Personal Finance Essentials

How to Work with Your Advisor

A Good Advisor Relationship is Proactive, not Reactive — Reach Out Before Major Decisions, and

Make Sure Life Changes Trigger a Conversation

Financial Planning

Working with a financial advisor should be an enjoyable experience – not a source of anxiety. You should look forward to talking with your advisor. If you’ve chosen well, this person may become an important part of your financial life for decades. Financial planning is a lifelong activity, and a good advisor can make the process both effective and rewarding.

How Often Should You Communicate?

Contact your advisor as often as you need to. For some people, that might mean monthly check-ins. For others, an annual review is sufficient. A useful rule: the more complex your financial situation, the more frequently you should be in touch. Most importantly, always talk to your advisor before making a major financial decision – not after. Whether you’re buying a house, selecting a new employer’s benefits package, considering an early retirement or facing a major expense, your advisor should be part of the conversation before you act.

Six Situations That Call for a Conversation

1

Your health or the health of a family member changes significantly

Health changes can affect income, insurance coverage, retirement projections and estate plans.
2

You are buying, selling or refinancing a home

These decisions intersect with your broader debt structure, taxes and overall financial picture.
3

You lose your job or expect to lose it

Your advisor can help you manage expenses during the transition, address insurance coverage and handle retirement account decisions.
4

Retirement is approaching

This is the time to align your investment portfolio, income needs, Social Security timing and healthcare costs with your plan.
5

Children or grandchildren arrive

Review your beneficiary designations and update your insurance and estate plans.
6

Your marital status changes

Whether by marriage, divorce or the death of a spouse. The financial implications can reach across investments, taxes, beneficiaries and legal documents.