As you assess your financial planning goals each year, be sure to schedule a strategy review with your financial advisor to gain a greater understanding of your full financial picture.

Financial planning should be a fluid, ongoing activity rather than a one-time “set it and forget it” strategy. Meeting with your financial advisor on an annual basis allows you to assess your future goals and revise your investment strategy if needed.

When heading into a strategy review, keep in mind both your life and your investment strategy will regularly change. In the span of a year you may move, change jobs, marry, have children, plan for the purchase of a new home, sell a home, get a promotion, start a business, or even retire. Each of these monumental life changes can result in financial, investment, and tax changes, and you will want to be knowledgeable about how to maximize and adjust your investment strategy accordingly.

For most people, reaching longer-term financial goals, such as retirement and having ample retirement income, requires advanced planning and reaching shorter-term milestones, such as meeting monthly savings and investment goals. In addition to life changes, your interest in certain investment strategies may also change and require adjustment. Each year you will also want to assess your debt levels, shore up ample emergency funds, and ensure beneficiaries and health care proxies are up to date.

The more detail you can share with your financial advisor about your investment goals and ideal retirement plans, the greater armed your advisor will be in making recommendations each year and helping you achieve your financial vision.

Following are important questions to ask your financial advisor during a strategy review:

  1. Is my current investment strategy meeting my long-term financial goals?
  2. What short-term strategies should I consider to realize long-term gain?
  3. Are there strategies I should employ given my life stage?
  4. How should I best protect my assets?
  5. How should I best protect my income?
  6. Am I saving in a tax efficient way?
  7. Am I on pace to reach my retirement timeline?
  8. What “housekeeping” items should I be mindful of this year?

While strategy review meetings can take place any time throughout the year, the beginning of a new year is the perfect time to reassess where you are financially and if your investment strategy meets the reality of your goals both now and in the coming years.

At Paramount Wealth Management, our mission is to take you beyond the basics and help you have the freedom to live your most inspired life. Contact us today to schedule time with an advisor to review your strategy plan and ensure your financial goals are on track.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision.

The attached information was developed by Threaded Marketing Group, an independent third party. Any opinions are those of the author and not necessarily Raymond James. Any information provided is for informational purposes only and does not constitute a recommendation.