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Many people believe that once their financial plan is created, they’ll be set for their future. However, that idea couldn’t be further from the truth. There are many reasons why someone should review their plan at least annually to ensure it’s still designed to support their financial needs and goals, and to make any necessary adjustments.
“We see it happen too frequently. People experience a change in marital status or a serious illness or disability, and don’t share it with their financial advisor, not realizing the impact these things can have on insurance coverage, estate planning, and an adjustment of long-term financial goals,” explained Al Dabiri, Financial Advisor, Osaic Institutions, Inc. and Vice President, Chelsea Groton Financial Services. “Similarly, if you’ve recently paid off a mortgage, or are planning to make a new major purchase, these changes in your personal capital need to be evaluated within the context of your financial goals and cash flow.”
Your review is your chance to check in on your strategy to see if it’s still on track. Here’s what you can expect to get out of your annual financial review:
1. Get a Clear Picture of Your Financial Health: Financial reviews provide a complete overview of your current financial situation. You’ll gain valuable insights into how your investments are performing, how your assets are allocated, and the overall health of your portfolio. Knowing where you stand financially will help you make informed decisions as you work to achieve your goals.
2. Align Your Goals and Strategies: Your financial goals are the foundation of your investment journey. Annual reviews provide you with an opportunity to revisit and refine your goals as circumstances or priorities change. Actively participating in these discussions ensures that your strategies are in sync with your aspirations, risk tolerance, and timeline. In addition, this is a time to review any changes in legislation related to taxes that could impact your tax liability, deductions, and adjusted retirement planning strategies.
3. Seize Opportunities and Mitigate Risks: Financial markets are always changing. Annual meetings with your financial advisor will keep you updated on market developments, emerging trends, and potential risks to your portfolio. This knowledge helps you make timely adjustments, take advantage of opportunities, and minimize potential losses, ultimately protecting your financial wellbeing.
4. Improve Your Financial Literacy: Financial reviews aren’t just about looking at numbers; they’re about empowering you with financial knowledge. By actively participating, you’ll gain a deeper understanding of investment principles, strategies, and market dynamics. This knowledge not only boosts your ability to make informed decisions but also strengthens your overall financial literacy.
5. Talk Openly: Transparent and candid discussions about your financial concerns, questions, and aspirations are an important part of your financial planning journey. Having regular meetings to talk through these topics ensures you feel supported and informed every step of the way.
Are you interested in scheduling an initial conversation or an annual review with the Chelsea Groton Financial Services team? Contact 860-572-4040 or visit www.chelseagroton.com/Wealth-Management.
Investment and insurance products and services are offered through Osaic Institutions, Inc., Member FINRA/ SIPC. Chelsea Groton Financial Services is a trade name of Chelsea Groton Bank. Osaic Institutions and Chelsea Groton Bank are not affiliated. Products and services made available through Osaic Institutions are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.
