Preparing For your Annual Review:  8 Key Discussion Points

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Just like a car needs regular tune-ups to run smoothly, your financial plan needs regular check-ins to ensure it remains on track. Next time we get together to review your plan, here are eight key areas we can discuss.

  1. Your major life goals and priorities: Has an unexpected life event occurred? Have you decided to renovate your home? Or had the opportunity to start a new job? Decisions like these could impact your plan.
  1. Your current financial circumstances: Any significant changes? Has your income increased or decreased? Have you taken on new liabilities? Have you received an unexpected windfall? We should review changes like these.
  1. Your emergency fund: Could you weather an unexpected emergency? The rule of thumb for most people is to have enough funds to cover three to six months’ living expenses in an emergency fund. If you don’t have that kind of safety net, let’s talk about building one.
  1. Your investments: We’ll review all your investments. Are they still appropriate for your goals and circumstances? They may not be, if your life goals or financial circumstances have changed. For example, if your priority is a comfortable retirement, but you’ve recently decided to renovate your home, we can evaluate shifting your asset allocation and adjusting your plan.
  1. Asset allocation: A diversified portfolio contains a balance of different asset classes. Depending on market conditions, some assets may outperform others, until they represent a larger portion of your portfolio, shifting the portfolio away from your ideal asset mix. In that case, we’ll look at rebalancing your portfolio.
  1. Maintaining momentum: It’s easier to pay yourself first if you make it automatic. We can talk about establishing a pre-authorized contribution plan, so you invest automatically, in regular amounts, at regular intervals.
  1. Tax-planning considerations: Since various investments and investment accounts are treated differently from a tax perspective, a discussion about tax efficiency may be part of your review.
  1. Insurance needs: Insurance protects your assets and your loved ones against the unexpected. Making sure you have the right insurance strategy should be part of your review.

I’m looking forward to our next review. Book an appointment today 250-787-0365. Chances are we’ve got some things to talk about!

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