Working with an advisor

Reviewing your financial plan

After your plan is in place, you will continue to work with your advisor to monitor the plan’s progress and to make adjustments as needed. Ongoing communication is important, whether in person or by phone, email or monthly statements. Having a face-to-face meeting at least once a year to review your progress and discuss any changes in your financial needs and goals is recommended. The Meeting checklist can remind you of specific issues you wish to discuss.

Older couple on beach

There are many predictable changes and special circumstances that will occur as you move through the various stages of your life. Most of these can be dealt with during an annual review meeting. The Financial changes by life stage checklist will give you an idea of the things you may need to discuss with your advisor at some point.

baby crawling

Sudden and unexpected changes can occur that will affect your lifestyle and financial needs. You should inform your advisor when any of these occur:

  • changes to your employment status, income, tax situation
  • changes in your family situation – marriage, children, separation, divorce, death of a partner
  • receipt of an inheritance
  • deterioration in your health
older couple looking at laptop

You should always contact your advisor whenever you have concerns about investment markets, sudden economic changes or anything else you think could affect your portfolio. Part of the value you receive from working with an advisor is having someone look after your portfolio who has an expert understanding and knowledge of investment markets and economic conditions. Your advisor should be an excellent sounding board and a voice of reason who  will help you make decisions based on what is best for your long-term plan, rather than emotional reactions to the daily news.