How Often Should I Speak To A Rockford Financial Advisor? By Antonio Filippone How often should you meet with your financial advisor? Answering this question depends a lot on your unique situation and experience. For example, one important question to ask yourself is: how close are you to making a big change in your life, such as retiring? If you’re getting really close, you may need to meet with a financial advisor several times to get ready to make that transition. Why? It can be a scary transition going from work life to retirement life. There are so many questions that need to be answered, such as: What is the best time to take social security benefits in retirement? Should I rollover my 401K to an IRA? Is buying long-term care insurance a good idea for retirement? How much money do Rockford retirees need to retire? How to avoid this big retirement mistake and retire stress free And much more! So if you are approaching retirement or have experienced a change in your life, you may need to meet with a financial advisor more often to discuss the best solution for your situation. See the video version of this article: See also: How to avoid one of the biggest mistakes in retirement and retire stress free! What does your current financial plan look like? Another important question to ask yourself is ‘How much work have I put into my current retirement financial plan?’ For example: Do you have an estate plan? If so, did you do it in the last year or two or is it 15 years old and completely out of date? Have you got a will? Do you have a trust? Have you looked into the differences between a will and a trust? Do you have a financial power of attorney in place? Have you thought about your life insurance and long term care plan? Are you half way through an income plan that needs to be adjusted? Are you already retired and is your current income going to last? Do you need to start moving assets around so that it does? Have you adjusted your retirement plan for upcoming tax changes? Is your advisor a wholistic advisor or just a stock broker? If they only ever talk about how well or poorly your accounts did, but they’re not helping you with all these other holistic ideas (such as retirement planning, tax planning, estate planning, health care planning, etc) then maybe there is no reason to meet with them very often. There are many adjustments you need to make when retiring and these are just a few of the questions you need to consider and set up in the right way. If it turns out that you don’t already have a lot of these things in place for retirement, you will probably need to meet with your financial advisor more often. See also: How to avoid one of the biggest mistakes in retirement and retire stress free! Mistakes in retirement can be costly. So rather than try to do everything yourself, I highly recommend working with a good financial advisor in Rockford to help you plan and prepare for retirement successfully. When to meet with a financial advisor to discuss investments Your investments are not something you just set up once and never think about again. Sometimes they need to be rebalanced. For example, perhaps one segment of your investment plan has achieved a lot of growth, whereas another segment may have stagnated. That puts your investments out of balance. You might have had a good balance in your portfolio when you started, but because of changes in the market it needs to be rebalanced. This would be a good reason to meet with your financial advisor again. Another reason to meet with your financial advisor again soon is if your views on risk have changed. Maybe in the beginning you were very aggressive and you wanted to shoot for as high a gain as possible. But maybe now you’re thinking the market will go the other way and you’d prefer to play it a little safer. Either way, it would be good to discuss these changes with your financial advisor. Discussing life changes with a financial advisor A big reason to meet with your financial advisor again is when you go through life changes. For example: Have you inherited money recently? Do you have a new addition to your family? Have you decided to retire soon? Have you decided to do things differently than was originally outlined in your plan? Has your health or the health of your spouse or a parent changed significantly? Are you selling your home and moving to a different area? These are just some of the life changes that would indicate it would be good to meet with your financial advisor again. As you can see, how often you meet with a financial advisor will largely depend on what’s happening in your life. But does that mean if there are no changes in your life you should NOT meet with your financial advisor? No. Meet with your financial advisor at least once a year Even if you don’t think there’s a need to meet with your financial advisor, it’s still a good idea to meet with your financial advisor at least once a year. Why? Because you want to see if they can think of anything that maybe you’ve missed. Maybe there have been some changes that you just haven’t thought were important for them to know. For our clients, we use a checklist or what we call a ‘money memory jogger’ just to jog the memory and make sure nothing slips through the cracks. Sometimes clients might walk into a meeting without any big concerns and then by the end of the meeting we’ve decided to meet again because we’ve uncovered something that the client would really like to address. So to make sure you don’t miss anything important, it’s a good idea to see your financial advisor at least once a year. If you’re getting close to retirement and you’re not sure if your plan is as secure as it ought to be, please check out our free video on the biggest mistake retirees are making that even other financial advisors seem to completely miss. This mistake could cost you tens of thousands of dollars if you don’t get this one thing right. So be sure to click here to watch the video.