When should you call your wealth advisor? Whenever you want. Your advisor should always be available and ready to answer questions, pose new forward-looking ideas, or simply discuss what’s on your mind. Here are six situations where you should definitely pick up the phone.
If there’s a birth, death, marriage, divorce, adoption, graduation or other change in your family, let your advisor know. There may be implications for account beneficiaries or your investment plan may need some tweaks to match the new dimensions of your family. Consider what risks you’re willing to take now that there are new dependent family members in the picture.
Your plan was built on assumptions about your income and expenses. If you’re making or spending significantly more or less than predicted, or know that you will in the future, it’s smart to check in with your advisor to discuss your options.
If you’re leaving your current job, let your advisor know. It may be good timing to consolidate a 401k into an existing IRA or change course on your strategy. You can also discuss how to best utilize the retirement plan options at your new employer. If you’re taking a break from work, discuss how you’ll fund the time off. It could mean a good time to take some financial risk off the table.
Would you like to make a difference for loved ones, future generations or charitable causes? Your advisor can help explain your options and the tax implications of different avenues of giving. Ask about a CGF, Charitable Gift Fund, for example.
It often seems like the 24/7 news machine was designed specifically to make us feel like the sky is falling. And financial coverage regularly features pundits warning us to sell, sell, sell. Your advisor will help you understand what is going on, how investment philosophies match up to the public narrative, and will add context to the drama of the news du jour.
Most of us have well-meaning friends or relatives who want to share their hot stock picks. Or, we may hear about an interesting and amazing allocation strategy that is sure to win for some very logical reasons. Before you make a decision on a sure thing or an exciting strategy, ask us for a review. We can provide analysis, perspective and maybe even relief from investment FOMO (fear of missing out).
Ask us, we’re here to check in or chat, whether or not your reason is found above.
Max Osbon – firstname.lastname@example.org