What should you expect from your year end review with your financial planner?

Everyday Wealth

Jean Chatzky

Investing, Business, Education

2 • 935 Ratings

🗓️ 20 September 2022

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

Edelman Financial Engines wealth planner John McCafferty walks Jean and Soledad through what should be on your year end financial review checklist including your current financial plan, risk tolerance, and questions to ask your financial advisor about your portfolio.

Investing strategies, such as asset allocation, diversification or rebalancing, do not ensure or guarantee better performance and cannot eliminate the risk of investment losses. All investments have inherent risks, including loss of principal. There are no guarantees that a portfolio employing these or any other strategy will outperform a portfolio that does not engage in such strategies. Past performance does not guarantee future results.

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Transcript

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0:00.0	This is Edelman Financial Engine's everyday wealth, with award-winning journalist Soledad O'Brien,
0:13.0	personal finance expert Jean Chatsky,
0:15.0	and Edelman Financial Engine's wealth planner,
0:18.0	John McCaffrey.
0:20.0	So then, John, tick through for me
0:22.0	what's in your standard annual review?
0:25.1	So we like to meet with people to see what's been accomplished you every year for the
0:28.2	client and their families.
0:29.7	We like to review the progress that we've achieved hopefully since our last meeting and then we also
0:34.2	review changes in their financial situation.
0:36.7	Are you talking about if somebody changed jobs?
0:39.7	Possibly it could be a job change it could be change in a family situation maybe there's been a marriage there's a new
0:44.1	child maybe there's unfortunately been a death college application elder care a
0:48.4	child living at home health care status so it could cover a number of personal items like that and
0:54.8	then financially yeah we want to talk about their occupation, their income, has
0:59.0	there been an increase what's going on with their investment accounts?
1:01.6	Might there have been an inheritance since the last
1:03.7	time we got together?
1:04.7	What do you do about that?
1:05.7	You celebrate in a very, very big way and then you call your financial advisor so that you
1:10.7	don't just spend all that money, you do something smart with it.
1:13.0	I would imagine, for example, if you lost a spouse, if I'm a woman, I lost my spouse or I got divorced,
	...

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