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Don’t Skip Your Financial Checkup

Stay on track by meeting with your advisor at least once a year.

Working with a financial advisor can be one of the best ways to meet your financial goals. An advisor will ask all the right questions about what you’re saving for, how long you plan to invest and your tolerance for risk. And then they’ll work with you to help you reach your goals more quickly.

But meeting with your advisor just once isn't enough. As life changes, so will your savings goals. That’s why it’s important to meet with your advisor to revisit your financial plan at least once a year. Think of it as your financial check-up. 

Why work with an advisor
Once your financial plan and investments are in place, it may be tempting to leave them alone indefinitely, especially when they’re working for you. But research shows that investors who actively work with a financial advisor tend to accumulate more assets (four times more assets) than people who don’t work with an advisor.1 They also save at twice the rate of people without advisors, are twice as likely to have an investment plan and are 1.5 times more likely to maintain a long-term investment strategy.2,3 

You, and your advisor, have put in a lot of hard work to get to this point – and the statistics above should be reassuring. So don’t just put a financial plan in place and forget about it.

When to meet with your advisor
You should meet with your advisor at least once a year to find out how your investments are doing, how much progress you’ve made toward your goals and whether it’s time to consider revising your financial plan. 

Here are some things to talk about during your check-up:

  • Are your investments growing in line with your expectations?
  • Have your insurance needs changed?
  • Have you taken on any new debt or major expenses?
  • Has your household income changed significantly?
  • Do you have any new dependants?

You should also speak with your advisor if you experience any major life change, like getting a new job, getting married, having a child, buying a house, going back to school or putting a child through school. Big life changes can sometimes bring big financial changes -- and could create entirely new financial goals. 

Big changes or little, you don’t have to wait for an annual appointment to ask your advisor whether your current plan will still get you where you need to go. Please contact us to set-up an appointment.

1. Source: New Evidence on the Value of Advice, 2012. Dr. John Cockerline. Advised households have 4 times the median current financial assets of non-advised households.
2. Source: The Value of Advice Report, November 2011 (IFIC).
3. Source: The Value of Advice Report 2012 (IFIC).


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