Despite what you may think, having a financial advisor isn’t only for the uber-wealthy. Many people are also using advisors to help them make better financial decisions for today and the future. This includes things like short-term savings goals or even opening and managing an RESP for your kids. And as they are now heading back to school, it’s a good time to check in with your financial advisor.
If you’ve got a financial advisor managing your assets, how often do you meet with them? How often should you be checking in? The answer depends on what assets are being handled, and whether anything changes in your life, like a birth, death, divorce or job change. If you’ve just got an RRSP, checking often may not be a huge deal. If you have multiple accounts that need adjusting regularly, a quarterly meeting may be more appropriate, but you should be checking in at least twice a year.
Checking in regularly with your advisor helps them understand you and your needs, while it gives you the opportunity to ask questions, talk about any options that you don’t fully understand and advocate for yourself.
Even if you’re just thinking about making a change, or need reassurance about your current situation, a quick conversation with your advisor may be in order. You will want to make sure they know your goals. Some questions you can ask during your meeting with your financial advisor include:
* What is my current financial situation?
* Do I need to reconsider any of the goals we’ve previously set?
* Am I on track with retirement savings?
* Are there any services or additional investments you might recommend I make right now?
* Are any changes necessary? Why or why not?
Finding the time can sometimes seem daunting – we all have full schedules, right? But do you know that these days you can now check in online? Invisor lets you do just that.
Join us for the #CheckinWithInvisor Twitter Party
Now on Wednesday, Sept 7th at 8 pm EST there is a Twitter Party coming with Invisor, a leading online investment advisor. Yes, there are real people giving us advice. There is also prizing that will get you on the right track. So follow @InvisorInvest on Twitter and join us for the Twitter party next Thursday.