and actively engaged in the discussion, you can make the most of this crucial yearly review. Remember, maintaining your financial health is an ongoing process that requires regular attention and adjustments.
Don’t wait — schedule your yearly financial checkup today.