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How Often Should You Meet With Your Financial Advisor?

How Often Should You Meet With Your Financial Advisor?

November 08, 2021

If you have a financial advisor, you've made a wise decision. About 95% of those with this kind of advisor believe their services are worth the time and money they cost. But how often should you meet with your advisor? Are monthly visits too often? Let's break down a few times when it is good to visit your financial advisor throughout the years ahead.

Annual Meetings

Most people with an advisor meet with them at least once a year to see how well they're performing and to reassess their financial situation. Talk about your budget to ensure that you aren't going over it and come up with a new plan for the following months. Meeting any more than once a year is probably too often for most people's needs, but you can discuss that with your advisor.

Other Times to Meet Your Financial Advisor

Though you only need to meet once a year for most financial situations, there are other scenarios in which you might need to meet. When these come up, you need to get together ASAP to ensure that you get the best help possible. Let's break down a few of the most common times your advisor may need to help you out here.

Planning for Estate Execution

As you near your life's end, it isn't a bad idea to meet with your advisor a few times to ensure that everything is properly planned. You can also make any major changes, such as switching your beneficiaries, during this time. A few visits a year as you age are not unwise here.

Life-Changing Events

Did you just lose your job, get a new job, or come into money through an inheritance? When a big event happens to you that significantly changes your financial outlook, visit your advisor right away. They'll do what they can to help you prepare for any challenges that may come your way.

Selling or Buying Property

If you're getting rid of your home on the real estate market, buying property for a significant investment, or taking other real estate steps, make sure that you talk to your advisor to ensure that you aren't getting in over your head.

Try to keep your financial advisor in the loop with occasional calls throughout the year. We suggest no more than one call every quarter just to check up on your finances. However, you should call your advisor or visit them immediately if you run into emergencies, such as if you're scammed or if your identity is stolen.

If you need a financial advisor to help you direct your financial decisions in a positive direction, call our team today. We can offer the guidance you need.