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The one constant you can expect is change. Think about your life over the past year: Did you switch jobs, add a family member or retire? As things change, one of the best ways to make sure your financial strategy is still on track is to review it on a regular basis.
Your goals will evolve over time, and your strategy may need to adapt as a result. By using an established process, your financial advisor can understand what’s important to you and help you put personalized strategies in place to help you reach your goals. Even if your goals haven’t changed, you’ll want to review them in the context of your investment performance and rebalance your portfolio, if necessary.
During each review, your financial advisor will work with you to help ensure your portfolio still aligns with your goals and comfort level with risk. But it’s not the only thing he or she will address: Depending on your needs, you may work together to review other items, such as your insurance coverage and beneficiaries, to help ensure these are still meeting your needs.
How often should you meet? Think of your review as an annual physical for your investments – you should check in with your financial advisor at least once a year. But what if you’re too crunched for time to meet in the branch office? Be sure to ask your financial advisor about other options he or she offers.
Together, you may determine that you’re on track or decide to make adjustments to get back on track. It’s an ongoing process, but you don’t need to do it alone: Your financial advisor will partner with you over the long term. By working together to review your strategy regularly and make the adjustments you need, you can have a clearer picture of where you stand and what you need to do to help reach your goals.