If you are thinking about why you should continue meeting with your financial advisor, you have already taken a big step toward securing your financial future – you have engaged the services of a professional. Now, how often you need to meet with your advisor depends on the degree of help needed by you. If your financial affairs are complex in nature that require a higher frequency of supervision such as overseeing an estate, sale of a real estate property, having multiple investments across different asset classes and sectors, etc., you may need to meet with your advisor every month or so. However, if your financial concerns are pretty straightforward due to having fewer investments or you being a new investor, you may get by meeting every six months or once a year to review and update your financial plan.

That said, it is quite common for people to wonder – How often should I meet with my financial advisor? What to expect when meeting with a financial advisor? And so on. If you wish to have a firm grip on your finances and want to learn about different strategies related to investing, tax-saving, or retirement planning, consult with a professional financial advisor who can advise you on the same.

Why should you continue meeting your financial advisor?

There are several reasons why you should continue seeing your financial advisor. There is no right answer on how often you should meet with your financial advisor. If you are about to make a major investment or need to tackle a serious financial issue, you should book a meeting immediately. Let us discuss a few reasons why you should seek a financial advisor’s counsel and continue seeing them.

1. You need an expert’s guidance when it comes to financial planning

Arguably the most important reason why you should meet with a financial advisor is to seek guidance on how to effectively plan your financial journey so you can attain your financial goals and objectives.

Whether you are a young individual or somebody heading into retirement, financial planning and its importance should never be neglected. Every aspect of your financial life demands planning, right from insurance and health care to taxes and investments. A financial advisor here can be the best source of guidance. So, if you want a hassle-free financial journey, you can seek your advisor’s counsel and meet them on a regular basis.

2. You need help creating a budget

Budgeting is one of the most important aspects of financial planning. When your income is nominal, you may be able to manage the entire budgeting process independently. But, once it increases beyond a certain level, you may need to get in touch with an expert to better manage your expenses and income.

 Also, you cannot enter the retirement phase without a well-planned budget. You must have a fair idea of your finances and how much you can afford to spend to live comfortably in retirement. A well-planned budget will highlight your fixed expenses and will also factor in important expenses like medical bills, rent, etc.

You should regularly meet with your financial planner to budget and manage your finances as per your present and future needs.

3. You need to review your financial plan at regular intervals

While planning is important, reviewing its implementation is equally important too. You need to monitor your taxes, insurance, investments, and more to ensure that you are on the right track.

Conducting a thorough review can give you a fair idea of how your plan is working and if there is a need for change in strategy. It also helps to be fully aware of where and how your money is employed. This is best done through a personal meeting with your financial advisor. Your advisor can navigate you through all your short and long-term plans and goals and help you focus on achieving them.

How often should you speak to your financial advisor?

You might wonder how often do financial advisors meet with clients. The number of meetings depends on your financial needs and the degree of help you need.

If there are any complications with your finances or investments, you might even have to consult an advisor either weekly or monthly. However, if you have a regular source of income and a few simple investments, you can reach out to your advisor occasionally.

All said, you should try to reach out to your financial advisor at least once a year. The yearly meeting will help you understand whether you are on track to meet your financial goals or not as well as if you need to make any changes to your plan. The advisor will review all your strategies and recommend changes you can incorporate.

When should you reach out to your financial advisor?

While meeting with your advisor at least once a year is advised, there may be times when you may need to immediately talk to your advisor. You should try to meet your advisor in the following situations:

1. At different life stages

People go through different phases in their life such as marriage, birth, chronic disease, or divorce. These changes can significantly impact your finances. Hence, if you foresee yourself entering any of these phases, or if these phases come into your life unannounced, it may be time to meet your financial advisor.

2. If you’re starting your first or a new job

If you are new to the world of finance and starting with a new job, you may want to reach out to your financial advisor. The advisor can help you pick the right investments as per your risk appetite and income level, advise you on which retirement account to open, which insurance policy to buy, and more. They can also guide you on tackling different financial situations such as making timely retirement account contributions, promotions at work, changing salary packages, receiving unexpected inheritances, and more.

3. When you’re planning for retirement

If you are planning for retirement, it may be time to see your financial advisor. Discuss your future goals, the kind of lifestyle you may wish to live in retirement, when to make withdrawals, how to maximize your Social Security benefits, how to develop additional streams of income, and more with your advisor.

4. When you’re considering drawing a loan

Drawing a loan can significantly impact your financial health. You need to reach out to your advisor if you plan to buy a new car on EMI, purchase a house on mortgage, or need to take out a loan for any other reason. While you might think you are ready to take on the debt, your financial advisor can accurately judge the pros and cons of your decision, keeping in mind your current needs and financial situation. The analysis can help you arrive at the right decision.

5. If you’re inheriting a large sum of money or coming into unexpected wealth

It may happen that you inherit a large sum of money or accumulate considerable wealth by selling an asset. A sudden influx of a huge amount of cash might be a good time to reach out to your advisor. They can help you deal with the ensuing repercussions related to tax and other legal formalities and advise you on the best possible way to use or invest your money.

6. When you’re planning your legacy

You can seek guidance from your financial advisor if you are thinking about the kind of legacy you want to leave for your family and children. Additionally, If you have any philanthropic goals post-retirement, you may want to understand how much you can spend on charity and the subsequent tax breaks that you would be eligible to receive. Do seek their counsel if you are considering which of your beneficiaries will inherit your business. Business succession planning is vital to ensure that your legacy lives on after your demise. Also, do ensure that you have reviewed and updated your estate plan as per your wishes.

To conclude

The world is fast evolving and so are the investment options at your disposal. You should reach out to your financial advisor if you want to keep track of the changes and make the most out of the fast-developing opportunities in the world of investments. You should make it a habit of meeting your advisor regularly to go over your financial affairs and make changes as and when needed. Keeping a close eye on your finances would serve you in good stead. If you want to avoid the hassle or feel your affairs do not warrant close monitoring, you can set up a meeting with your financial advisor once a year to go over how well they are managing your finances.

Use the free advisor match tool to match with experienced and certified financial advisors who will be able to guide and advise you effectively on how to best manage your finances and update your financial plan as per your changing needs and goals. Give us basic details about yourself, and the match service will connect you with 1-3 professional financial fiduciaries that may be suited to help you.

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