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Blueprint for Success: The Importance of Regular Financial Check-Ups

We often say that your financial plan is the blueprint for your financial future, providing a strong footing on which to make financial and life decisions going forward. When we develop financial plans for clients, they become the basis for what, down the road, may look quite different from where we started. Circumstances change – people switch jobs, get raises, pivot careers, age and children grow up, etc. The point is that as these life changes occur, plans must evolve, and the financial plan should be updated to reflect these changes as well. It’s really a living, breathing document. Much like an annual physical check-up with your doctor, we suggest an annual financial check-up or whenever major life changes occur.

Just as a doctor runs blood tests, looks in your ears and listens to your heart and breathing, we examine the various financial systems at work — investments, risk management, retirement, estate and tax planning – and how life changes impact each of these systems. We also look at how these systems impact one another. Much like the human body’s systems work in concert, so do the different facets of one’s financial life. Even if it feels like nothing has changed and you feel terrific, a review is a good idea just to be certain you are on the right path financially. As they say in the healthcare field, “an ounce of prevention equals a pound of cure.” Failing to regularly reassess your financial plan can lead to missteps that compound over time, making it harder to achieve your financial goals and potentially causing significant stress and financial strain in the future.

The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.
The views expressed in this commentary are subject to change based on market and other conditions. These documents may contain certain statements that may be deemed forward‐looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.