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When should you review your financial plan with an advisor?

On Behalf of | Oct 8, 2021 | FINRA |

Have you created a financial plan for your future? If you’ve taken this step in Pennsylvania, you’re already on the right track to living more comfortably in the future. However, you’re not finished; you should also update it periodically. Here are five reasons why you may want to create a new financial plan or review one you’ve already created to see if it still meets your goals.

When all is calm

Being proactive before you make decisions financially is a fantastic way to ensure that you follow some processes and strategies for managing your finances and achieving specific goals. Initiating this tactic before you make any significant transitions, such as switching careers, is usually advisable.

You have several goals to prioritize

If you have an abundant number of goals and limited resources, it’s usually best to review your financial plan. Doing so can help you sort out each goal and prioritize them based on the impact they make over the short and long term. These goals may include reaching financial independence by a certain age or paying for a child’s college tuition.

Major changes have occurred

If you’re in your 30s or 40s, you may have already had major changes occur in your life and financial plans. Whether you started a business, have a growing family, or purchased property, seeing how these affect your current financial plan is essential to stay on the right path for the future.

You question the future

Being uncertain about the future can mean that you need to review your financial plan. Following a strategy you set a few years ago may not be congruent with your current goals. Reviewing it might be what you need to have clarity and peace of mind.

Annually or within a set timeframe

Reviewing your financial plan annually or within a set timeframe is also an excellent way to help ensure that it meets your financial goals. Keeping it aligned with your financial requirements should help you stay on track.

Maintaining a clear identification of your financial goals for the future should safeguard you from any surprises. Periodic reviews of your financial plan help make it more efficient and easier to reach your objectives.


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