BY SUZANNE HAZLETT, MBA, CIMA®, CFP®
“If you stay stuck in the past season or fixated on the future season, you will miss the one you’re in.” – Maree Dee
The Securities and Exchange Commission (SEC) requires every public company to file quarterly reports. These reports contain relevant financial information about the company’s financial performance, changes to its business operations and key personnel. Generally, the executive summary, highlights, and future goals and objectives are also included in the quarterly reports.
Adopting a similar approach to your personal finances can be a worthwhile habit to develop and maintain with your advisors. In addition to reviewing investment performance, there are many equally or even more important life events to include in your financial wellness review. In preparation for your review meeting, consider if any of the following are anticipated or have occurred so you can incorporate discussion of the events into your conversation with your advisor.
- MARITAL STATUS CHANGES — marriage, divorce, separation, widowed
- REAL ESTATE OWNERSHIP CHANGES — bought or sold, refinanced, multiple-state locations
- FAMILY LIFE CHANGES — births, deaths, illness, adoptions, elder care
- OUTSIDE ASSETS CHANGES — retirement account rollover, neglected accounts
- EMPLOYMENT EVENTS — income changes, career changes, changes to employee benefits
- MAJOR BUSINESS CHANGE — new business purchase, sale, developing an employee benefit package
- HEALTH CHANGES — long-term care events, insurability considerations
- RETIREMENT PLAN CHANGES — retirement date, location, lifestyle expenses
- CHARITABLE INTENT CHANGES — sourcing funds for philanthropic wishes
A quarterly review is a valuable financial planning practice that involves assessing your financial situation every three months to ensure you are on track with your financial goals. The process involves reviewing events in your life, your income, expenses, portfolios, debt, and any progress or lack of progress you may be experiencing to determine whether your current financial plan is working effectively. Having substantive, seasonal conversations with your advisor and supplementing the communication more frequently as needed can be a contributing factor in your success.
Suzanne Hazlett, MBA, CIMA®, CFP®, is a Certified Investment Management Analyst® and CERTIFIED FINANCIAL PLANNERTM professional. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Securities are offered through Raymond James Financial Services, Inc., member FINRA/SIPC.. HAZLETT WEALTH MANAGEMENT, LLC is independent of Raymond James and is not a registered broker/dealer. 675 Sun Valley Road, Suite J1 + J2, Ketchum, Idaho, 83340 208.726.0605 HazlettWealthManagement.com
