5 essential questions to ask your advisor at the start of the year
Unlock the full potential of your financial strategy with empowering conversations that align your goals with the changing market landscape.
Jan. 15, 2024
4-minute read
Regular chats with your advisor are key to keeping your investing and saving strategies sharp and in line with your life’s changes. “It’s about making your financial strategy a living part of your life, one that grows and adapts with you,” says Carissa Lucreziano, Vice President of Financial Planning and Advice.
To help you make the most of your financial planning meetings, here are 5 questions to ask your advisor to ensure you’re on track for a successful year ahead. They focus on reviewing your financial health, aligning your investments with your goals, and uncovering new opportunities to grow your wealth, ensuring you’re always on top of your financial game.
1. What are the new tax advantages this year and am I maximizing these opportunities?
Staying informed about the latest tax changes is more than just a good practice — it’s essential for maximizing your financial potential. For starters, new tax laws can introduce opportunities for significant savings, often through updated deductions or credits. Your advisor can help you navigate these complexities to ensure you don’t miss out on any benefits.
“Integrating these new tax advantages into your broader financial strategy can have a big impact,” Lucreziano adds. Whether it’s enhancing your retirement plan or refining your investment approach, your advisor can help align these tax opportunities with your long-term goals.
2. Considering my goals and the current market scenario, is my investing strategy still a good fit?
Change is constant. Whether it’s changes in the economy or tax laws, your financial strategy should adapt accordingly, and your advisor can help you navigate the shifts that impact you. “This conversation opens the door to exploring new opportunities that align with your evolving goals so you can keep making progress despite fluctuations in the market,” says Lucreziano.
Advisors can run different scenarios to show you how changes in your strategy or the market can impact your goals. For example, they could simulate what effect a change in the market or your savings rate could have on your retirement goal.
3. Am I on track to achieve the goals we set?
Reaching your financial goals is about more than watching the numbers in your investment accounts grow. It’s about understanding the broader journey you’re on with your advisor. “It’s not just about where your portfolio stands today, but where it’s headed in relation to your life’s objectives,” says Lucreziano.
Your advisor can help you take a big picture view and consider factors like market changes, your personal circumstances, and your evolving goals. This perspective can help you stay focused and motivated, especially during times of market volatility.
4. How can I get prepared for the next milestone or chapter in my life?
Maybe you’re eyeing a dream home, thinking of expanding your family, or eyeing a sabbatical. “Life’s big moments need financial preparation,” says Lucreziano. Ask your advisor, how do we make this happen?
Your advisor can help tailor your financial plan to these events, ensuring you’re ready for whatever lies ahead.
5. In your opinion, what areas of my plan could use some enhancement or adjustments?
“Planning is about proactivity, not reactivity. It’s finding opportunities for growth and refinement, ensuring every element of your strategy is working towards your financial well-being,” says Lucreziano. For example, if you have a goal of transferring wealth to your children, your advisor may recommend adjustments to your investment strategy or estate plan to make the most of tax advantages and ensure a smooth transition of assets to your heirs.
Get the most out of your planning conversations
Your advisor is more than just an expert; they’re a partner in your financial journey. Discuss these questions and work together to craft and adjust your plan so it not only meets your current needs but also paves the way for the future you envision. “Your financial success is a team effort, and your advisor is ready to coach you every step of the way,” says Lucreziano.
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