A common question new clients ask is, “How often should we meet with you.”
The first step in a financial planning journey is reaching out to different advisors and determining who best fits you. However, once clients pick an advisor they resonate with, they want to know if there is a set schedule that they should meet with their advisor. The answer varies from person to person. Many clients enjoy a meeting every few years just to get an “account review” done on their accounts and financial situation. They want to see their earnings in their accounts and their current retirement projections. Believe it or not, meetings can be triggered by something other than a portfolio change and an investment strategy.
This article will review some of the different life events that warrant a meeting with your advisor.
Change in Employment
Changing jobs can result in many different adjustments to a financial plan. The obvious change would be salary. An increase and decrease in salary can change your cash flow, meaning that your saving percentage for retirement may look different. You may get an increase and be over the threshold for a Roth contribution, and by letting your advisor know about this change, they can help you start making backdoor Roth contributions.
Employer-sponsored retirement plans would also need to be reevaluated when changing employers. Things like your new employer's match, what to do with your old 401(k), and the new investment options are all things to discuss with your advisor.
Taking Social Security
Deciding when to take social security is a crucial decision that most people make on a whim. Consulting with your advisor before taking social security is a critical meeting to have. Social Security benefits increase each month you delay taking it after reaching full retirement age. Figuring out when you need to take social security, how to maximize your benefit, and being tax efficient are all reasons to meet with your advisor when approaching the time to claim social security.
Marriage & Divorce
Both of these highs and lows warrant the advice of your financial advisor. Marriage can result in a name change that must be reflected on your accounts and show your investments under one household. Having a dual income can significantly impact a financial plan, along with the possibility of bringing on any type of debt your spouse may have, like a car loan, personal loan, or student loan.
Regarding divorce, a financial advisor can help elevate some of that financial stress that comes with an already stressful and emotional time. Rerunning retirement projections and adjusting the plan to meet someone’s retirement needs can often help settle the nerves that come with that life-changing event.
Having Children
Having children will bring some more costs to the table, like an increase in daily expenses. However, aside from that, it is important to talk to your financial advisor about planning for your children’s future. Your financial advisor can talk you through 529 plans, UTMAs, and custodial Roth accounts, along with other ways that you can help save and invest for the benefit of your child. Starting this at the child's birth is crucial, as time is your best friend when it comes to investing.
Other times to meet with your Advisor
Those are just a few examples of life events that would warrant a meeting with your advisor. A good rule of thumb is that if you are unsure about a situation or experiencing any new life event, set up a meeting with your advisor!
- Are you approaching retirement? Set up a meeting with your advisor!
- Moving across the country? Set up a meeting with your advisor!
- Want to work part-time in retirement? Set up a meeting with your advisor!
All of these different life events impact your finances, and by talking to your advisor, they may be able to offer guidance in something that you did not even think about. They can also provide reassurance that you are financially able to do something or headed down the right path and that no adjustments currently need to be made.
If any of these life events are something happening (or about to happen) in your life, now is the time to schedule a meeting with your advisor. If you do not have an advisor, we have a team of financial advisors at Whitaker-Myers Wealth Managers ready to meet to figure out the best plan for you and this changing season.
Reasons to Schedule a Meeting with Your Financial Advisor
April 15, 2024
Clay Reynolds
Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.
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