Here’s the Best Time of Year To Meet With Your Financial Advisor

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Holidays, birthdays, anniversaries — there are so many dates on the calendar to keep track of, and all of them important and most of them necessary. One date that you should probably have set every single year is your meeting with your financial advisor.

But when exactly should that happen between January and December? There’s 365 days to do it, but here’s the best time of the year to meet with your financial advisor.

As Soon as Possible

Do you have a question or a concern regarding your personal finances? Don’t put it off for later. Instead, figure out a date that works for you and put it on your schedule.

“I think the best answer, assuming this is an unscheduled meeting, would be to meet as soon as you are thinking about something,” said Josh Kaplan, a financial advisor at Armstrong, Fleming & Moore, Inc.

“If it’s information the advisor should know, then it’s better to update them sooner rather than later so that they can adjust any plans that were in place for you.”

During Quarter 1

Should you have an ongoing need to meet with your financial advisor, best to take care of it earlier in the year rather than later. Quarter 1, or Q1, is a great time to set up some ongoing meetings to make sure you are set for the rest of the year. Q1 goes from January 1 through March 31.

“For more regularly scheduled meetings, it depends on how your meetings are structured with your advisor,” explained Kaplan. “I would still prefer to meet earlier in the year because it allows me to better plan for you, perhaps you mention a newfound interest in charitable giving that we didn’t know about before — having that information earlier in the year allows me to make better decisions with you throughout the year.”

Halfway Through the Year

Checking in with your financial advisor midway through the year is a great idea to make sure you are on track with your goals, your budget is working for you and that no unexpected emergencies have arisen, or if they have, you can mitigate the damage together.

“A mid-year review allows the individual an opportunity to evaluate their financial position as the year progresses and make any necessary changes, as needed, to align with goals and priorities,” noted John Jones, an investment advisor representative at Heritage Financial.

End of the Year

Kaplan pointed out that as with any job, there are of course busier times of year than others. You might not be able to schedule a meeting with your financial advisor at the start or midway point through the year, but don’t let 12 months go by without checking in with them.

“The beginning of the year can be used for meetings as people think about their cash flow for the year, charitable giving or perhaps an upcoming retirement,” Kaplan described.

“For meetings at the end of the year, we may cover any last-minute items that need to be completed before the calendar year is up. But there will always be space left in the schedule to meet should you need to.”

Conclusion

Should any of these times not be available for you, it’s best to find at least one day out of the year where you and your financial advisor can meet on your own terms and schedule.

“Ultimately the best time to meet with your financial advisor will depend on your personal financial situation, but the more frequently progress and metrics are evaluated, the more apt you will be to find inefficiencies and deviations before a significant problem is posed,” shared Jones. “This ultimately helps one keep their financial plan on track and aligned with their priorities and concerns.”